Notice No. 6/2025

Notice of the Bank of Portugal
No. 6/2025
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Published in: DR, 2nd Series, Part E, No. 233, of 03/12/2025 Mod. 99999910/T – 01/14

Index
Text of the Notice
Chapter I General Provisions
Chapter II Authorization and registration of credit managers authorized in Portugal
Section I Authorization
Section II Registration
Chapter III General requirements for access and exercise of the activity of credit manager
Chapter IV Cross-border activity
Chapter V Subcontracting
Chapter VI Transitional and final provisions
Annex I - Authorization form for the exercise of the activity of credit manager
Annex II - Documents that must accompany the authorization application submitted by the interested party wishing to exercise the activity of credit manager
Annex III - Compliance with the duty of information on the processing of personal data by the Bank of Portugal
Annex IV - Individual questionnaire on suitability, knowledge and experience (Portuguese version)
Attachment IV – Individual questionnaire on suitability, knowledge and experience (English version)
Annex V - Form for communication regarding the exercise of the activity of credit manager in the European Union
Annex VI - Form for communication of information regarding subcontracting of credit management service providers
Annex VII - Form for identification of members of the administrative body and holders of qualified participations in the context of the authorization application

Text of the Notice
The Regime for the Assignment and Management of Bank Credits (hereinafter, “RCGCB”), approved by Decree-Law No. 103/2025, of September 11, partially transposed into the internal legal order Directive (EU) 2021/2167 of the European Parliament and of the Council of 24 November 2021, on credit managers and credit acquirers, which amends Directives 2008/48/EC and 2014/17/EU. This regime regulates access to and the exercise of the activity of managing credits subject to assignment on behalf of assignees, attributing to the Bank of Portugal competence for the authorization and registration of credit managers, as well as for the supervision of the activity carried out by these entities.

Notice of the Bank of Portugal No. 6/2025
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Mod. 99999910/T – 01/14

Through this Notice, the procedures for submitting to the Bank of Portugal the application for authorization to exercise the activity of credit manager are specified, including the model of the form to be used and the documents that must accompany this application, in accordance with the provisions of Articles 20 to 22 and point (b) of Article 55 of the RCGCB (Section I of Chapter II of the Notice).

Also defined, in accordance with the provisions of paragraph 1 of Article 50 and point (f) of Article 55 of the RCGCB, as well as the “Guidelines on the creation and maintenance of national lists or registers of credit managers under Directive (EU) 2021/2067” (hereinafter, “EBA/GL/2024/02”), of the European Banking Authority (“EBA”), are the elements that must be included in the public register of credit managers and the rules for their update (Section II of Chapter II of the Notice). Additionally, taking into account the provisions of paragraph 2 of Article 50 and point (f) of Article 55 of the RCGCB and the “Joint Guidelines on the system established by the European Supervisory Authorities for the exchange of relevant information for the assessment of the suitability of holders of qualified participations, members of the administrative, managerial and supervisory bodies and key function holders of financial institutions and market participants by competent authorities” (JC/GL 2024 88), the elements that must be included in the internal register held by the Bank of Portugal, necessary for the supervision of the activity carried out by credit managers, are established.

In Sections I to III of Chapter III of the Notice, the criteria for the assessment by credit managers of the suitability requirements regarding knowledge and experience and the suitability of the members of their respective administrative bodies are specified, under point (b) of Article 55 of the RCGCB, taking into account the “Guidelines on the assessment of the suitability of the knowledge and experience of the administrative or management body of credit managers, as a whole, under Directive (EU) 2021/2167” (hereinafter, “EBA/GL/2023/09”), of the EBA. In turn, in Section IV of Chapter III of the Notice, the general authorization requirements regarding governance systems and internal control mechanisms are specified, also under point (b) of Article 55 of the RCGCB.

The format and model to be used by credit managers for communicating to the Bank of Portugal the exercise of activity in other Member States of the European Union, as well as the rules applicable to the update of this information, the exchange of communications with other competent authorities, and the public registration of credit managers with headquarters in other Member States operating in Portugal, are specified in Chapter IV of this Notice, taking into account the provisions of Articles 37 and following and point (f) of Article 55 of the RCGCB and the EBA/GL/2024/02.

