Regulatory Alerts2020-10-30
Circular Letter No. CC/2020/00000061: Best Practices for Preparing Institutions for Reference Interest Rate Reforms
The Bank of Portugal issued Circular Letter No. CC/2020/00000061 to establish best practices for credit institutions and financial companies preparing for the transition away from reference interest rates. The directive mandates that less significant supervised entities adopt timely actions to ensure an adequate transition and mitigate associated risks. This guidance aims to maintain financial stability by ensuring institutions are fully prepared for the structural changes in benchmark rates.
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