Regulatory Alerts2022-02-28
Added · Updated
Instruction (Historical) No. 4/2022
The Bank of Portugal revokes Instruction No. 18/97 and Instruction No. 14/2006, which previously required supervised entities to report employee and establishment data and information on companies within the consolidated supervision perimeter. This repeal eliminates duplicative reporting obligations as the relevant information is now harmonized and available through COREP/FINREP regulatory technical standards applicable across EU member states. The revocation aims to simplify reporting and reduce associated burdens for the affected entities. The Instruction enters into force the day following its publication.
Instruction No. 4/2022 BO No. 2/2022 2nd Supplement • 2022/02/28 .................................................................................................................................................................................................. Topics Supervision :: Prudential Standards Mod. 99999940/T – 01/14 Index Text of the Instruction Text of the Instruction Subject: Revocation of Bank of Portugal Instructions No. 18/97 and No. 14/2006
Commission Implementing Regulation (EU) No 2021/451 of 17 December 2020 establishing implementing technical standards for the application of Regulation (EU) No 575/2013 of the European Parliament and of the Council as regards the reporting of information for supervisory purposes by institutions and repealing Implementing Regulation (EU) No 680/2014 (COREP/FINREP), specifies most of the information reports considered relevant for prudential supervision, and has been incorporating and replacing various pre-existing reports.
Within the scope of its supervisory and regulatory powers, the Bank of Portugal has promoted transparency and clarity in the prudential regime governing the activities of entities under its supervision, by updating the Bank of Portugal Instruction System (SIBAP), adjusting it to the current legal and regulatory framework.
In this context, taking into account the evolution observed in the set of information collected through prudential, resolution, or statistical reports, the Bank of Portugal concluded that the information regularly collected through Instructions No. 18/97 and No. 14/2006 is now available through other sources, harmonized according to formats established and applicable in all European Union member states, without loss of relevant information for the performance of its functions.
Therefore, the Bank of Portugal considers it appropriate to revoke the aforementioned Instructions, with a view to simplifying and eliminating duplicative reporting, and consequently, reducing the associated burdens for the entities covered.
Thus, the Bank of Portugal, using the powers conferred upon it by Article 17 of its Organic Law, approved by Law No. 5/98 of 31 January, and by Article 120 of the General Regime of Credit Institutions and Financial Companies, approved by Decree-Law No. 298/92 of 31 December, in its current wording, approves the following Instruction:
Instruction No. 4/2022 BO No. 2/2022 2nd Supplement • 2022/02/28 Topics Supervision :: Prudential Standards .................................................................................................................................................................................................. Mod. 99999940/T – 01/14
Article 1. Revoking Norm
This Instruction has as its object the revocation of: a) Instruction No. 18/97, published in the Bank of Portugal Norms Bulletin No. 2, of 17 February 1997, relating to information on the number of employees and establishments in operation; and b) Instruction No. 14/2006, published in the Bank of Portugal Official Bulletin No. 11/2006, which requests the submission of informative elements on companies included in the perimeter of consolidation relevant for purposes of supervision on a consolidated basis.
Article 2. Entry into force
This Instruction enters into force on the day following its publication.
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