Instruction No. 14/2024

BO No. 10/2024 Supplement • 2024/10/17
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Topics

Supervision :: Behavioral Supervision
Mod. 99999911/T – 01/14

Index

Text of the Instruction
Commission Comparator – Communication Model with entities subject to reporting

Text of the Instruction

Subject: Provision of information on commissions to be disclosed in the Commission Comparator

Following the publication of Decree-Law No. 107/2017, of August 30, the Banco de Portugal was tasked with making available to consumers free access to a website that would allow the comparison, at a minimum, of the commissions related to the most representative services associated with payment accounts provided for in Instruction No. 11/2018.

In accordance with the provisions of Article 12 of Decree-Law No. 107/2017, of August 30, payment service providers must report to the Banco de Portugal the information necessary for the purpose of making this comparative commission website available.

With a view to complying with the legal mandate assigned to it, the Banco de Portugal issued Instruction No. 19/2018, through which it regulated the duty to report information falling on payment service providers, also providing for the provision of information on commissions applicable to services that were not covered by Instruction No. 11/2018.

The changes observed in retail banking markets, with repercussions on commissioning practices, as well as the changes that have occurred in the applicable regulatory framework, make it necessary to strengthen the information disclosed in the Commission Comparator and, through this, to revise the rules governing the reporting of this information by payment service providers.

Through this Instruction, the scope of the duty to report information is expanded, which now covers information on commissions charged for the provision of services that were not contemplated in Instruction No. 19/2018, and some requirements applicable to the provision of information by payment service providers are updated.

This Instruction was subject to public consultation, in accordance with the provisions of Article 101 of the Code of Administrative Procedure.

Thus, in the exercise of the powers attributed to it by the provisions of paragraph 1 of Article 76, paragraphs 1 and 4 of Article 77, and paragraph (e) of paragraph 1 of Article 120 of the General Regime of Credit Institutions and Financial Companies, approved by Decree-Law No. 298/92, of December 31, in Article 12 of Decree-Law No. 107/2017, of August 30, and in paragraph 2 of Article 7 of Law No. 57/2020, of August 28, the Banco de Portugal determines the following:

1. Object

1.1. This Instruction regulates the information to be provided to the Banco de Portugal for the purpose of disclosing commissions in the Commission Comparator.
1.2. This Instruction also establishes requirements to be observed in the provision of information on commissions.

2. Scope of Application

2.1. This Instruction applies to the provision of information on commissions associated with the following services:
a) Services that are part of the list of most representative services associated with payment accounts in Portugal, provided for in Instruction No. 11/2018:
i) Account maintenance; ii) Provision of a debit card; iii) Provision of a credit card; iv) Cash withdrawal; v) Cash advance; vi) Request and delivery of crossed and order cheques; vii) Request and delivery of crossed and non-order cheques; viii) Intrabank credit transfer; ix) Intrabank standing order; x) SEPA + credit transfer; xi) SEPA + standing order; xii) Non-SEPA + credit transfer; xiii) Non-SEPA + standing order. b) Services that are not part of the list of most representative services associated with payment accounts in Portugal, provided for in Instruction No. 11/2018:
i) Maintenance of the minimum banking services account; ii) Maintenance of the basic account; iii) Maintenance of the package account; iv) Provision of a dedicated credit card; v) Immediate Intrabank transfer; vi) Immediate SEPA + transfer; vii) Transfer with debit card; viii) Transfer with credit card.

2.2. For the purposes of this Instruction, it is considered that the service of:
a) Provision of a credit card referred to in sub-paragraph (iii) of paragraph (a) of number 2.1 also covers the provision of credit cards associated with payment accounts excluded from the scope of application of Decree-Law No. 107/2017, of August 30; b) Cash advance referred to in sub-paragraph (v) of paragraph (a) of number 2.1 also covers the withdrawal of cash credit (cash advance) through the use of the available credit limit on credit cards associated with payment accounts excluded from the scope of application of Decree-Law No. 107/2017, of August 30.

2.3. This Instruction applies to:
a) Credit institutions with headquarters or branches in Portugal; b) Payment institutions with headquarters or branches in Portugal; c) Electronic money institutions with headquarters or branches in Portugal; d) Credit finance companies.