In Chapter V of the Notice, the format and model to be used by credit managers to provide information to the Bank of Portugal about entities that subcontract for the exercise of credit management activities are established, in accordance with the provisions of Article 31 and point (d) of Article 55 of the RCGCB.

Finally, considering that the electronic forms through which authorization applications and other communications between the Bank of Portugal and interested parties and credit managers with headquarters in Portugal, made available via SIRES – Relevant Information System of Supervised Entities (hereinafter, “SIRES”), will not be fully available by the date of entry into force of this Notice, a transitional regime is established in Chapter VI to ensure that interested parties and credit managers can submit their applications and communications using this system, maintaining the security guarantees it offers.

This Notice was subject to public consultation, in accordance with Article 101 of the Administrative Procedure Code, approved by Decree-Law No. 4/2015, of January 7, and the National Data Protection Commission was heard.

In these terms, in the exercise of the competence conferred upon it by Article 17 of its Organic Law, approved by Law No. 5/98, of January 31, in its current wording, and by Article 55 of the RCGCB, the Bank of Portugal determines the following:

Chapter I
General Provisions

Article 1.
Object and scope of application
This Notice regulates:
a) The procedures and criteria for the assessment of the authorization requirements of the credit manager, as well as the information and elements that must accompany the application for authorization to exercise the activity of credit manager, under the provisions of paragraphs 2 and 3 of Article 20, Article 22, and point (b) of Article 55 of the RCGCB, and taking into account EBA/GL/2023/09; b) The format and content of the communication to be sent to the Bank of Portugal regarding the subcontracting of credit management activities, in accordance with the provisions of paragraphs 5 and 6 of Article 31 and point (d) of Article 55 of the RCGCB; c) The information elements that credit managers authorized in Portugal and who intend to exercise credit management activities in another Member State, by establishing a branch or under the freedom to provide services, must submit to the Bank of Portugal, in accordance with the provisions of Articles 37 and 38 of the RCGCB and taking into account EBA/GL/2024/02; d) The elements of the public register and the internal register of credit managers, as well as the rules necessary for their update, under the provisions of Article 50 and point (f) of Article 55 of the RCGCB and considering EBA/GL/2024/02.

Article 2.
Definitions
The concepts used in this Notice are interpreted in conformity with the meaning attributed to them in the RCGCB.

Article 3.
Use of SIRES
1 - SIRES, regulated by Bank of Portugal Instruction No. 11/2023, of May 15, is mandatory for credit managers with headquarters in Portugal.
2 - Except in the situations provided for in this Notice, the following applications and communications regarding interested parties wishing to exercise the activity of credit manager and credit managers with headquarters in Portugal are submitted and processed through SIRES:
a) Application for authorization to exercise the activity of credit manager; b) Communication of changes to the elements subject to registration; c) Provision of information on the exercise of credit management activity in the European Union; d) Provision of information on the subcontracting of credit management service providers; e) Other communications regarding the matters referred to in the preceding points.

Article 4.
Formal requirements of the supporting elements 1 - The forms and supporting elements of authorization applications for the exercise of the activity and communications regarding changes to the elements subject to registration, the provision of information on the exercise of activity in the European Union, and the provision of information on the subcontracting of credit management service providers are filled out or presented in Portuguese. 2 - Official documents not issued by Portuguese authorities are apostilled in accordance with the Hague Convention or duly legalized. 3 - Documents not written in Portuguese are accompanied by a certified translation apostilled in accordance with the Hague Convention or duly legalized. 4 - When requested by the Bank of Portugal, the translations referred to in the preceding paragraph are accompanied by information attesting to the adequacy of the translation entity. 5 - Without prejudice to the provisions of the preceding paragraphs, the individual questionnaire on suitability, knowledge, and experience, provided for in Annex IV to this Notice, may be filled out or presented in Portuguese or English. 6 - The supporting elements of authorization applications for the exercise of the activity and communications of changes to the elements subject to registration, as well as other elements submitted to the Bank of Portugal under this Notice, are sent in Portable Document Format (PDF), in a manner that ensures the faithful and integral reproduction of these elements and the legibility of the information contained therein.

