Regulatory Alerts2025-06-05
Added · Updated
Circular Letter No. CC/2025/00000013
Circular Letter No. CC/2025/00000013 revokes Circular Letter No. 007/2014/DET, which previously established procedures and requirements for credit institutions regarding cross-border cash operations. The revocation is enacted due to the lack of practical application of the 2014 circular since its issuance in 2014. This action aims to ensure legal clarity and certainty by removing the unimplemented regulation from the framework.
Circular Letter No. CC/2025/00000013 Sent to: Credit Institutions and Financial Companies. Mod. 40000375/T – 01/14 Subject: Revocation of Circular Letter No. 007/2014/DET
Circular Letter No. 007/2014/DET, of June 23, establishes the procedures and requirements to be adopted by Credit Institutions (CIs) when cross-border cash operations are involved, distinguishing the rules applicable to orders transmitted to the Bank of Portugal (BdP) by domestic CIs from the rules applicable to orders transmitted to the BdP by another National Central Bank of the euro zone.
Although the aforementioned Circular Letter has been in force since 2014, there has been no effective implementation of it, its practical application has not occurred, nor is it expected to occur.
Thus, for reasons of clarity and legal certainty, Circular Letter No. 007/2014/DET is revoked.
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