3. Definitions

For the purposes of this Instruction, the following are understood:
a) "Own application", a computer program or equivalent made available by the payment service provider of the payer, which is loaded on a device (namely, smartphone, smartwatch or tablet) and which allows initiating payment operations, including card-based operations, and issuing payment orders by the payer; b) "Third-party operated application", a computer program or equivalent made available by an entity distinct from the payment service provider of the payer, which is loaded on a device (namely, smartphone, smartwatch or tablet) and which allows initiating payment operations, including card-based operations, and issuing payment orders by the payer, in the terms described in paragraph 4 of Article 3-A of Decree-Law No. 3/2010, of January 5; c) "ATM ("Automated teller machine")", the automatic equipment belonging to shared networks that allows holders of payment cards with magnetic strip or chip to access services made available to these cards, namely withdrawal and deposit of cash, balance and account movement inquiries and, depending on the network used, service payments or fund transfers; d) "ATS ("Automated teller safe")", the automatic equipment belonging to a network private to the institution and that allows holders of payment cards with magnetic strip or chip issued by the institution owning the automatic teller safe to access services made available to these cards, namely withdrawal and deposit of cash, balance and account movement inquiries and, depending on the network used, service payments or fund transfers; e) "Marketing channel", the means through which the service is requested, used or provided; f) "Commission Comparator", the website made available to consumers by the Banco de Portugal that allows the comparison of commissions; g) "Online", client access channel to banking products and services made available by the institution through the internet (browser), which can be used through the use of different devices (namely, computer, mobile phone, smartphone or tablet); h) "Institution", the institutions identified in number 2.3 of this Instruction; i) "Provision of a dedicated credit card", the service associated with the provision, in accordance with a credit contract concluded between the institution and the client, of a card that can only be used in a limited way and that only allows its holder:
i) The acquisition of goods or services at the premises of the issuer or in a restricted network of service providers directly linked by a commercial agreement to a professional issuer; ii) The acquisition of a very restricted range of goods or services; iii) The acquisition of specific goods or services from suppliers linked by a commercial agreement to the issuer (card valid only in Portugal provided at the request of a company or a public sector entity and regulated by a national or regional public authority for specific social or tax purposes); j) "Maintenance of the basic account", the service associated with the management of the basic account referred to in Circular Letter No. 24/2014/DSC of the Banco de Portugal, of March 10; k) "Maintenance of the minimum banking services account", the service associated with the management of the minimum banking services account, in accordance with the provisions of paragraph (d) of paragraph 2 of Article 1 of Decree-Law No. 27-C/2000, of March 10; l) "Maintenance of package account", the service that comprises, in an integrated manner, the management of a payment account and the provision of associated services under conditions different from those established for the minimum banking services account and for the basic account, the provision of which is remunerated by the payment of a single commission; m) "Immediate transfer", the fund transfer service, in euros, between payment accounts in the SEPA area, in which the transfer order is immediately received by the payment service provider of the payer and the funds are made available in the beneficiary's account, at the latest, within 10 seconds after receipt of the transfer order; n) "Transfer with debit card", the service consisting of the execution of a fund sending operation processed through a debit card; o) "Transfer with credit card", the service consisting of the execution of a fund sending operation processed through a credit card;

3.1. Without prejudice to the provisions of the previous number, the concepts used in this Instruction must be interpreted with the meaning given to them by Decree-Law No. 3/2010, of January 5, Decree-Law No. 107/2017, of August 30, and Instruction No. 11/2018.

4. Marketing Channels

4.1. Institutions must identify the commissions associated with the services referred to in sub-paragraphs (iv) to (xiii) of paragraph (a), and in sub-paragraphs (v) to (viii) of paragraph (b) of number 2.1, according to the following marketing channels:
a) Own application; b) Third-party operated application; c) ATM ("Automated teller machine"); d) ATS ("Automated teller safe"); e) Counter; f) Mail; g) Browser; h) SMS ("Short Message Service"); i) Operator telephone; j) Non-operator telephone.

4.2. In the communication of information on the commissions associated with the service of request and delivery of crossed and order cheques and the service of request and delivery of crossed and non-order cheques, institutions must identify the commissions applicable depending on the marketing channels through which the cheque is requested and delivered.

5. General Requirements Applicable to the Communication of Information to the Banco de Portugal

5.1. Institutions must report information on the maximum commission applicable to each of the services identified in number 2.1 of this Instruction, regardless of the existence of any exemptions or discounts.

5.2. The information to be reported must include the amounts chargeable to the consumer by way of tax.

5.3. With regard to the services identified in sub-paragraphs (i) to (iii) and (v) of paragraph (a) and in sub-paragraphs (iii) and (iv) of paragraph (b) of number 2.1, the information to be provided to the Banco de Portugal must include the commercial designation of the product to which the commission refers.

