CHRONOLOGY OF RELEVANT FINANCIAL
POLICY MEASURES | July 2015 to May 2016
2015
July
2 July
Resolution of the Assembly of the
Republic No 72/2015 of 5 June 2015,
Official Gazette No 127, Series I
Recommends that the Government implements
measures promoting and ensuring efficient
collaboration and liaison among the various
financial supervisors – Banco de Portugal, Portuguese
Securities Market Commission and Insurance
and Pension Funds Supervisory Authority.
Notice from the European Commission
(2015/C 217/04), OJ C 217
Interest rate applied by the European Central
Bank to its main refinancing operations: 0.05 %
on 1 July 2015 – Euro exchange rates.
3 July
Regulatory Rule of the Insurance and
Pension Funds Supervisory Authority
No 3/2015-R of 25 June 2015, Official
Gazette No 128, Series II, Part E
Revokes Regulatory Rule No 9/2008-R of 25
September 2008 on the calculation and reporting
of technical reserves based on economic principles.
Enters into force on the day immediately following
that of its publication, obviating the need to send
the annual report referring to the end of 2014.
Resolution of the Assembly of the
Republic No 75/2015 of 5 June 2015,
Official Gazette No 128, Series I
Recommends that the Government implements
urgent measures conducive to increased financial
literacy in the short term.
6 July
Law No 66/2015, Official Gazette No 129,
Series I
Third amendment to Decree-Law No 27-C/2000
of 10 March 2000, 36th amendment to the Legal
Framework of Credit Institutions and Financial
Companies approved by Decree-Law No 298/92
of 31 December 1992, fifth amendment to
Decree--Law No 454/91 of 28 December 1991,
simplifying and standardising fees applied to
deposit accounts, and first amendment to Law
No 23-A/2015 of 26 March 2015.
Enters into force 90 days following that of its publication.
7 July
Decree-Law No 124/2015, Ministry of
Finance, Official Gazette No 130, Series II
Lays down national measures to transpose
Directive No 2011/61/EU of 8 June 2011,
Directive No 2013/14/EU of 21 May 2013,
Directive No 2014/51/EU of 16 April 2014, and
Directive No 2003/71/EC of 4 November 2003,
all of the European Parliament and of the
Council. The legal framework of pension funds,
approved by Decree-Law No 12/2006 of 20 January
2006, the Securities Code, on the prospectus to be
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BANCO DE PORTUGAL • Chronology of relevant financial policy measures
published when securities are offered to the
public or admitted to trading, and the Legal
Framework for Collective Investment Undertakings,
as regards crossborder activities carried out by
collective investment undertaking managers,
were amended respectively.
Enters into force on the day following that of its
publication. In turn, the provisions of Article
135-C (4) of the Securities Code approved by
Decree-Law No 486/99 of 13 November 1999,
as amended by this Decree-Law, enter into
force on 1 January 2016.
24 February 2015, with regard to undertakings
for collective investment (in transferable securities
and real estate) and the marketing of opt-in openended pension funds. It envisages a transitional
adjustment regime to the new regulations.
This Regulation enters into force on the day
following that of its publication.
8 July
Guideline of the European Central Bank amending
Guideline ECB/2010/20 of 11 November on the
legal framework for accounting and financial
reporting in the European System of Central Banks.
This Guideline takes effect on the day of its
notification to the national central banks of the
Member States whose currency is the euro.
Resolution of the Council of Ministers
No 37/2015 of 2 July 2015, Official
Gazette No 131, Series II, Part C
Pursuant to Article 27 (1) and (2) of the Organic
Law of Banco de Portugal approved by Law
No 5/98 of 31 January 1998, and Article 199 (g)
of the Constitution and under a proposal from
the Minister of State and Finance, renews the
term of office of the Governor of Banco de
Portugal, Carlos da Silva Costa.
15 July
Circular Letter of Banco de Portugal
No 3/2015/DMR of 17 June 2015, Official
Bulletin No 7
Announces the collateral management costs for
Eurosystem credit operations. Replaces the price
list published in Circular Letter No 3/2014/DMR
of 21 August 2014.
Instruction of Banco de Portugal
No 10/2015 of 23 June 2015, Official
Bulletin No 7
Defines and regulates the Collateral Management
System (COLMS).
21 July
Guideline (EU) 2015/1197 of the
European Central Bank of 2 July 2015
(ECB/2015/24), OJ L 193
24 July
Council Implementing Decision (EU)
2015/1208 of 14 July 2015, OJ L 196
Amends Implementing Decision 2013/463/EU
on approving the macroeconomic adjustment
programme for Cyprus.
31 July
Decree-Law No 140/2015, Ministry of
Finance, Official Gazette No 148, Series I
Thirty-seventh amendment to the Legal Framework
of Credit Institutions and Financial Companies,
approved by Decree-Law No 298/92 of 31 December 1992.
This Decree-Law enters into force on the first
working day following that of its publication.
Commission Implementing Regulation
(EU) 2015/1278 of 9 July 2015, OJ L 205
Amends Implementing Regulation (EU) No 680/2014 of
17 July
CMVM (Portuguese Securities Market
Commission) Regulation No 2/2015 of 12 June
2015, Official Gazette No 138, Series II, Part E
Further specifies the scheme envisaged in the
Legal Framework of Undertakings for Collective
Investment, approved by Law No 16/2015 of
16 April laying down implementing technical standards
with regard to supervisory reporting of institutions as
regards instructions, templates and definitions.
This Regulation enters into force on the twentieth
day following that of its publication in the
Official Journal of the European Union and it
applies from 1 June 2015. Rectified in OJ L 210,
of 7 August 2015.
