Instruction No. 4/2022

Instruction No. 4/2022
BO No. 2/2022 2nd Supplement • 2022/02/28
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Topics
Supervision :: Prudential Standards
Mod. 99999940/T – 01/14
Index
Text of the Instruction
Text of the Instruction
Subject: Revocation of Bank of Portugal Instructions No. 18/97 and No. 14/2006

The Commission Implementing Regulation (EU) No 2021/451 of 17 December 2020, which establishes implementing technical standards for the application of Regulation (EU) No 575/2013 of the European Parliament and of the Council as regards supervisory reporting of institutions and repeals Implementing Regulation (EU) No 680/2014 (COREP/FINREP), specifies most of the information reports considered relevant for prudential supervision, and has been incorporating and replacing various pre-existing reports.

Within the scope of its supervisory and regulatory powers, the Bank of Portugal has promoted transparency and clarity in the prudential regime governing the activities of entities under its supervision, by updating the Bank of Portugal Instructions System (SIBAP), adjusting it to the current legal and regulatory framework.

In this context, taking into account the evolution observed in the set of information collected through prudential, resolution, or statistical reports, the Bank of Portugal concluded that the information regularly collected through Instructions No. 18/97 and No. 14/2006 is now available through other sources, harmonized according to formats established and applicable in all member states of the European Union, without loss of relevant information for the performance of its functions.

Therefore, the Bank of Portugal considers it appropriate to revoke the aforementioned Instructions, with a view to simplifying and eliminating duplicative reporting, and consequently, reducing the associated burdens for the covered entities.

Thus, the Bank of Portugal, using the powers conferred upon it by Article 17 of its Organic Law, approved by Law No. 5/98 of 31 January, and by Article 120 of the General Regime of Credit Institutions and Financial Companies, approved by Decree-Law No. 298/92 of 31 December, in its current wording, approves the following Instruction:

Instruction No. 4/2022 BO No. 2/2022 2nd Supplement • 2022/02/28 Topics Supervision :: Prudential Standards
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Mod. 99999940/T – 01/14

Article 1.
Revocatory Norm

This Instruction has as its object the revocation of:
a) Instruction No. 18/97, published in the Bank of Portugal Norms Bulletin No. 2, of 17 February 1997, relating to information on the number of employees and establishments in operation; and b) Instruction No. 14/2006, published in the Official Bulletin of the Bank of Portugal No. 11/2006, which requests the submission of informative elements on companies included in the perimeter of consolidation relevant for supervisory purposes on a consolidated basis.

Article 2.
Entry into Force

This Instruction enters into force on the day following its publication.