Notice No. 3/92 by the Bank of Portugal

Notices from the Bank of Portugal Notice No. 3/92

The Bank of Portugal, using the competence attributed to it by art. 22 of its Organic Law, in application of the provisions of paragraph 2 of art. 10 of Decree-Law 237/91 of 2-7, determines, for compliance by group purchasing management companies, the following:

1. The net value of fixed assets, added to the value of securities of any nature, with the exception of public debt securities, may not at any time exceed the amount of own funds.

2. For the purposes of the provisions of this notice, the concept of own funds contained in Notice No. 9/90 of 18-6, published in the DR, 5-7-90, is adopted.

3. For compliance with the provisions of paragraph 1, elements that, by virtue of applicable rules, are deducted in the calculation of own funds are not considered.

4. Situations of non-compliance resulting from the provisions of this notice must be regularized within a maximum period of six months from the date of its publication.

5. Notice No. 7/89 of 31-7, published in the DR, 25-8-89, is revoked.

6. This notice enters into force 30 days after its publication.

8-4-92. - The Minister of Finance, Jorge Braga de Macedo.