Instruction (Archive) No. 5/2024

Instruction No. 5/2024
BO No. 3/2024 Supplement • 2024/04/04
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Topics
Supervision :: Supervision
Mod. 99999940/T – 01/14
Index
Text of the Instruction
Text of the Instruction
Subject: Amendment of Instruction No. 11/2023 of the Banco de Portugal This Instruction aims to make the first amendment to Instruction No. 11/2023 of the Banco de Portugal ("SIRES Instruction"), through which the new SIRES service – Relevant Information System of Supervised Entities (SIRES) – was framed within the domestic legal order, thereby enabling the uniform processing of authorization, non-objection, communication, and registration procedures with the Banco de Portugal, discontinuing the current "Authorization and Registration Requests" (PAR) service, regulated by Instruction No. 7/2016 of the Banco de Portugal of 20 May, which was therefore revoked for this reason.

In accordance with the original version of Article 1, paragraph 2 of the SIRES Instruction, SIRES "is a service of the BPnet System, with participation in BPnet, including access to the infrastructure and the adherence and provision of the services of this system, regulated by Instruction No. 21/2020 of the Banco de Portugal", and it is through BPnet that the set of entities listed in the current wording of Article 2 of the SIRES Instruction accesses this service.

This amendment specifically concerns the subjective scope of the SIRES Instruction, aiming to extend the possibility of access and use of the SIRES service to other persons, both natural and legal, different from those listed in Article 2 of that Instruction in its original wording. This extension results from a new functionality subsequently introduced into the SIRES system.

It should be noted that this extension was already announced in the Preamble of the SIRES Instruction, which stated that "[SIRES] is a service that will be available in the BPnet System, as well as, at a later stage, in the company area on the institutional website of the Banco de Portugal, and will be used both by entities obliged to adhere to it, and by other persons, natural and legal, who intend to submit, via this channel, to the Banco de Portugal one of the authorization, non-objection, communication, and registration procedures listed in this Instruction", thus making this amendment an expected initiative for interested private parties, which is now being realized.

It should also be mentioned that this amendment does not affect, neither the mandatory subjective scope of the SIRES Instruction, nor the range of procedures processed through this system.

Additionally, it is important to highlight that this amendment does not represent any burden, charge, or cost for private parties, but rather confers an option, which they will exercise or not according to their will. In this regard, it is pointed out that even after this amendment, the non-subscription to SIRES by non-obligated entities will have no impact on the processing of procedures in which they are or may become parties before the Banco de Portugal.

In view of the above, since the regulatory amendment in question is not capable of directly and immediately affecting rights or legally protected interests of citizens, the draft of this Instruction was not subject to a hearing of interested parties or public consultation, under the provisions of Article 100, paragraph 1 of the Administrative Procedure Code.

Thus, the Banco de Portugal determines, in the exercise of the competence attributed to it by Article 17 of its Organic Law, approved by Law No. 5/98 of 31 January, and under Articles 30, paragraph 8, and 116, letter f) of the General Regime of Credit Institutions and Financial Companies, approved by Decree-Law No. 298/92 of 31 December (RGICSF), as well as Article 7, paragraph 1, letter c) of the Legal Regime of Payment Services and Electronic Money, approved by Decree-Law No. 91/2018 of 12 November (RJSPME), in their current wording, the following:

Article 1.
Object
This Instruction aims to amend Instruction No. 11/2023 of the Banco de Portugal ("Instruction No. 11/2023"), which regulates the conditions for adherence to and use of the SIRES service - Relevant Information System of Supervised Entities.

Article 2.
Amendments to Instruction No. 11/2023
Articles 1, 2, 3, and 7 of Instruction No. 11/2023 shall have the following wording:

"Article 1.
[…]
1 – […]
2 – SIRES is a service:
a) Of the BPnet System, with participation in BPnet, including access to the infrastructure and the adherence and provision of the services of this system, regulated by Instruction No. 21/2020 of the Banco de Portugal; b) Provided in the company area on the institutional website of the Banco de Portugal. 3 – […] a) […] b) Consultation of information registered in SIRES regarding the entities referred to in paragraph 1 of Article 2, under the terms provided in Article 7."

"Article 2.
[…]
1 – (Previous body of the article.)
2 – Natural and legal persons not subject to the supervision of the Banco de Portugal may submit the requests and communications referred to in this Instruction, which are applicable to them, through SIRES."

"Article 3.
[…]
1 – The following requests and communications regarding the entities referred to in letters a) to d) of paragraph 1 of Article 2 must be submitted and processed through SIRES:
a) […]; b) […]; c) […]; d) […]; e) […]; f) […]; g) […]; h) […]; i) […]; j) […]; k) […]; l) […]; m) […]; n) […]; o) […]; p) […]; q) […]; r) […];

s) […]; t) […]; u) […]; v) […]; w) […]; x) […].
2 – […].
3 – […]."

"Article 7.
[…]
The entities referred to in paragraph 1 of Article 2 of this Instruction may, at any time, consult updated information about themselves that is registered in SIRES at the time of consultation."

Article 3.
Entry into force
This Instruction enters into force on the day following its publication.