Regulation (NAP) - Limits on Fees and Commissions Charged by Financial Institutions

ENTRY INTO FORCE / DATE OF ISSUE (5)
01/01/2010 | 31/12/2009
Revocation Data:
Central Bank of
S. T. P.
PROPOSER
P.P.M.C.
NAP
PERMANENT APPLICABILITY STANDARD CODE
EA 04
DOC NO.
016/2009
PAGE
1/1
.1.01111.

Subject: Limits on Fees and Commissions Charged by Financial Institutions

In accordance with NAP No. 011/2009 on the Change to the Exchange Rate Regime, and under the provisions of Articles 6 and 10 of the Exchange Law – Decree-Law No. 32/99, which grants the BCSTP authority in this matter; Thus, the BCSTP has decided to fix the aforementioned fees and commissions as indicated below:

1. For the BCSTP, in its euro purchase and sale operations conducted with authorized financial institutions, the applied exchange rate is uniform, and a maximum commission of up to 1.5% is fixed for all foreign currency operations.
2. For financial institutions, the maximum sales commission limit is 2% for the euro and 4% for other currencies. Entities authorized to conduct foreign exchange trading are required to publish, in a visible location, the rates to be applied in foreign currency purchase and sale operations.
3. All internal euro purchase operations must, from this date, use the same rate published by the BCSTP within the framework of the Economic Cooperation Agreement and are considered a Single Rate. No commissions may be charged.
4. Henceforth, all foreign exchange hedging requests from authorized financial institutions will be fully satisfied. However, for better control of the foreign exchange market, these same institutions are required to submit their exchange position, as stipulated in No. 4 of Article 2 of NAP No. 14/2009 on Marking, Exchange.