Regulatory Alerts2021-04-15
Added · Updated
Instruction No. 7/2021
Instruction No. 7/2021 mandates that Significant Institutions supervised directly by the ECB submit authorization requests for the exercise of functions by members of administrative and supervisory bodies, holders of key control functions, and branch managers in non-EU countries via the ECB's Information Management System (IMAS) portal. It partially amends Instruction No. 7/2016 to exclude these institutions from the Bank of Portugal's PAR service for such submissions and updates Instruction No. 23/2018 to align its questionnaire and information declaration with the IMAS platform and GDPR requirements. The instruction enters into force the day after publication, applying only to processes initiated thereafter while pending cases continue through the PAR service.
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