July 2015 to May 2016
August
7 August
24 August
Council Regulation (EU) 2015/1360 of 4
August 2015, OJ L 210
Law No 102/2015, Official Gazette
No 164, Series I
Amends Regulation (EU) No 407/2010 of 11 May
establishing a European financial stabilisation
Establishes the legal framework of crowdfunding.
Subject to the exception provided for in this
Law, it enters into force on the first day of the
second month following that of its publication.
mechanism.
17 August
Circular Letter of Banco de Portugal
No 55/2015/DSP of 10 July 2015, Official
Bulletin No 8
Informs on the requirements laid down in the
EBA’s Guidelines on internet payments security
that must be met by payment service providers
subject to Banco de Portugal’s supervision,
with effect from 1 August 2015.
Instruction of Banco de Portugal
No 12/2015, Official Bulletin No 8
Establishes the information to be reported by
institutions when applying for an authorisation
for the performance of functions by members
of the management and supervisory boards,
and the way in which such information must be
presented.
31 August
Law No 118/2015, Official Gazette
No 169, Series I
Introduces the thirty-eighth amendment to the
Legal Framework of Credit Institutions and Financial
Companies, approved by Decree-Law No 298/92 of
31 December 1992, the eighth amendment to
Law No 25/2008 of 5 June 2008, and the third
amendment to Decree-Law No 228/2000 of 23
September 2000, establishing specific measures to
enhance the stability of the Portuguese financial system.
This Law enters into force on the day following
that of its publication.
Law No 119/2015, Official Gazette
No 169, Series I
Approves the Código Cooperativo (Cooperative
Code). This Law is applicable to cooperatives of
all types and similar organisations, as expressly
mentioned in special legislation.
This Law enters into force on the thirtieth day
following that of its publication.
September
2 September
Notice from the European Commission
(2015/C 288/03), OJ C 288
Interest rate applied by the European Central
Bank to its main refinancing operations as of 1
September 2015: 0.05 % – Euro exchange rates.
Decision No 10011-B/2015, Ministry of
Finance, Official Gazette No 171,
Series II, Supplement 2, Part C
Publishes, pursuant to Article 20 of the Statute
of the Mutual Agricultural Credit Guarantee
Fund, approved by Executive Order No 854/87
of 5 November 1987, the list of agricultural
banks that were members of the Fund on 31
December 2014.
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3 September
Resolution of the Assembly of the
Republic No 129/2015 of 22 July 2015,
Official Gazette No 172, Series I
Approves the Agreement on the transfer and
mutualisation of contributions to the Single
Resolution Fund, signed in Brussels on 21 May
2014. Ratified by Decree of the President of the
Republic No 100/2015 of 3 September 2015.
9 September
Law No 147/2015, Official Gazette No 176,
Series I
Approves the legal framework of access and
uptake of insurance and reinsurance activities,
as well as the procedural regime applicable to
special crimes in the insurance and pension funds
sector and to administrative offences processed by
the Insurance and Pension Funds Supervisory
Authority, transposing Directive 2009/138/EC
of the European Parliament and of the Council
of 25 November 2009, introduces the fifth
amendment to Decree-Law No 12/2006 of 20
January 2006, the first amendment to the legal
framework of insurance contracts, approved by
Decree-Law No 72/2008 of 16 April 2008, and
the second amendment to Decree-Law No 40/2014
of 18 March 2014. It envisages several transitional
regimes applicable to insurance and reinsurance
activities, the respective management companies,
as well as those persons that actually manage,
oversee or hold key positions in the company.
Subject to the exception provided for in this
Law, it enters into force on 1 January 2016.
Law No 148/2015, Official Gazette No 176,
Series I
Approves the legal framework of oversight of
auditors, transposing Directive 2014/56/EU of
the European Parliament and of the Council of
16 April 2014, amending Directive 2006/43/EC
on statutory audits of annual accounts and
consolidated accounts, and ensures the implementation,
in Portuguese law, of Regulation (EU) No 537/2014
of the European Parliament and of the Council
of 16 April 2014 on specific requirements regarding
statutory audit of public-interest entities. It envisages
a series of transitional provisions on the transfer
of powers from Conselho Nacional de Supervisão
de Auditoria – CNSA (National Council of Auditing
Supervision) to the Portuguese Securities Market
Commission. References to CNSA in laws or
regulations, administrative acts, contractual or
other documents, shall be considered mutatis
mutandis as references to the Portuguese Securities
Market Commission.
Subject to the exception provided for in this
Law, it enters into force on 1 January 2016.
10 September
Decree-Law No 190/2015, Ministry of
Finance, Official Gazette No 177, Series I
Approves the legal framework of savings banks.
It breaks down savings banks into two types –
affiliated savings banks (caixas económicas anexas)
and full-service savings banks (caixas económicas
bancárias) – depending on the volume of assets.
Affiliated savings banks may only carry out
activities, to a limited extent, in favour of the
associates or beneficiaries of the corresponding
owner institution, with the purpose of reducing
operational and exposure risks. Full-service savings
banks are comparable to regular commercial
banks and, as such, are entitled to carry out all
forms of business which may be carried out by
banks in accordance with law. Applicable internal
governance rules are reinforced, clarifying which
governance models may be adopted and the
applicability of provisions established in the Código
das Sociedades Comerciais (Commercial Companies
Code) as regards the election, composition and
functioning of their management bodies. The Legal
Framework of Credit Institutions and Financial
Companies is amended, aligning the requirements
for the setting-up of full-service savings banks
with the provisions of this Decree-Law. The
authorisation procedure for credit institutions
having their head office in Portugal applies to the
setting-up of new full-service savings banks. The
Código das Associações Mutualistas (Mutual Associations
Code) is also amended, as regards holdings by
mutual associations of savings banks. It envisages
transitional schemes for both types of savings banks.