6. Specific Requirements Applicable to the Communication of Information to the Banco de Portugal

6.1. In the communication of information on the commissions associated with the service of maintenance of the minimum banking services account and the service of maintenance of the basic account, institutions must indicate the value of the commission on an annual basis and specify the periodicity of its charging.

6.2. With regard to the commission associated with the service of maintenance of package account, institutions must:
a) Communicate information on the commissions related to up to three package accounts that are not intended for specific customer segments; b) Provide information on the commissions associated with package accounts that are not intended for specific customer segments, if the number of package accounts marketed by an institution is less than three; c) Report information on the commissions associated with package accounts that are not intended for specific customer segments and that, at the time of reporting, are the most representative, in terms of the number of subscriptions, when marketing more than three package accounts; d) Indicate the value of the commission on an annual basis and specify the periodicity of its charging.

6.3. In the communication of information on the commission associated with the service of account maintenance, institutions must:
a) Indicate the value of the commission on an annual basis and specify the periodicity of its charging; b) Consider, for reporting purposes, and if they market different payment accounts, the commission applicable to the account that has the simplest characteristics, that is not intended for specific customer segments and that, at the time of reporting, is the most representative, in terms of the number of subscriptions.

6.4. With regard to the commissions associated with the service of provision of a debit card and the service of provision of a credit card, institutions must:
a) Communicate information on the commissions related to up to three debit cards and up to three credit cards that are not intended for specific customer segments; b) In situations where the number of debit cards or credit cards marketed by an institution is less than three, as applicable, the institution in question provides information on the commissions associated with debit or credit cards that are not intended for specific customer segments; c) Report information on the commissions associated with cards that are not intended for specific customer segments and that, at the time of reporting, are the most representative, in terms of the number of subscriptions, when marketing more than three debit cards or more than three credit cards, as applicable; d) Report the information regarding the commission applicable to the first cardholder, even if distinct commissions are provided for the various holders; e) Indicate the value of the commission on an annual basis and specify the periodicity of its charging.

6.5. In the communication of information on the commission associated with the service of provision of a dedicated credit card, institutions must:
a) Communicate information on the commissions related to up to three dedicated credit cards; b) Provide information on the commissions associated with dedicated credit cards that, at the time of reporting, are offered by them, in situations where the number of dedicated credit cards marketed by an institution is less than three; c) Report information on the commissions associated with cards that, at the time of reporting, are the most representative, in terms of the number of subscriptions, when marketing more than three dedicated credit cards; d) Report the information regarding the commission applicable to the first cardholder, even if distinct commissions are provided for the various holders; e) Indicate the value of the commission on an annual basis and specify the periodicity of its charging.

6.6. With regard to the commission associated with the service of cash advance, institutions must:
a) Consider the amount charged as consideration for the execution of a cash advance operation covered by the scope of application of Regulation (EU) 2021/1230 of the European Parliament and of the Council, of July 14, 2021, in the amount of 200 euros or, if applicable, its equivalent in Romanian lei and Swedish kronor; b) Consider the commission to be taken into account, for the purposes of the provision of the previous sub-paragraph, the one applicable to the cash advance carried out through the use of the available credit limit on credit cards identified for the purpose of reporting information on commissions associated with the service of provision of a credit card.

6.7. In the communication of information on the commissions associated with the service of request and delivery of a crossed and order cheque and the service of request and delivery of a crossed and non-order cheque, institutions must:
a) Report the information regarding the value of the commission applicable to the request and delivery of a single cheque; b) Report the value corresponding to the result of the division of the commission applicable to the module with the smallest number of cheques that is made available by the number of cheques that make up that module, if only modules composed of several cheques are marketed.

6.8. For the purpose of reporting information on the commissions associated with the service of intrabank credit transfer, the service of intrabank standing order and the service of immediate intrabank transfer, institutions must consider the value of the commission applicable to a credit transfer or a standing order or an immediate transfer carried out between distinct payers and beneficiaries, in the amount of 99,999.99 euros, or, if lower limits are established for the execution of these operations in any of the marketing channels, in the maximum amount allowed for that channel.

6.9. For the purpose of reporting information on the commissions associated with the service of SEPA + credit transfer, the service of SEPA + standing order, the service of credit transfer

Instruction No. 14/2024 BO No. 10/2024 Supplement • 2024/10/17 Topics Supervision :: Behavioral Supervision
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Mod. 99999911/T – 01/14

non-SEPA +, for the non-SEPA + standing order service and for the SEPA + instant transfer service, institutions must consider the value of the commission applicable to a credit transfer or a normal standing order (non-urgent) or an instant transfer, with valid BIC and IBAN indication, in the amount of 99,999.99 euros or its equivalent in the currency in which the operation is carried out, or, if there are lower limits established for carrying out these operations in any of the marketing channels, in the maximum amount allowed for that channel.

