Regulatory Alerts2020-10-23
Circular Letter No. CC/2020/00000060
The Bank of Portugal issued Circular Letter No. CC/2020/00000060 to emphasize the obligation of less significant credit institutions and other covered entities to comply with the EBA Guidelines on the treatment of structural foreign exchange risk. These guidelines, issued under Article 352(2) of Regulation (EU) No 575/2013, must be applied in accordance with applicable national legislation and regulations starting from January 1, 2022. The directive targets banks, credit societies, and financial institutions to ensure consistent prudential supervision and accounting treatment of currency risks.
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