This Decree-Law enters into force on the thirtieth
day following that of its publication.
July 2015 to May 2016
Law No 153/2015, Official Gazette No 179,
Series I
of a capital conservation buffer of 2.5 %, with
effect from 1 January 2016.
This Notice enters into force on the day
following that of its publication.
Regulates the access and activities of real estate
appraisers providing services to entities within
the Portuguese financial system.
Decree-Law No 202/2015, Ministry of
Justice, Official Gazette No 182, Series I
14 September
This Decree-Law enters into force on the sixtieth
day following that of its publication.
15 September
Circular Letter of Banco de Portugal
No 68/2015/DSC of 9 September, Official
Bulletin No 9
Transmits good practices to be followed by
payment service providers as regards information
that must be provided to holders of contactless
payment cards.
Instruction of Banco de Portugal
No 13/2015 of 3 September, Official
Bulletin No 9
Releases for the fourth quarter of 2015 the
maximum rates to be applied in consumer credit
agreements under Decree-Law No 133/2009 of
2 June 2009.
Instruction of Banco de Portugal
No 14/2015 of 15 September 2015,
Official Bulletin No 9
Regulates the reporting of information on the own
funds and capital requirements of transferable
securities and real estate investment funds
management companies.
17 September
Notice of Banco de Portugal No 1/2015
of 7 September, Official Gazette No 182,
Series II, Part E
Regulates the implementation of the capital
conservation buffer established in Article 138-D
of the Legal Framework of Credit Institutions and
Financial Companies, approved by Decree-Law
No 298/92 of 31 December 1992, which is aimed
at making financial institutions more resilient,
by increasing their capacity to absorb unexpected
losses, thus contributing to the maintenance of
financial stability. Establishes the introduction
Entrusts the Instituto dos Registos e do Notariado
(Institute of Registrars and Notaries) with the
tasks related to the issuance, renewal and portability
in Portugal of the Legal Entity Identifier (a single,
alpha-numeric identifier to uniquely identify, at
international level, entities that engage in financial
transactions).
This Decree-Law enters into force on the first working
day of the month following that of its publication.
19 September
Commission Delegated Regulation
(EU) 2015/1555 of 28 May, OJ L 244
Supplements Regulation (EU) No 575/2013 of the
European Parliament and of the Council with regard
to regulatory technical standards for the disclosure of
information in relation to the compliance of
institutions with the requirement for a countercyclical
capital buffer in accordance with Article 440.
This Regulation enters into force on the twentieth
day following that of its publication and applies
from 1 January 2016.
Commission Delegated Regulation
(EU) 2015/1556 of 11 June, OJ L 244
Supplements Regulation (EU) No 575/2013 of the
European Parliament and of the Council with
regard to regulatory technical standards for the
transitional treatment of equity exposures under
the IRB approach.
This Regulation enters into force on the twentieth
day following that of its publication.
25 September
Commission Delegated Regulation
(EU) 2015/1604 of 12 June, OJ L 249
Amends Regulation (EC) No 809/2004 implementing
Directive 2003/71/EC of the European Parliament
and of the Council as regards elements related to
prospectuses and advertisements.
This Regulation enters into force on the day of its
publication and applies from 1 January 2015.
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BANCO DE PORTUGAL • Chronology of relevant financial policy measures
Commission Delegated Regulation
(EU) 2015/1605 of 12 June, OJ L 249
Amends Regulation (EC) No 1569/2007 establishing
a mechanism for the determination of equivalence
of accounting standards applied by third country
issuers of securities pursuant to Directives
2003/71/EC and 2004/109/EC of the European
Parliament and of the Council.
This Regulation enters into force on the day of its
publication and applies from 1 January 2015.
Commission Implementing Decision (EU)
2015/1612 of 23 September, OJ L 249
Amends Decision 2008/961/EC on the use by
third countries’ issuers of securities of certain
third country’s national accounting standards
and International Financial Reporting Standards
to prepare their consolidated financial statements.
This Decision applies from 1 January 2015.
Decision (EU) 2015/1613 of the European
Central Bank of 10 September 2015
(ECB/2015/31), OJ L 249
Amends Decision (EU) 2015/5 on the implementation
of the asset-backed securities purchase programme.
This Decision enters into force on the twentieth
day following that of its publication.
28 September
Notice of Banco de Portugal No 2/2015
of 21 September, Official Gazette No
189, Series II, Part E
Lays down the obligations incumbent upon
credit institutions to communicate the legally
defined terms and conditions to access and
benefit from the legal framework of access to
minimum banking services, established by
Decree-Law No 27-C/2000 of 10 March 2000.
This Notice enters into force on 5 October
2015. The annex is republished by Corrigendum
No 883/2015 of 29 September 2015, in Official
Gazette No 195, Series II, Part E, of 6 October 2015.
October
2 October
Notice from the European Commission
(2015/C 324/06), OJ C 324
Interest rate applied by the European Central
Bank to its main refinancing operations as of 1
October 2015: 0.05 % – Euro exchange rates.
9 October
Decree-Law No 225/2015, Ministry of the
Economy, Official Gazette No 198,
Series I
Establishes the Fundo de Capital e Quase Capital
(Capital and Quasi-capital Fund), managed by IFD
– Instituição Financeira de Desenvolvimento, S. A.
