Circular Letter No. CC/2022/00000024

Circular Letter No. CC/2022/00000024 Sent to: Credit Institutions, Financial Societies, Payment Institutions and Electronic Money Institutions. Mod. 99999924/T – 01/14 Subject: Use of BPnet in communications exchanged within the scope of supervision of entities providing credit intermediation services and consultancy regarding credit contracts

The "Credit Intermediaries / Correspondence" service has been created, available in the thematic area "Behavioral Supervision" of the BPnet portal, with the aim of promoting speed, effectiveness and security of communications exchanged between the Bank of Portugal and credit institutions, financial societies, payment institutions and electronic money institutions, within the scope of supervision of entities providing credit intermediation services and consultancy regarding credit contracts.

In this context, the Bank of Portugal transmits the following:

1. The "Credit Intermediaries / Correspondence" service, available in the thematic area "Behavioral Supervision" of the BPnet portal, at https://www.bportugal.net/, must be subscribed to by credit institutions, financial societies, payment institutions and electronic money institutions with a seat or branch in Portugal ("institutions") that: (a) Have entered into a binding contract with one or more entities authorized to provide credit intermediation services or consultancy regarding credit contracts; or (b) Provide credit intermediation services or consultancy regarding credit contracts in which they do not act as lenders.

2. Institutions must ensure that the person responsible for the compliance function and, where applicable, the person responsible for the internal structure that monitors the activity of credit intermediaries are users of the service in question.

3. From December 1, 2022, the request to institutions for informational or documentary elements for the purposes of supervision of entities providing credit intermediation services and consultancy regarding credit contracts shall be carried out through the "Credit Intermediaries / Correspondence" service.

4. Likewise, from December 1, 2022, institutions must use the service in question to send communications related to the provision of credit intermediation services and consultancy regarding credit contracts, as is the case, notably, of communications relating to: (a) Occurrence of facts likely to affect compliance with access requirements for the activity by credit intermediaries, provided for in paragraph 3 of Article 23 of the legal regime of credit intermediaries; (b) Occurrence of facts likely to affect the suitability, knowledge and skills and independence of the members of the administrative bodies of credit intermediaries or of the technical managers responsible for the activity of credit intermediaries, provided for in paragraph 1 of Article 29 of the legal regime of credit intermediaries; and (c) Termination of binding contracts entered into with credit intermediaries.

5. In situations where the correspondence to be sent by institutions constitutes a response to a previous communication from the Bank of Portugal, the "Subject" indicated in that communication and its respective reference must be identified, whenever available.

6. The provisions in the preceding paragraphs do not apply: (a) To the exchange of correspondence within the scope of management and handling of complaints, the "Complaints" service available in the thematic area "Behavioral Supervision" of the BPnet portal must continue to be used; and (b) To the provision of information under the provisions of paragraph 1 of Article 33 of the legal regime of credit intermediaries, the services "Credit Intermediaries / Communicate credit intermediation of another CI" or "Credit Intermediaries / Communicate end of credit intermediation of another CI" available in the thematic area "Behavioral Supervision" of the BPnet portal must continue to be used.