Regulatory Alerts2019-10-15
Circular Letter No. CC/2019/00000065
The Bank of Portugal issued Circular Letter No. CC/2019/00000065 to require supervised credit institutions, investment firms, payment institutions, and electronic money institutions to comply with the European Banking Authority's outsourcing guidelines. These entities must implement robust mechanisms and processes for managing outsourced functions to harmonize and strengthen their outsourcing practices. The compliance deadline for these requirements is set for May 31, 2020.
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