Regulatory Alerts2025-06-03
Added · Updated
Circular Letter No. CC/2025/00000012
The document formally terminates the validity of Circular Letter No. 018/97/DSB, which previously required credit institutions and financial companies to report the identity of their Secretary to the Bank of Portugal. This repeal is based on the determination that such information is already publicly accessible and unnecessary for financial system transparency and control purposes. Consequently, the specific reporting obligation for the Secretary's identity and subsequent changes is removed for the affected institutions.
Circular Letter No. CC/2025/00000012 Sent to: Credit Institutions and Financial Companies. Mod. 40000375/T – 01/14 Subject: Cessation of validity of Circular Letter No. 018/97/DSB, of April 22
Circular Letter No. 018/97/DSB, of April 22, requests that institutions covered by Article 446-A of the Commercial Companies Code, as amended by Decree-Law No. 257/96, of December 31, send to the Bank of Portugal information regarding the identity of the holder of the position of Secretary, as well as any subsequent changes.
The experience gained by the Bank of Portugal since its publication has been that information regarding the identity of the holder of the position of Secretary of the covered institutions, being information accessible to the public, is not necessary for the purposes of transparency and control of the financial system that underpinned its respective publication. This is evidenced by the fact that the legislator chose not to include such a figure in the list of elements subject to special registration, as provided for in Article 66 of the General Regime of Credit Institutions and Financial Companies.
Thus, for reasons of transparency towards the respective recipients and the general public, the cessation of validity of Circular Letter No. 018/97/DSB, of April 22, is expressly and unequivocally communicated.