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.

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Instruction No. 13/2019
BO No. 7/2019 • 2019/07/15
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Topics
Supervision :: Prudential Standards
Mod. 99999911/T – 01/14
Index
Text of the Instruction
Annex I – Reporting models
Annex II – Requirements for the declaration by the administrative body
Annex I – Reporting models
Annex II – Requirements for the declaration by the administrative body
Text of the Instruction
Subject: Communications under Regulation (EU) No 648/2012 Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (Regulation (EU) No 648/2012 or, as it is commonly known, EMIR - European Market Infrastructure Regulation), established the obligation for certain classes of these derivative contracts, due to their standardization and financial relevance, to be cleared through central counterparties (CCPs) in order to ensure the regular functioning of the market, avoiding the spread of default episodes with significant systemic effects.

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Lineage: In force

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Source: Banco de Portugal — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works