Regulatory Alerts2022-02-28
Added · Updated
Instruction No. 4/2022
The Bank of Portugal revokes Instruction No. 18/97 and Instruction No. 14/2006, which previously required supervised entities to report employee and establishment data and information on companies within the supervisory consolidation perimeter. This repeal eliminates duplicative reporting obligations, as the relevant information is now harmonized and collected through COREP/FINREP templates applicable across all EU member states. The measure aims to simplify reporting and reduce administrative burdens for the affected entities. The instruction enters into force the day following its publication.
Instruction No. 4/2022 BO No. 2/2022 2nd Supplement • 2022/02/28 .................................................................................................................................................................................................. 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 .................................................................................................................................................................................................. 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.