Regulatory Alerts2022-01-10
Added · Updated
Instruction (Historical) No. 2/2022
The Banco de Portugal amends Annex XIV, paragraph 4 of Instruction No. 3/2015 to update the reporting model for external auditor certifications of counterparties' credit rights procedures and systems. The revision mandates that initial ex-ante certification occur before the first mobilization of credit rights, with subsequent certifications required at least every five years. It specifies that auditors must validate internal system reliability, data accuracy against loan contracts, eligibility criteria, timely communication of changes, unique identification codes, reporting rules, and a ten-year historical archive through sample-based verification.
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