Chapter II
Authorization and registration of credit managers authorized in Portugal
Section I
Authorization

Article 5.
Submission of the authorization application
1 - The application for authorization to exercise the activity of credit manager is submitted by filling out and submitting an electronic form made available on SIRES.
2 - In the event of unavailability or technical inoperability of the submission method provided for in the preceding paragraph, as well as in cases of force majeure, the interested party obtains, on the Bank of Portugal website, an editable version of the authorization form, according to the model contained in Annex I to this Notice. 3 - In the situations referred to in the preceding paragraph, after filling out the model contained in Annex I to this Notice, the interested party proceeds to send it to the email address gestoresdecreditos@bportugal.pt, accompanied by the supporting means and other due documentary elements.

Article 6.
Processing of the authorization application
1 - The application for authorization to exercise the activity of credit manager is accompanied by the elements identified in Annex II to this Notice.
2 - The Bank of Portugal makes available, on its website, editable versions of the supporting elements referred to in Annexes III and IV.

Section II
Registration

Article 7.
Public register
1 - The Bank of Portugal organizes and maintains an updated public register of credit managers authorized in Portugal, which includes the following elements:
a) LEI Code (Legal Entity Identifier), if applicable; b) Unique identification number assigned by the Bank of Portugal; c) Corporate Tax Identification Number; d) Full name; e) Full name in non-Latin characters, if applicable; f) Trade name or brand, if different from the company name; g) Trade name or brand in non-Latin characters, if different from the company name in non-Latin characters; h) Location of the headquarters; i) Contact details of the credit manager; j) Contact details for complaints regarding the activities carried out by the credit manager; k) Member State of origin; l) State of authorization for the exercise of credit management activities; m) Date of authorization for the exercise of credit management activities; n) Date of first authorization for the exercise of credit management activities, if applicable; o) Prohibition on receiving and holding funds from debtors; p) Member States of the European Union in which the credit manager exercises credit management activities, if applicable; q) Changes that occur in the elements contained in the preceding points. 2 - In the event of revocation or expiration of the credit manager's authorization, the public register of that credit manager includes information on:
a) The date of revocation or declaration of expiration of the authorization; b) The elements provided for in points (a) to (p) of the preceding paragraph of this article, with reference to the information registered at the date of revocation or declaration of expiration of the authorization.

Article 8.
Internal register
1 - For supervisory purposes, the Bank of Portugal organizes and maintains an updated internal register of credit managers authorized in Portugal, which includes the information provided for in paragraph 1 of the previous article, as well as the following elements:
a) Identification, nationality, date and place of birth, and habitual residence of the members of the administrative body; b) Functions performed by the members of the administrative body; c) Identification, nationality, date and place of birth, and habitual residence of holders of qualified participations who are natural persons, if applicable; d) Identification and address of holders of qualified participations who are legal entities, if applicable; e) Percentage of share capital and voting rights held, directly or indirectly, by holders of qualified participations, if applicable; f) Identification of entities existing in the ownership chains of holders of qualified participations, if applicable; g) Specification of the factors determining the qualification of the participations held by holders of qualified participations, if applicable; h) Changes that occur in the elements contained in the preceding points. 2 - In the event of revocation or expiration of the credit manager's authorization, the internal register covers:
a) The elements contained in points (a) to (g) of the preceding paragraph of this article, with reference to the information registered at the date of revocation or declaration of expiration of the authorization; b) The elements provided for in paragraph 2 of the previous article.

