Regulatory AlertsNotice No. 1/2020
The Bank of Portugal issued Notice No. 1/2020 to establish the notification terms for credit institutions, payment institutions, and electronic money institutions regarding the transitional and contingency regime for contracts in the event of a no-deal Brexit. The notice mandates that entities must use a specific form to notify the central bank of their intention to benefit from the contingency measures outlined in Decree-Law No. 147/2019. This regulation becomes effective on the date of the United Kingdom's withdrawal from the European Union without an agreement and ceases to be valid on December 31, 2020.
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