Regulatory Alerts2019-10-15
Added · Updated
Circular Letter No. CC/2019/00000065
Credit institutions, investment firms, payment institutions, and electronic money institutions supervised by the Bank of Portugal must comply with the European Banking Authority's Guidelines on Outsourcing (EBA/GL/2019/02) starting from May 31, 2020. From this date, entities are required to notify the Bank of Portugal at least 15 business days in advance of outsourcing essential or important functions, submitting specific information via the BPnet Portal. The Bank of Portugal may request additional information as needed, and the guidelines generally enter into force on September 30, 2019, revoking previous outsourcing guidelines and cloud computing recommendations, except for paragraph 63(b) which applies from December 2021.
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