Regulatory Alerts2023-12-18
Added · Updated
Notice No. 8/2023
Banco de Portugal establishes minimum requirements for financial institutions to maintain an updated register of outsourcing agreements and defines the format for communicating information on the outsourcing of essential or important functions. Institutions must report intentions to outsource such functions at least 15 days prior to contract signing and notify the regulator of any significant changes or material events affecting risk assessments. The register must include all currently valid agreements and those terminated within the preceding 12 months, with the notice entering into force the day after its publication.
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