Article 9.
Communication of changes to the elements contained in the register 1 - Without prejudice to the provisions of paragraph 3 of Article 20 of the RCGCB, the credit manager communicates to the Bank of Portugal:
a) Any changes to the elements provided for in points (a) to (i) of paragraph 1 of Article 7 and in points (a) and (b) of paragraph 1 of the previous article, within 30 days from the date on which the facts occurred; b) The modification of the elements provided for in points (c) to (g) of paragraph 1 of the previous article, in April of each year. 2 - The communication of changes to the information contained in the register referred to in the preceding paragraph is submitted to the Bank of Portugal by filling out and submitting an electronic form made available on SIRES and sending the documents that prove these changes. 3 - In the event of unavailability or technical inoperability of the submission method provided for in the preceding paragraph, as well as in cases of force majeure, the credit manager uses the editable version of the form for communicating changes to the register, made available on the Bank of Portugal website. 4 - In the situations referred to in the preceding paragraph, after filling out the form, the credit manager proceeds to send it to the email address gestoresdecreditos@bportugal.pt, accompanied by the documents that prove these changes.

Article 10.
Update of the elements contained in the register 1 - The Bank of Portugal processes communications regarding the update of the elements contained in the register within a maximum period of 20 days from the date of receipt of the elements justifying the change or, if applicable, the receipt of complementary information requested by the Bank of Portugal, but never after 60 days have elapsed from the date of presentation of the communication of change, and updates the information contained in the register with a minimum weekly frequency. 2 - The Bank of Portugal does not update the register with the changes communicated under the previous article in the following cases:
a) When it is manifest that the fact is not justified by the documents presented; b) When the communication of the change has not been accompanied by all the necessary elements and documents; c) When it is verified that the fact communicated is already registered or is not subject to registration; d) When it is verified that the communication of change to the registered information or the elements and documents accompanying it contain inaccuracies or falsities. 3 - In the event of revocation or expiration of the credit manager's authorization, the Bank of Portugal updates the elements contained in the register within two days from such revocation or declaration of expiration of the authorization. 4 - If the credit manager exercises credit management activities in another Member State of the European Union, the Bank of Portugal informs the competent authority of the host Member State of the changes to the elements provided for in points (a), (b), (d), (e), (f), (g), (h), and (l) of paragraph 1 of Article 7 of this Notice, no later than when updating the public register of the credit manager.

Chapter III
General requirements for access and exercise of the activity of credit manager
Section I
Knowledge and experience of the members of the administrative body

Article 11.
Adequate knowledge and experience
1 - For the purposes of the provisions of subpoint (i) of point (c) of paragraph 1 of Article 20 of the RCGCB, the members of the administrative body of the credit manager possess, individually and collectively, the knowledge and experience necessary for the exercise of their functions and for the conduct of the credit manager's activity in a competent and responsible manner, giving guarantees of sound and prudent management of the credit manager and of protection and fair and diligent treatment of debtors. 2 - Without prejudice to the competences attributed to the Bank of Portugal, the initial and continuous assessment of the suitability of the knowledge and experience, individual and collective, of the administrative body is the responsibility of the credit manager.

Article 12.
Principle of proportionality
1 - The assessment of the suitability of the knowledge and experience of the members of the administrative body of the credit manager takes into account the size of the credit manager, its internal organization, and the nature, scale, and complexity of its activities. 2 - For the purposes of the preceding paragraph, the following criteria are considered:
a) Corporate type; b) Whether the credit manager is a company issuing securities admitted to trading on a regulated market; c) Whether the credit manager is part of a group subject to supervision on a consolidated basis and, if so, the result of the proportionality assessment regarding that group; d) Organizational structure; e) Nature and complexity of the activities carried out; f) Number of employees; g) Number of credit management contracts concluded and total amount of credits managed; h) Scope and complexity of subcontracting contracts concluded with credit management service providers; i) Whether the credit manager exercises cross-border activity and, if so, the size of its activities in each jurisdiction.

Article 13.
Individual assessment
1 - The members of the administrative body of the credit manager possess, individually, adequate and updated knowledge of the following aspects:
a) The activity of the credit manager and its risks, in proportion to the responsibilities assumed, including an adequate understanding of the areas by which they are not directly