(the Portuguese development financial institution),
aimed at the creation or reinforcement of
financial instruments for corporate capitalisation,
particularly as regards start-up, seed and early
stage companies, as well as companies with
growth projects in place (organic or by acquisition),
and/or greater empowerment of companies towards
their internationalisation and the development
of new products and services or companies
supplying innovations in terms of procedures,
products, organisation or marketing, inter alia.
This Decree-Law enters into force on the day
following that of its publication.
Decree-Law No 226/2015, Ministry of the
Economy, Official Gazette No 198, Series I
Creates the Fundo de Dívida e Garantias (Debt
and Guarantees Fund), managed by IFD –
Instituição Financeira de Desenvolvimento, S. A.
(the Portuguese development financial institution),
aimed at the creation or reinforcement of corporate
funding instruments, in terms of debt and guarantees,
co-guarantees and counter-guarantees, particularly
as regards small and medium sized-enterprises
and projects aimed at greater empowerment
of companies towards their internationalisation
July 2015 to May 2016
and the development of new products and services
or companies supplying innovations in terms of
to compliance with the legal obligations laid
down in Article 2 (1) of Decree-Law No 8/2007
procedures, products, organisation or marketing.
This Decree-Law enters into force on the day
following that of its publication.
of 17 January 2007, as well as how this information
is provided to the recipient entities (Statistics
Portugal, Banco de Portugal and the Directorate-
15 October
Instruction of Banco de Portugal
No 15/2015 of 28 September 2015,
Official Bulletin No 10
Provides for the reporting, on a semi-annual
basis, of the information items relating to the
provision of the minimum banking services
listed in the table annexed to this Instruction.
Executive Order No 362/2015, Ministry
of Finance, Official Gazette No 202,
Series I
Amends Executive Order No 95/94 of 9 February
1994 on the minimum capital requirements for
Investment companies, financial leasing companies,
credit financial companies and savings banks and
repeals the minimum capital requirements
established for certain types of companies, which,
with Decree-Law No 157/2014 of 24 October
2014, no longer exist in Portuguese law.
General for Economic Activities).
This Executive Order enters into force on the
day following that of its publication and shall
apply to the reporting of IES/DA occurring from
2016 onwards, following the publication of the
executive order by the members of government
responsible for finance and economy which
shall approve the standard form of Annex R
(Statistical Information – Simplified Corporate
Information), to be used in 2016.
21 October
Instruction No 1-A/2015 of 20 October,
Portuguese Treasury and Debt
Management Agency, Official Gazette
No 206, Series II, Supplement, Part G
Lays down the rules governing the issuance and
placement of indexed-rate Treasury bonds, as well as
access conditions and rights and duties of credit
institutions operating in the primary market.
This Instruction enters into force on the day
following that of its publication.
Instruction of Banco de Portugal
No 16/2015, Official Bulletin No 10
28 October
Amends Instruction No 3/2015, published in
Official Bulletin No 5 of 15 May 2015, establishing
rules for the implementation of the single
Guideline (EU) 2015/1938 of the
European Central Bank of 27 August
2015 (ECB/2015/27), OJ L 282
monetary policy by the Eurosystem.
20 October
Executive Order No 370/2015,
Presidency of the Council of Ministers
and Ministries of Finance, Justice and
Economy, Official Gazette No 205,
Series I
Approves the terms of the reporting of Simplified
Corporate Information (IES) by the entities subject
Amends Guideline (EU) 2015/510 on the implementation
of the Eurosystem monetary policy framework
(ECB/2015/27).
This Guideline shall take effect on the day of its
notification to the NCBs. The NCBs shall take
the necessary measures to comply with this
Guideline and apply them from 2 November
2015. They shall notify the ECB of the texts and
means relating to those measures by 6 October
2015 at the latest. This Guideline is addressed
to all Eurosystem central banks.
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BANCO DE PORTUGAL • Chronology of relevant financial policy measures
November
3 November
CMVM (Portuguese Securities Market
Commission) Regulation No 3/2015 of 15
October, Official Gazette No 215, Series II,
Part E
Further develops the regime set out in the Legal
Framework of Venture Capital, Social Entrepreneurship
and Specialised Investment, approved by Law
No 18/2015 of 4 March, as regards the operating
terms and conditions, the rules applicable to alternative
investment undertakings and funds, the rules applicable
to social entrepreneurship undertakings and funds,
marketing rules and vicissitudes of investment
undertakings.
This regulation enters into force on the day
following that of its publication.
of 31 December, Banco de Portugal introduces in
the national legal framework the best practices
in the preparation of recovery plans, expressed
in the European Banking Authority’s Standards
(EBA/RTS/2014/11) of 18 July, (EBA/GL/06/2014)
of 18 July, and (EBA/GL/2015/02) of 6 May. The
Bank establishes additional information for the
recovery plans, defines procedures for their
presentation, maintenance and revision, and
specifies the procedures to determine simplified
obligations in the preparation and reporting of
recovery plans. Mutual agricultural banks and the
Central Mutual Agricultural Credit Bank shall not
be subject to the presentation of recovery plans.
This Notice enters into force on the day following
that of its publication.
5 November
18 November
Notice from the European Commission
(2015/C 366/01), OJ C 366
Council Directive (EU) 2015/2060
of 10 November 2015, OJ L 301
Interest rate applied by the European Central
Bank to its main refinancing operations as of
1 November 2015: 0.05 % ̶ Euro exchange rates.
Repeals Directive 2003/48/EC on taxation of savings
income in the form of interest payments.
