Regulatory Alerts2019-07-15
Added · Updated
Instruction No. 13/2019
The Bank of Portugal establishes reporting procedures for entities supervised by it to notify their intention to use exemptions from the clearing obligation and the exchange of collateral requirements for intra-group OTC derivative transactions under EMIR. Entities must submit specific models, administrative declarations, risk management descriptions, and transaction histories via the BPnet system, with the Bank of Portugal having 30 days to review clearing exemptions and 90 days to review collateral exemptions. Additionally, entities must implement controls for unconfirmed transactions pending over five days and report disputes exceeding 15 million euros pending for at least 15 days, maintaining monthly reports for five years.