Instruction No. 5/2024

Instruction No. 5/2024
BO No. 3/2024 Supplement • 2024/04/04
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Topics
Supervision :: Supervision
Mod. 99999940/T – 01/14
Index
Text of the Instruction
Text of the Instruction
Subject: Amendment of Bank of Portugal Instruction No. 11/2023 This Instruction aims to make the first amendment to Bank of Portugal Instruction No. 11/2023 ("SIRES Instruction"), through which the new SIRES service – Relevant Information System of Supervised Entities (SIRES) – was incorporated into the domestic legal order. This service allowed for the uniform processing of authorization, non-objection, communication, and registration procedures with the Bank of Portugal, discontinuing the current "Authorization and Registration Requests" (PAR) service, regulated by Bank of Portugal Instruction No. 7/2016 of May 20, which was therefore revoked for this reason.

In accordance with the original version of Article 1, paragraph 2 of the SIRES Instruction, SIRES "is a service of the BPnet System, with participation in BPnet, including access to the infrastructure and adherence and provision of the services of this system, regulated by Bank of Portugal Instruction No. 21/2020", and it is through BPnet that the set of entities listed in the current wording of Article 2 of the SIRES Instruction accesses this service.

This amendment specifically affects the subjective scope of the SIRES Instruction, aiming to expand the possibility of access and use of the SIRES service to other individuals and legal entities different from those listed in Article 2 of that Instruction in its original wording. This expansion results from a new functionality subsequently introduced into the SIRES system.

It should be noted that this expansion was already announced in the Preamble of the SIRES Instruction, which stated that "[SIRES] is a service that will be available in the BPnet System, as well as, at a later stage, in the business area on the institutional website of the Bank of Portugal, and will be used both by entities obliged to adhere to it, and by other individuals and legal entities who intend to submit, via this channel, to the Bank of Portugal one of the authorization, non-objection, communication, and registration procedures listed in this Instruction", thus making this amendment an expected initiative for interested private parties, which is now being realized.

It should also be mentioned that this amendment does not affect either the mandatory subjective scope of the SIRES Instruction or the range of procedures processed through this system.

Additionally, it is important to highlight that this amendment does not represent any burden, charge, or cost for private parties, but rather confers an option that they will exercise or not according to their will. In this regard, it is pointed out that even after this amendment, the non-subscription to SIRES by non-obligated entities will have no impact on the processing of procedures in which they are or may become parties before the Bank of Portugal.

In light of the above, since the regulatory amendment in question is not capable of directly and immediately affecting rights or legally protected interests of citizens, the draft of this Instruction was not subject to a hearing of interested parties or public consultation, under the provisions of Article 100, paragraph 1 of the Administrative Procedure Code.

Thus, the Bank of Portugal determines, in the exercise of the competence attributed to it by Article 17 of its Organic Law, approved by Law No. 5/98 of January 31, and under Articles 30, paragraph 8, and 116, letter f) of the General Regime of Credit Institutions and Financial Companies, approved by Decree-Law No. 298/92 of December 31 (RGICSF), as well as Article 7, paragraph 1, letter c) of the Legal Regime of Payment Services and Electronic Money, approved by Decree-Law No. 91/2018 of November 12 (RJSPME), in their current wording, the following:

Article 1.
Object
This Instruction aims to amend Bank of Portugal Instruction No. 11/2023 ("Instruction No. 11/2023"), which regulates the conditions for adherence to and use of the SIRES service - Relevant Information System of Supervised Entities.

Article 2.
Amendments to Instruction No. 11/2023
Articles 1, 2, 3, and 7 of Instruction No. 11/2023 shall have the following wording:

"Article 1.
[…]
1 – […]
2 – SIRES is a service:
a) Of the BPnet System, with participation in BPnet, including access to the infrastructure and adherence and provision of the services of this system, regulated by Bank of Portugal Instruction No. 21/2020; b) Available in the business area on the institutional website of the Bank of Portugal. 3 – […] a) […] b) Consultation of information registered in SIRES regarding the entities referred to in paragraph 1 of Article 2, in accordance with the provisions of Article 7."

"Article 2.
[…]
1 – (Previous body of the article.)
2 – Natural and legal persons who are not subject to the supervision of the Bank of Portugal may submit the requests and communications referred to in this Instruction, applicable to them, through SIRES."

"Article 3.
[…]
1 – The following requests and communications regarding the entities referred to in letters a) to d) of paragraph 1 of Article 2 must be submitted and processed through SIRES:
a) […]; b) […]; c) […]; d) […]; e) […]; f) […]; g) […]; h) […]; i) […]; j) […]; k) […]; l) […]; m) […]; n) […]; o) […]; p) […]; q) […]; r) […];

s) […]; t) […]; u) […]; v) […]; w) […]; x) […].
2 – […].
3 – […]."

"Article 7.
[…]
The entities referred to in paragraph 1 of Article 2 of this Instruction may, at any time, consult updated information regarding themselves that is registered in SIRES at the time of consultation."

Article 3.
Entry into Force
This Instruction enters into force the day following its publication.