Regulatory Alerts2019-01-15
Added
Instruction No. 1/2019: Reporting of Severe Incidents
Payment Service Providers (PSPs) registered and authorized by the Bank of Portugal are required to report severe operational or security incidents to the Bank of Portugal without delay. The instruction establishes criteria for classifying incidents as severe based on impact levels, such as affected operations, users, service interruptions, and economic impact, and mandates the use of a specific English-language report via the BPnet portal. It also outlines the methodology for calculating indicators and the continuous assessment required during an incident.
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