Regulatory Alerts2026-04-09
Added · Updated
Instruction (Historical) No. 5/2026
This Instruction revokes Instruction No. 27/2007, which previously regulated the assessment of own funds adequacy at the financial conglomerate level under Decree-Law No. 145/2006. The revocation is necessary because the previous instruction is no longer aligned with current national and European regulatory frameworks and contains provisions implicitly repealed by subsequent European and sectoral regulations. This measure ensures legal clarity and certainty for the supplementary supervision of financial conglomerates coordinated by the Bank of Portugal. The Instruction enters into force the day after its publication.
Instruction No. 5/2026 BO No. 3/2026 2nd Supplement • 2026/04/09 .................................................................................................................................................................................................. Topics Supervision :: Prudential Standards Mod. 99999940/T – 01/14 Index Text of the Instruction Text of the Instruction Subject: Instruction revoking Instruction No. 27/2007
Instruction No. 27/2007 came to regulate, regarding the need to assess the adequacy of own funds at the level of the financial conglomerate, Decree-Law No. 145/2006 of July 31, which transposed Directive No. 2002/87/EC of the European Parliament and of the Council of December 16, regarding the supplementary supervision of credit institutions, insurance companies and investment firms of a financial conglomerate.
In light of the regulatory developments in the sector and in the area of supplementary supervision of financial conglomerates, which have occurred since then at the national and European levels, the content of Instruction No. 27/2007 is no longer aligned with the current regulatory framework and, for this reason, identifying a financial conglomerate would give rise to difficulties in its application.
Additionally, some provisions of Instruction No. 27/2007 no longer produce effects as they are implicitly repealed due to the approval of subsequent European and sectoral regulation. In this sense, for reasons of clarity and legal certainty, the revocation of Instruction No. 27/2007 is proposed.
Thus, the Bank of Portugal, using the powers conferred upon it by Article 99 and Article 120 of the General Regime of Credit Institutions and Financial Companies, approved by Decree-Law No. 298/92 of December 31, and by point (c) of paragraph 1 of Article 18 of Decree-Law No. 145/2006 of July 31, and as the coordinator responsible for the exercise of supplementary supervision of groups classified as financial conglomerates, determines the following:
Article 1. Revoking Norm Instruction No. 27/2007 is revoked.
Article 2. Entry into force This Instruction enters into force the day following its publication.
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