Enters into force on the twentieth day following
that of its publication.
6 November
Council Decision (EU) 2015/1994
of 26 October, OJ L 290
Decision on the signing, on behalf of the European
Union, of the Amending Protocol to the Agreement
between the European Community and the Principality
of Liechtenstein providing for measures equivalent
to those laid down in Council Directive 2003/48/EC
on taxation of savings income in the form of
interest payments.
This Decision shall enter into force on the date
of its adoption.
10 November
Notice of Banco de Portugal No 3/2015
of 2 November, Official Gazette No 220,
Series II, Part E
19 November
Executive Order No 13205/2015
of 31 December 2013, Ministry of Finance,
Official Gazette No 227, Series II, Part C
Authorises the granting of a personal State guarantee to the
Mutual Counterguarantee Fund (Fundo de Contragarantia
Mútuo), to the overall amount of € 100,000,000.00 to
ensure counterguarantees provided by the State,
under credit lines with mutual guarantee on behalf
of Portuguese enterprises, notably the SME Growth
Credit Line (Linha de Crédito PME Crescimento) 2013 and
a capitalisation line (Caixa Capitalização).
20 November
In use of the powers vested in it by Article 116-D
Decision (EU) 2015/2101 of the European
Central Bank of 5 November 2015
(ECB/2015/33), OJ L 303
(11) and Article 116-E (3) and (4) of the Legal
Framework of Credit Institutions and Financial
Companies, approved by Decree-Law No 298/92
Amends Decision (EU) 2015/774 on a secondary
markets public sector asset purchase programme.
Enters into force on 10 November 2015.
July 2015 to May 2016
27 November
Decision of the European Systemic Risk
Board of 21 July 2015 (ESRB/2015/2)
(2015/C 394/03), OJ C 394
Decision on the provision of and collection of
information for the macroprudential oversight
of the financial system within the Union. Sets
out the aggregated information required by the
ESRB for the performance of its tasks and lays
down the detailed rules for provision and
collection of that information.
Enters into force on 21 July 2015.
December
1 December
15 December
Commission Delegated Regulation (EU)
2015/2205 of 6 August 2015, OJ L 314
Circular Letter of Banco de Portugal
No 85/2015/DES of 3 November 2015,
Official Bulletin No 12
Supplements Regulation (EU) No 648/2012 of
the European Parliament and of the Council of
4 July 2012 with regard to regulatory technical
standards on the clearing obligation.
Enters into force on the twentieth day following
that of its publication.
2 December
Notice from the European Commission
(2015/C 400/02), OJ C 400
Interest rate applied by the European Central
Bank to its main refinancing operations as of 1
December 2015: 0.05 % – Euro exchange rates.
11 December
Commission Delegated Regulation
(EU) 2015/2303 of 28 July 2015, OJ L 326
Supplements Directive 2002/87/EC of the European
Parliament and of the Council with regard to regulatory
technical standards specifying the definitions and
coordinating the supplementary supervision of risk
concentration and intra-group transactions.
Enters into force on the twentieth day following
that of its publication.
14 December
Commission Implementing Regulation (EU)
2015/2326 of 27 November 2015, OJ L 328
Regulation on the extension of the transitional
periods related to own funds requirements for
exposures to central counterparties set out in
Regulation (EU) No 575/2013 and (EU) No 648/2012
of the European Parliament and of the Council.
Enters into force on the third day following that
of its publication.
Provides clarification on the accounting treatment
of contributions to the Resolution Fund.
Circular Letter of Banco de Portugal
No 99/2015/DSP of 25 November 2015,
Official Bulletin No 12
Informs that, due to the entry into force on 1 January
2016 of Laws No 140/2015 of 7 September and
No 148/2015 of 9 September, the suitability to
perform the functions of certified auditors and audit
firms that, although constituting an integral part of the
institutions’ supervisory structure, are not part of their
supervisory body, will be assessed by CMVM
(Portuguese Securities Market Commission).
Instruction of Banco de Portugal No
17/2015 of 10 December 2015, Official
Bulletin No 12
Sets out for the first quarter of 2016 the maximum
rates to be applied in consumer credit agreements
under Decree-Law No 133/2009 of 2 June 2009.
16 December
European Parliament Resolution of
20 November 2012 (2012/2115(INI))
(2015/C 419/06), OJ C 419
European Parliament resolution on Shadow Banking.
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23 December
Directive (EU) 2015/2366 of the
European Parliament and of the Council
of 25 November 2015, OJ L 337
Directive on payment services in the internal
market. By 13 January 2018, Member States
shall adopt and publish the measures necessary
to comply with this Directive. They shall apply
those measures from 13 January 2018.
Enters into force on the twentieth day following
that of its publication.
Regulation (EU) 2015/2365 of the
European Parliament and of the Council
of 25 November 2015, OJ L 337
Regulation on transparency of securities financing
transactions and of reuse.
Enters into force on the twentieth day following
that of its publication.
Without prejudice to the exceptions provided
for therein, applies from 12 January 2016.
29 December
Notice of Banco de Portugal No 4/2015
of 14 December 2015, Official Gazette
No 253, Series II, Part E
Establishes, according to the current legal framework
set out in Articles 138-Q and 138-R of the Legal
Framework of Credit Institutions and Financial
Companies, approved by Decree-Law No 298/92
of 31 December 1992, the items to be disclosed
by Banco de Portugal regarding the identification
of other systemically important institutions (O-SII),
the capital buffer applicable to each of these institutions
and the reporting frequency of that disclosure.
Enters into force on the day following that of its
publication.
