Regulatory Alerts2019-02-15
Added · Updated
Circular Letter No. CC/2019/00000025
Credit institutions and investment firms supervised by the Bank of Portugal must comply with the European Banking Authority's recommendations on external cloud computing outsourcing starting January 1, 2019. These entities are required to notify the Bank of Portugal via the BPnet portal at least 10 business days prior to contracting cloud services for material activities. Additionally, firms must report any such contracts entered into between January 1, 2019, and February 15, 2019, by February 15, 2019. Entities classified as significant under the Single Supervisory Mechanism are excluded from this circular's scope.
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