6.10. In the communication of information regarding the commissions associated with the debit card transfer service and the credit card transfer service, institutions must indicate the value of the commission expressed as a percentage of the amount of each operation.

Characterization and form of the information to be communicated

7.1. Without prejudice to the provisions of the preceding paragraphs, institutions must provide the Bank of Portugal with the information provided for in the Communication Model attached to this Instruction, which forms an integral part of it, in which the technical and operational requirements inherent to compliance with the obligations established in this Instruction are defined.

7.2. The information must be sent to the Bank of Portugal via the BPnet portal (www.bportugal.net), through the "Price Lists > File Transfer" service, available in the thematic area "Behavioral Supervision."

Deadlines applicable to the communication of information

8.1. The first communication of information under this Instruction must be sent to the Bank of Portugal by the sixth business day after the entry into force of the Instruction.

8.2. Institutions must communicate to the Bank of Portugal, with a minimum advance of five business days relative to the date scheduled for its application, any changes to the information reported at a previous time.

Use of standardized terminology

9.1. The information to be provided to clients who are not consumers regarding the commissions associated with the services specified in number 2 must observe the standardized terminology defined in Instruction No. 11/2018 and in this Instruction.

9.2. Institutions must adopt the standardized terminology provided for in Instruction No. 11/2018 when providing information to consumers regarding commissions related to:
a) The provision of a credit card associated with a payment account not covered by the provisions of Decree-Law No. 107/2017, of August 30; b) The cash advance made using the available credit limit on a credit card associated with a payment account not covered by the provisions of Decree-Law No. 107/2017, of August 30.

9.3. Institutions must also use the terminology provided for in this Instruction whenever they provide information to consumers regarding the services referred to in letter b) of number 2.1.

9.4. Institutions may use trade names to designate their services, provided that they include, whenever applicable, the corresponding standardized terminology clearly.

9.5. The provisions of the preceding paragraphs apply to information provided in advertising and commercial communications, as well as in the pre-contractual phase, in contractual documents, and during the term of contracts.

Repealing Clause

Instruction No. 19/2018, published in the Official Bulletin of the Bank of Portugal No. 8/2018, 3rd Supplement, on September 5, 2018, is repealed.

Entry into Force

This Instruction enters into force on March 31, 2025.

Annex to Instruction No.
14/2024 BO No. 10/2024 Supplement • 2024/10/17 Topics Supervision :: Behavioral Supervision
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Mod. 99999911/T – 01/14

Fee Comparator – Communication Model with entities subject to reporting A. Framework The legislator assigned the Bank of Portugal the responsibility for the dissemination of fees in the Fee Comparator. This document specifies the rules for communicating to the Bank of Portugal information regarding fees associated with services included in the Fee Comparator. The communication model is based on the transfer of an XML file via the Bank of Portugal's BPnet portal. Any clarifications regarding this Communication Model may be requested via the email address bpnet.repre@bportugal.pt.

B. Content
The information to be communicated by institutions respects the values of commissions associated with the services indicated in this document. The XML file must be sent whenever there are changes to the commissions. The reporting is based on the communication to the Bank of Portugal of information regarding commissions. The reporting takes the form of file transfers, in which the following rules must be respected:

Periodicity: Whenever there are changes to the commissions to be reported.
Reporting Deadline: 5 business days before the scheduled entry into force date.
File Flow:
Channel: The information must be sent to the Bank of Portugal, in XML file, via the BPnet portal (www.bportugal.net), through the "Price Lists" service available in the "Behavioral Supervision" thematic area. Nomenclature: COMISSOES-<BankInstitutionCode>-<OperationDate>-<OperationTime>.xml BankInstitutionCode: Code of the institution to be reported; it may be another institution that is not the reporting one, if it has representation to carry out the operation. OperationDate: Date of the submission operation, in the format YYYYMMDD. OperationTime: Time of the submission operation, in the format hhmmss. The file to be submitted via BPnet should be a ZIP compressed file containing only the XML with the same name. Format: The files must be sent according to the indicated nomenclature and with the information structure described in section C. Reporting Entity: Bank of Portugal

C. Structure of the information (XML schema)
In this section, the information to be sent is described, as well as its format, through the definition of an XML schema.
The XML consists of a file header where the entry into force date of the reported commissions must appear.

