Regulatory Alerts2022-12-05
Added · Updated
Circular Letter No. CC/2022/00000037
Credit institutions must implement new data collection and reporting requirements regarding high earners in accordance with EBA Guidelines EBA/GL/2022/08, which enter into force on December 31, 2022. The Portuguese translation of these guidelines is available, requiring institutions to ensure their next report to the Bank of Portugal complies with the new standards. The Bank of Portugal will subsequently revise Instruction No. 4/2015 to align with these updated EBA guidelines.
Circular Letter No. CC/2022/00000037 Sent to: Credit Institutions. Mod. 40000375/T – 01/14 Subject: New EBA Guidelines on data collection exercises regarding high earners (EBA/GL/2022/08)
The European Banking Authority (hereinafter referred to as EBA) published, on June 30, 2022, the document titled “Guidelines on the data collection exercises regarding high earners under Directive 2013/36/EU and under Directive (EU) 2019/2034” (EBA/GL/2022/08), addressed to competent authorities, credit institutions, and investment firms, which will enter into force on December 31, 2022, and will revoke the guidelines published on July 17, 2014 (EBA/GL/2014/07).
These Guidelines can be consulted on the EBA’s official website1 and result from the review conducted by that authority of the current guidelines on the same subject matter, arising from legislative changes that have occurred in the meantime, among which the new provisions introduced into Directive 2013/36/EU of June 26, 2013 by Directive (EU) 2019/878 of May 20, 2019, regarding remuneration policies and practices and associated information duties, stand out.
The Portuguese translation of the aforementioned Guidelines has been available since October 5, 20222, so that credit institutions included within its scope of application should, from now on, adopt the necessary measures to implement the new requirements for collecting and reporting information on high earners, in order to ensure that the next report to be submitted to the Bank of Portugal in this regard is carried out in compliance with the Guidelines now published.
Without prejudice to the above, the Bank of Portugal also informs that, following the publication of the aforementioned Guidelines, it will promote the revision of Instruction No. 4/2015.
1 Available for consultation at: https://www.eba.europa.eu/sites/default/documents/files/document_library/Publications/Guidelines/2022/EBA-GL-2022-08%20GL%20on%20high%20earners/1036477/Final%20report%20on%20GLs%20on%20the%20high%20earner%20data%20collections%20under%20CRD%20and%20IFD.pdf 2 Available for consultation at: https://www.eba.europa.eu/sites/default/documents/files/document_library/Publications/Guidelines/2022/EBA-GL-2022-08%20GL%20on%20high%20earners/Translations/1039992/GL%20on%20the%20high%20earner%20data%20collections%20under%20CRD%20and%20IFD%20%28EBA%20GL%202022%2008%29_PT_COR.pdf
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