RegAlert2020-03-16
Added · Updated
Circular Letter No. CC/2020/00000017: Regulatory and Supervisory Flexibility Measures for COVID-19 Contingency Relief
The Banco de Portugal temporarily relaxes capital and liquidity requirements for less significant credit institutions, allowing them to operate below Pillar 2 Guidance and LCR standards, while prohibiting the use of this flexibility for dividend or variable remuneration increases. The regulator suspends or delays stress tests, inspections, SREP information requests, and various regulatory reporting deadlines, extending specific submission dates to May, July, or August 2020 depending on the report type. Response times for customer complaints are extended to 30 and 10 business days for direct complaints and additional information requests, respectively, and expired identification documents are accepted for account opening. Institutions are required to review contingency plans, mitigate operational risks, and immediately report significant negative impacts or cyber incidents related to the pandemic.
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Circular Letter No. CC/2020/00000017
Sent to:
Credit Institutions; Investment Companies; Financial Companies; Electronic Money Institutions and Payment Institutions.
Mod. 40000375/T – 01/14
Subject: Measures to relax regulatory and supervisory requirements to alleviate the contingency situation arising from the COVID-19 outbreak
Dear Sirs,
The Banco de Portugal, taking into account the decisions already communicated by the European Central Bank (ECB) and the European Banking Authority (EBA), has adopted a set of measures related to its supervisory and resolution competences to ensure that credit institutions continue to perform their role in financing the real economy, at a time when the economic repercussions of the coronavirus (COVID-19) are manifesting.
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Lineage: Superseded
Timeline
Amended 1 time · last 2020-06-18
Source: Banco de Portugal — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works