30 December
Notice of Banco de Portugal No 5/2015
of 7 December 2015, Official Gazette
No 254, Series II, supplement, Part E
Requires that all entities subject to Banco de
Portugal supervision shall prepare their financial
statements on an individual and consolidated
basis, where applicable, in conformity with the
international accounting standards, and establishes
transitional provisions to be in force up to 31
December 2016 for those situations that are
not subject to the procedure laid down in
Regulation (EC) No 1606/2002 of the European
Parliament and of the Council of 19 July 2002
Enters into force on the day following that of its
publication, with effect as of 1 January 2016.
Regulatory Rule of the Insurance and
Pension Funds Supervisory Authority
No 6/2015-R of 17 December, Official
Gazette No 254, Series II, Part E
Establishes the criteria and procedures for
approval or authorisation by the Insurance and
Pension Funds Supervisory Authority of a set of
items and parameters integrating the solvency
system of the entities subject to its supervision.
Enters into force on the day immediately following
that of its publication.
Decision (EU) 2015/2464 of the European
Central Bank of 16 December 2015
(ECB/2015/48), OJ L 344
Amends Decision (EU) 2015/774 of the European
Central Bank of 4 March on a secondary markets
public sector asset purchase programme (ECB/2015/10).
Enters into force on 1 January 2016.
Recommendation of the European
Central Bank of 17 December
(ECB/2015/49) (2015/C 438/01), OJ C 438
Recommendation of the European Central Bank
on dividend distribution policies.
This Recommendation is addressed to significant
supervised entities and significant supervised
groups as defined in Article 2 (16) and (22) of
Regulation (EU) No 468/2014 (ECB/2014/17).
31 December
Commission Implementing Regulation
(EU) 2015/2450 of 2 December 2015, OJ L 347
Lays down implementing technical standards
with regard to the templates for the submission
of information to the supervisory authorities, in
accordance with Directive 2009/138/EC of the
European Parliament and of the Council.
July 2015 to May 2016
Commission Implementing Regulation
(EU) 2015/2451 of 2 December 2015, OJ L 347
Commission Implementing Regulation
(EU) 2015/2452 of 2 December 2015, OJ L 347
Lays down implementing technical standards
with regard to the templates and structure of
the disclosure of specific information by supervisory
Lays down implementing technical standards
with regard to the procedures, formats and
templates of the solvency and financial condition
authorities, in accordance with Directive 2009/138/EC
of the European Parliament and of the Council.
reports, in accordance with Directive 2009/138/EC
of the European Parliament and of the Council.
2016
January
6 January
Notice from the European Commission
(2016/C 2/01), OJ C 2
Interest rate applied by the European Central
Bank to its main refinancing operations as of
1 January 2016: 0.05 % – Euro exchange rates.
15 January
Instruction of Banco de Portugal
No 18/2015, Official Bulletin No 1
Defines the regulatory framework concerning
the implementation of financing and capital plans.
Instruction of Banco de Portugal
No 19/2015 of 29 December 2015,
Official Bulletin No 1
Instruction of Banco de Portugal No 21/2015
of 29 December 2015, Official Bulletin No 1
Sets at 0.0001% the base contributory rate for
the establishment of the rate of each institution,
as well as the member institutions’ minimum
contribution to the Mutual Agricultural Credit
Guarantee Fund (€ 80,000.00) in 2016. Instructs
member credit institutions not to replace their annual
contribution with irrevocable payment commitments.
Instruction of Banco de Portugal
No 1/2016, Official Bulletin No 1
Amends Instruction No 3/2015 published in
the Official Bulletin No 5 of 15 May 2015, which
lays down standard rules for implementation of
the single monetary policy by the Eurosystem.
Sets at 0.02 % the base contributory rate for
the establishment of periodical contributions
to the Resolution Fund in 2016.
19 January
Instruction of Banco de Portugal
No 20/2015 of 29 December 2015,
Official Bulletin No 1
Authorises the granting of a personal State guarantee
Sets at 0.0014 % the base contributory rate for
the establishment of the rate of each member
institution to the Mutual Agricultural Credit Guarantee
Fund in 2016, and at 50 % the share of eligibility
of subordinated loans of mutual agricultural credit
banks that are financially supported by the Fund.
Decision No 866/2016 of 31 December
2015, Ministry of Finance, Official
Gazette No 12, Series II, Part C
to the Mutual Counterguarantee Fund (Fundo
de Contragarantia Mútuo), to the overall amount
of € 126,309,942 to ensure counterguarantees
provided by the State, under credit lines with mutual
guarantee on behalf of Portuguese enterprises,
notably the SME Growth Credit Line (Linha de Crédito
PME Crescimento) 2015, the Business Revitalisation
Help Line (Linha de Apoio à Revitalização Empresarial),
the Credit Line for Enterprises with an Internationalisation
Process in Angola (Linha de Crédito para Empresas
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BANCO DE PORTUGAL • Chronology of relevant financial policy measures
com Processo de Internacionalização em Angola),
and the Capitalisation Line – Mezzanine Financing
of statutory auditors, statutory auditor firms,
auditors, and auditing firms of Member States
IFD 2015 and IFD Lines (FD&G).
with the Portuguese Securities Market Commission
(CMVM). It also regulates a number of aspects
of the exercise of audit activity, of information
21 January
Guideline (EU) 2016/64 of the European
Central Bank of 18 November 2015
(ECB/2015/34), OJ L 14
Amends Guideline (EU) 2015/510 on the implementation
of the Eurosystem monetary policy framework
(General Documentation Guideline).
