Instruction (Archive) No. 9/2023

Instruction No. 9/2023 BO No. 4/2023 2nd Supplement • 2023/04/27 .................................................................................................................................................................................................. Topics Payment Systems :: Information Elements Mod. 99999940/T – 01/14 Index Text of the Instruction Text of the Instruction Subject: Amendment of Bank of Portugal Instruction No. 19/2012, with a view to implementing the PAY Project

Considering that: It is the responsibility of the Bank of Portugal, in accordance with Article 14 of its Organic Law, to regulate, supervise and promote the proper functioning of payment systems, notably within the scope of its participation in the European System of Central Banks (ESCB); The production of information on systems, operations and payment instruments constitutes an essential element for the performance of the Bank of Portugal's duties; In accordance with Article 13(2) of its Organic Law, the Bank of Portugal may require any entity, public or private, to provide it directly with information, notably for reasons related to its duties; The current model for reporting information on Payment Systems and Instruments, under Instruction No. 19/2012 of 15 June, has been in place for more than 10 years; Since then: (i) The reality of payment service provision has changed significantly (with new participants, new channels, new solutions and new user behaviours); (ii) New reports have emerged, especially from the SICOI processor, which follow distinct formats and are not capable of automatic integration into the database (ad hoc Excel files); (iii) The report consists of several independent pieces of information, which significantly limits the use of the information and makes quality control difficult; (iv) The complexity associated with processing and integrating information into the Bank of Portugal's databases has increased;

Instruction No. 9/2023 BO No. 4/2023 2nd Supplement • 2023/04/27 Topics Payment Systems :: Information Elements .................................................................................................................................................................................................. Mod. 99999940/T – 01/14 (v) Given its timeliness and detail, payment information has assumed a prominent role in the analyses carried out by central banks; and (vi) Relevant regulation has meanwhile entered into force in the context of the Instruction, both European and national, and the Instruction has not been subject to any adjustment in light of this new regulatory framework;

There is a real need to evolve the current system for collecting, processing, exploiting and disseminating payment information by the Bank of Portugal, and it is therefore necessary to amend Bank of Portugal Instruction No. 19/2012.

Accordingly, the Bank of Portugal, in the exercise of the powers conferred upon it by Articles 13 and 14 of its Organic Law, approved by Law No. 5/98 of 31 January, and by Article 117-B(2) of the General Regime of Investment Collective Funds (RGICSF), approved by Decree-Law No. 298/92 of 31 December, as well as by Article 72 of the Regime for the Supervision of Payment and Electronic Money Institutions (RJSPME), approves the following Instruction:

Article 1. Object This Instruction aims to amend Bank of Portugal Instruction No. 19/2012 (“Instruction No. 19/2012”), which regulates the reporting of Information on Payment Systems and Instruments.

Article 2. Amendments to Bank of Portugal Instruction No. 19/2012 1 - Paragraphs 5, 7, 8, 9 and 11 of Bank of Portugal Instruction No. 19/2012 shall have the following wording:

“5. Start, periodicity and reporting deadlines 5.1. Prior to the start of reporting under this Instruction, recipients must submit the form made available on BPnet portal under Payment Systems » PAY – Payment Information » Interlocutors and Services Form. 5.2. […]. 5.3. Recipients identified in paragraph 2.1 of this Instruction must communicate monthly information to the Bank of Portugal, in accordance with the terms defined in the Reporting Manuals on Information on Payment Systems and Instruments, no later than the 20th day of the month immediately following that to which the reported data relate. 5.4. Recipients identified in paragraph 2.2 of this Instruction must communicate monthly information to the Bank of Portugal, in accordance with the terms defined in the Reporting Manuals on Information on Payment Systems and Instruments, no later than the 10th day of the month immediately following that to which the reported data relate.

Instruction No. 9/2023 BO No. 4/2023 2nd Supplement • 2023/04/27 Topics Payment Systems :: Information Elements .................................................................................................................................................................................................. Mod. 99999940/T – 01/14 5.5. In the case of daily data, recipients must communicate the information to the Bank of Portugal, in accordance with the terms defined in the Reporting Manuals on Information on Payment Systems and Instruments, no later than the next business day following that to which the reported data relate.”

“7. Communication model 7.1. The reporting of information shall be carried out through the Bank of Portugal’s BPnet electronic communication system (regulated by Bank of Portugal Instruction No. 21/2020 of 15 July), respecting the structure and requirements defined in the Reporting Manuals on Information on Payment Systems and Instruments. 7.2. […].”

“8. Reporting manuals on information on payment systems and instruments 8.1. […]. 8.2. […]. 8.3. The Reporting Manuals on Information on Payment Systems and Instruments are made available on the BPnet portal (www.bportugal.net).”

“9. Revision policy If revisions are made to information already reported, recipients must resend it by means of an additional report, in accordance with the procedures established in the Reporting Manuals on Information on Payment Systems and Instruments.”

“11. Appointment of interlocutors 11.1. […]. 11.2. […]. 11.3. The appointment and updating of interlocutor contacts must be carried out through the BPnet portal, as mentioned in paragraph 5.1.”

“12. Non-compliance 12.1. […].

Instruction No. 9/2023 BO No. 4/2023 2nd Supplement • 2023/04/27 Topics Payment Systems :: Information Elements .................................................................................................................................................................................................. Mod. 99999940/T – 01/14 12.2. Non-compliance with the other obligations established by this Instruction and in the Manuals that form an integral part thereof constitutes an offence punishable under Article 210(m) of the RGICSF or Article 150(y)(1) of the RJSPME.”

2 - A new paragraph 13 is added to Bank of Portugal Instruction No. 19/2012 with the following wording, with the following paragraph being renumbered:

“13. Communications under this Instruction 13.1. Any clarifications regarding the content of this Instruction can be obtained from the Payment Systems Department of the Bank of Portugal, preferably by email: sp.info@bportugal.pt. 13.2. All communications must be drafted in Portuguese or English.”

Article 3. Entry into force This Instruction enters into force on the date of its publication, without prejudice to the phased implementation of reporting obligations, as stipulated in the Reporting Manuals on Information on Payment Systems to be published by the Bank of Portugal at the appropriate time.