Regulatory Alerts2025-06-03
Added · Updated
Instruction (Historical) No. 5/2025
The Bank of Portugal amends Instruction No. 3/2015 to implement ECB Guidelines (EU) 2024/3129, 2024/3131, and 2024/3132 regarding the management of collateral in Eurosystem credit operations. The amendments discontinue national global and individual collateral systems in favor of the Eurosystem Collateral Management System (ECMS), update eligibility criteria for debt instruments and credit claims, and mandate the use of internal credit assessment systems (ICAS) where available. It also introduces requirements for debt instruments to be expressed in nominal amount, aligns settlement procedures with market standards, and updates definitions and reporting obligations for counterparties.
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