Element Type Example dataVigencia Date 2018-09-01T00:00:00

The body is where all information regarding commissions associated with each service to be reported is placed, with the types of attributes specified for each commission varying according to the service to which they are associated. The following table describes the elements of the body section:

Element Type Example Rules/observations sigla Alphanumeric MDC Service code nome Alphanumeric Maintenance of Minimum Banking Service Account Service Name comissao sigla Alphanumeric MSM_C1 Commission code type Product Name Alphanumeric Account 123 When applicable Channel Alphanumeric Counter When applicable (see section D) Channel (request - delivery) Alphanumeric ATM - Counter Applicable in services: Request and Delivery of Cross Check and to Order and Request and Delivery of Cross Check and not to Order Base Alphanumeric Annual See section D Simulation for 200€ Decimal 10,00 Refers to the type of value (see section D) Maximum Value Decimal 10,00 Refers to the type of value (see section D) Simulation for 99,999.99€ Decimal 10,00 Refers to the type of value (see section D) Percentage Value Decimal 0,1000 Refers to the type of value (see section D) Billing Periodicity Alphanumeric Monthly Applied only for services where the base is Annual (see section D) Check Module Alphanumeric Module of 5 checks Used only for services: Request and Delivery of Cross Check and to Order and Request and Delivery of Cross Check and not to Order

D. Annex I – Reference Lists
Table A – Services

Service Code Service Base Value Type
ANC1 Cash Advance 1 Point Simulation for 200€
ANC2 Cash Advance 2 Point Simulation for 200€
ANC3 Cash Advance 3 Point Simulation for 200€
DCC1 Provision of a Credit Card 1 Annual Maximum Value DCC2 Provision of a Credit Card 2 Annual Maximum Value DCC3 Provision of a Credit Card 3 Annual Maximum Value DCCP1 Provision of a Private Credit Card 1 Annual Maximum Value DCCP2 Provision of a Private Credit Card 2 Annual Maximum Value DCCP3 Provision of a Private Credit Card 3 Annual Maximum Value DCD1 Provision of a Debit Card 1 Annual Maximum Value DCD2 Provision of a Debit Card 2 Annual Maximum Value DCD3 Provision of a Debit Card 3 Annual Maximum Value LDN Cash Withdrawal Point Maximum Value MCB Maintenance of Base Account Annual Maximum Value MDC Account Maintenance Annual Maximum Value MDC1 Package Account Maintenance 1 Annual Maximum Value MDC2 Package Account Maintenance 2 Annual Maximum Value MDC3 Package Account Maintenance 3 Annual Maximum Value MSM Maintenance of Minimum Banking Service Account Annual Maximum Value OPI Intrabank Standing Order Regular Simulation for 99,999.99€ OPN Non-SEPA + Standing Order Regular Simulation for 99,999.99€ OPS SEPA + Standing Order Regular Simulation for 99,999.99€ RCN Request and Delivery of Cross Check and not to Order Point Maximum Value RCO Request and Delivery of Cross Check and to Order Point Maximum Value TCI Intrabank Credit Transfer Point Simulation for 99,999.99€ TCN Non-SEPA + Credit Transfer Point Simulation for 99,999.99€ TCS SEPA + Credit Transfer Point Simulation for 99,999.99€ TII Intrabank Instant Transfer Point Maximum Value TIM SEPA + Instant Transfer Point Maximum Value TCC Credit Card Transfer Point Percentage Value TCD Debit Card Transfer Point Percentage Value

Table B – Channels by Service

Service Code Channel | Channel (request - delivery) ANC1, ANC2, ANC3 ATM ATS Counter LDN ATM ATS Counter RCN and RCO Own Application - Counter Own Application - Mail ATM - Counter ATM - Mail ATS - ATS ATS - Counter ATS - Mail Counter - Counter Counter - Mail Online - Counter Online - Mail SMS - Counter SMS - Mail Operator Phone - Counter Operator Phone - Mail Non-operator Phone - Counter Non-operator Phone - Mail TCI and TCS Own Application Third-party operated Application ATM ATS Counter Mail Online SMS Operator Phone Non-operator Phone OPI, OPN, OPS, TCN Own Application Counter Online Operator Phone Non-operator Phone TII, TIM Own Application Third-party operated Application ATM ATS Counter

Mail
Online
SMS
Operator Phone
Non-operator Phone
TCC and TCD Own Application
Third-party operated Application

F. Annex II – Information Exchange Model
The XML file model for the Fee Reporting communication is available on the BPnet portal (www.bportugal.net), through the "Price Lists" service available in the "Behavioral Supervision" thematic area.