Regulatory Alerts2020-12-23
Circular Letter No. CC/2020/00000072: Recommendation on Distributions During the COVID-19 Pandemic
The Bank of Portugal issued Circular Letter No. CC/2020/00000072 to recommend that supervised entities restrict dividend distributions and other profit allocations during the COVID-19 pandemic to preserve liquidity and capital buffers. This regulatory guidance applied to credit institutions, investment firms, and other financial entities to ensure financial stability and business continuity during the health crisis. The document was published on December 23, 2020, and its validity expired on September 30, 2021, after which it was officially revoked on October 1, 2021.
Circular Letter No. CC/2020/00000072
Summary
Recommendation on distributions during the COVID-19 pandemic. Expired on September 30, 2021.
Status
Revoked
Revocation Date
01-10-2021
Official Gazette
12/2020 3rd Supplement
Publication Date
23-12-2020
Issue Date
23-12-2020
Recipient Type
Investment Firms, Credit Institutions
Descriptors
Dividends, Liquidity, Own Funds, Information Disclosure, Information Elements, Financial Information, Financial Stability, Remuneration, Business Continuity Management
Recipients
Banks, Central Credit Cooperative Savings Bank, Agricultural Credit Cooperative Savings Banks, Savings Banks, Mortgage Credit Institutions, Credit Financial Institutions, Brokerage Companies, Investment Consulting Companies, Brokerage Financial Companies, Wealth Management Companies, Multilateral Trading Facility Management Companies, Money or Foreign Exchange Market Intermediaries
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