Takes effect on the day of its notification to the
NCBs.
reporting to the CMVM and a few aspects of
the CMVM’s audit supervision.
Enters into force on the day following that of its
publication.
28 January
Commission Implementing Regulation
(EU) 2016/100 of 16 October 2015, OJ L 21
Lays down implementing technical standards
Guideline (EU) 2016/65 of the European
Central Bank of 18 November 2015
(ECB/2015/35), OJ L 14
Guideline on the valuation haircuts applied in the
implementation of the Eurosystem monetary
policy framework.
Takes effect on the day of its notification to the
national central banks of the Member States
whose currency is the euro. The national central
banks of the Member States whose currency is
the euro will take the necessary measures to
comply with this Guideline and apply them from
25 January 2016.
26 January
CMVM (Portuguese Securities Market
Commission) Regulation No 4/2015 of 18
December 2015, Official Gazette No 17,
Series II, Part E
Regulates, implementing the Legal Framework of
Audit Supervision (RJSA in Portuguese) approved by
Law No 148/2015 of 9 September, the registration
specifying the joint decision process with regard
to the application for certain prudential permissions
pursuant to Regulation (EU) No 575/2013 of
the European Parliament and of the Council.
Enters into force on the twentieth day following
that of its publication.
Commission Delegated Regulation
(EU) 2016/101 of 26 October 2015, OJ L 21
Supplements Regulation (EU) No 575/2013 of
the European Parliament and of the Council
with regard to regulatory technical standards
for prudent valuation under Article 105(14). In
accordance with this Regulation, institutions shall
calculate the total additional valuation adjustments
(‘AVAs’) necessary to adjust the fair values to the
prudent value and shall calculate those AVAs quarterly.
Enters into force on the twentieth day following
that of its publication. Corrected in accordance
with the terms of the Corrigendum published
in OJ L 28, 4.2.2016.
July 2015 to May 2016
February
2 February
Directive (EU) 2016/97 of the European
Parliament and of the Council of 20
January, OJ L 26
Directive on insurance distribution (recast).
Member States will bring into force the laws,
regulations and administrative provisions necessary
to comply with this Directive by 23 February 2018.
Enters into force on the twentieth day following
that of its publication.
3 February
Notice from the European Commission
(2016/C 40/02), OJ C 40
Interest rate applied by the European Central
Bank to its main refinancing operations: 0.05 %
on 1 February 2016 – Euro exchange rates.
4 February
Circular Letter of Banco de Portugal
No 6/2016/DES
Requests that credit institutions provide information
on the collateral and income of borrowers in
connection with housing and related loan
agreements in force on 31 December 2015.
5 February
Circular-Letter of Banco de Portugal
No 7/2016/DES
reporting with reference dates from 1 January
until 30 March 2016 in accordance with Directive
2009/138/EC of the European Parliament and
of the Council (Solvency II) of 25 November.
Enters into force on the day following that of its
publication in the Official Journal of the European
Union and applies from 1 January 2016.
16 February
Commission Implementing Regulation
(EU) 2016/200 of 16 February 2016, OJ L 39
Lays down implementing technical standards with
regard to disclosure of the leverage ratio for
institutions, according to Regulation (EU) No 575/2013
of the European Parliament and of the Council of 26 June.
Enters into force on the day following that of its
publication in the Official Journal of the European Union.
18 February
Commission Implementing Decision (EU)
2016/230 of 17 February 2016, OJ L 41
Amends Implementing Decision 2014/908/EU of
12 December 2014 as regards the lists of third
countries and territories whose supervisory and
regulatory requirements are considered equivalent
for the purposes of the treatment of exposures
according to Regulation (EU) No 575/2013 of the
European Parliament and of the Council of 26 June 2013.
Enters into force on the twentieth day following
that of its publication in the Official Journal of
the European Union.
Releases the reporting templates of the Financing
and Capital Plans, the description of the macroeconomic
and financial scenario, and other guidelines necessary
for the exercise and information reporting, in compliance
with paragraph 9 of Instruction No 18/2015.
26 February
European Parliament resolution of 3 July
2013 (2013/2021/INI) (2016/C 75/11), OJ C 75
European Parliament Resolution on reforming
9 February
Commission Implementing Regulation
(EU) 2016/165 of 5 February 2016, OJ L 32
Lays down technical information for the calculation
of technical provisions and basic own funds for
the structure of the EU banking sector.
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March
2 March
12 March
Notice from the European Commission
(2016/C 80/2), OJ C 80
Recommendation of the European
Systemic Risk Board (ESRB/2015/1)
(2016/C 97/01), OJ C 97
Interest rate applied by the European Central
Bank to its main refinancing operations as of
1 March 2016: 0.05 % – Euro exchange rates.
4 March
Commission Delegated Regulation (EU)
2016/301 of 30 November 2015, OJ L 58
Supplements Directive 2003/71/EC of the
European Parliament and of the Council with
regard to regulatory technical standards for
approval and publication of the prospectus and
dissemination of advertisements and amending
Commission Regulation (EC) No 809/2004.
Enters into force on the twentieth day following
Recommendation on recognising and setting
countercyclical buffer rates for exposures to third countries.
Recommendation of the European
Systemic Risk Board (ESRB/2015/2)
(2016/C 97/02), OJ C 97
Recommendation on the assessment of crossborder effects of and voluntary reciprocity for
macroprudential policy measures.
Decision of the European Systemic Risk
Board (ESRB/2015/3) (2016/C 97/11), OJ C 97
that of its publication.
Decision on the assessment of materiality of
third countries for the Union’s banking system
5 March
in relation to the recognition and setting of
countercyclical buffer rates.
