Instruction No. 7/2026: Revocation of Instruction No. 28/2018

Instruction No. 7/2026
BO No. 8/2026 Supplement • 26-08-2026
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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 Instruction No. 28/2018

Instruction No. 28/2018 implemented in the national legal order, for less significant credit institutions, the European Banking Authority (EBA) Guidelines on the concept of connected clients, established in point 39 of paragraph 1 of Article 4 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions ('CRR'), designated as 'EBA/GL/2017/15'.

These Guidelines, published on 23 February 2018, clarify, within the framework of the large exposures regime provided for in the CRR, the control requirements, economic interdependence, and the relationship between them, to assess the existence of clients or groups of connected clients that constitute a single entity from a risk perspective.

Under the mandate conferred upon it by paragraph 4 of Article 4 of the CRR, added in June 2019 by CRR2, the EBA developed a draft regulatory technical standards project with a view to specifying the circumstances in which the conditions for identifying a 'group of connected clients' are met under the aforementioned point 39 of paragraph 1 of Article 4 of the CRR. Subsequently, Delegated Regulation (EU) 2024/1728 of the Commission of 6 December 2023 was published.

The aforementioned Delegated Regulation, directly applicable in Member States, regulated a significant part of the content of the EBA Guidelines GL/2017/15.

On 29 April 2026, the EBA published Decision EBA/DC/644, relating to the partial elimination of sections 4, 6, and 7 of the Guidelines.

Considering that the content of Bank of Portugal Instruction No. 28/2018 no longer appears consistent with regulatory developments at the European and national levels, for reasons of legal certainty and security, Instruction No. 28/2018 is expressly revoked.

Thus, the Bank of Portugal, using the powers conferred upon it by Article 17 of its Organic Law and by point (f) of paragraph 1 of Article 116 of the General Regime of Credit Institutions and Financial Companies, approves the following Instruction:

Instruction No. 7/2026 BO No. 8/2026 Supplement • 26-08-2026 Topics Supervision :: Prudential Standards
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Mod. 99999940/T – 01/14

Article 1.
Revoking Norm

Instruction No. 28/2018 is revoked.

Article 2.
Entry into Force

This Instruction enters into force the day following its publication.