Regulatory Alerts2021-03-30
Added · Updated
Instruction (Historical) No. 6/2021
The Bank of Portugal amends Instruction No. 3/2015 to update reporting procedures for mobilizing individual credit rights as collateral for Eurosystem credit operations, requiring counterparties to certify the reliability of their information systems and the accuracy of data reported to both the Credit Liability Central (CRC) and the Bank Loan Treatment (TEB) system. Counterparties must submit an external auditor's verification report before mobilization, with a one-year grace period allowed under specific conditions, and must repeat this certification at least every five years. The amendment also updates Annex XIV to define eligibility analysis timelines, data update obligations, audit verification sampling rates based on the number of mobilized loans, and conditions for accepting external credit assessment sources.
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