Enters into force on 1 January 2016.
Commission Implementing Regulation
(EU) 2016/313 of 1 March 2016, OJ L 60
Amends Implementing Regulation (EU) No 680/2014
of 16 April 2014 with regard to additional monitoring
metrics for liquidity reporting.
Enters into force on the twentieth day following
that of its publication.
10 March
Commission Implementing Regulation
(EU) 2016/322 of 10 February 2016, OJ L 64
Amends Implementing Regulation (EU) No 680/2014
of 16 April 2016, laying down implementing technical
standards with regard to supervisory reporting
of institutions of the liquidity coverage requirement.
Enters into force on the twentieth day following
that of its publication and applies from 10
September 2016.
Decision of the European Systemic Risk
Board (ESRB/2015/4) (2016/C 97/12), OJ C 97
Decision on a coordination framework for the
notification of national macroprudential policy
measures by relevant authorities, the issuing of
opinions and recommendations by the ESRB.
Enters into force on 1 January 2016.
18 March
Notice of Banco de Portugal No 1/2016
of 7 March 2016, Official Gazette No 55,
Series II, Part E
Establishes the regulatory framework for
exposures to the real estate market and adjusts it
to the prudential framework in force. Reporting of
information laid down in Article 3 on exposures
relating to 2015 shall be made by 15 April 2016.
Enters into force on the day following that of its
publication.
July 2015 to May 2016
21 March
Instruction of Banco de Portugal
No 3/2016 of 17 March 2016, Official
Bulletin No 3/2016 S
Sets for the second quarter of 2016 the
maximum rates to be applied in consumer
credit agreements, under Decree-Law No 133/2009
of 2 June 2009.
Instruction of Banco de Portugal
No 4/2016, Official Bulletin No 3/2016 S
Approves the reporting templates set out in
Article 3(2) and the template for extension
requests set out in Article 6(1) of Notice of
Banco de Portugal No 1/2016 of 18 March
2016, which adjusted the regulatory framework
for real estate risk.
24 March
Commission Delegated Regulation
(EU) 2016/438 of 17 December 2015, OJ L 78
Supplements Directive 2009/65/EC of the
European Parliament and of the Council with
regard to obligations of depositaries.
Enters into force on the twentieth day following
that of its publication and applies from 13
October 2016.
Regulation (EU) 2016/445 of the
European Central Bank of 14 March
2016 (ECB/2016/4), OJ L 78
Regulation on the exercise of options and
discretions available in Union law. Specifies
certain of the options and discretions conferred
on competent authorities under Union law
concerning prudential requirements for credit
institutions that the ECB is exercising. It shall
apply exclusively with regard to those credit
institutions classified as significant.
Enters into force on 1 October 2016. Article 4
applies from 31 December 2016 and Article 13
from 1 January 2019.
Executive Order No 74-B/2016 of 23
March 2016, Ministry of Finance, Official
Gazette No 59, Series II, supplement,
Part C
Establishes the fees due to the Insurance and
Pension Funds Supervisory Authority by insurance
undertakings, pension managers, insurance
and reinsurance intermediaries and entities
providing training on insurance.
Enters into force on the day following that of its
publication.
Executive Order No 74-C/2016 of 23
March 2016, Ministry of Finance, Official
Gazette No 59, Series II, supplement,
Part C
Establishes the fees due to the Portuguese
Securities Market Commission for providing
services for the supervision of audit activities
on an ongoing basis.
Enters into force on the date of its publication,
with effect from 1 January 2016.
30 March
Law No 7-A/2016, Official Gazette No 62,
Series I, supplement
Approves the State Budget for 2016. Enshrines
a number of provisions, many of a tax nature,
and several amendments to related legislation.
Suspends the regime updating the IAS (Social
Support Index) and creates an extraordinary
measure to support the long-term unemployed.
Provides for an initiative to strengthen financial
stability and the investments funded by the
European Investment Bank. Lays down an
enabling act for access to and exchange of
financial information.
Enters into force on the day following that of its
publication.
Decision (EU) 2016/457 of the European
Central Bank of 16 March 2016
(ECB/2016/5), OJ L 79
Decision on the eligibility of marketable debt
instruments issued or fully guaranteed by the
Republic of Cyprus.
Enters into force on 1 April 2016.
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BANCO DE PORTUGAL • Chronology of relevant financial policy measures
Commission Implementing Regulation
(EU) 2016/428 of 23 March 2016, OJ L 83
Amends Implementing Regulation (EU) No 680/2014
of 16 April 2014, laying down implementing
technical standards with regard to supervisory
reporting of institutions as regards the reporting
of the Leverage Ratio.
Enters into force on the twentieth day following
that of its publication and applies from the first
reporting reference date 6 months from the
date of its publication.
April
1 April
Notice of Banco de Portugal No 2/2016
of 21 March 2016, Official Gazette No 64,
Series II, Part E
Regulates the quarterly reporting of financial
information on an individual basis for supervisory
and statistical purposes and for the analysis of
macroprudential risks.
Enters into force on the day following that of its
publication.
Commission Delegated Regulation
(EU) 2016/450 of 30 September 2015,
OJ L 85
Amends Commission Delegated Regulation (EU)
2015/35 of 10 October 2014, published in OJ L 12
of 17 January 2015, concerning the calculation of
regulatory capital requirements for several
categories of assets held by insurance and
reinsurance undertakings.
Enters into force on the day following that of its
publication.
2 April
Notice from the European Commission
(2016/C 117/03), OJ C 117
Interest rate applied by the European Central
Bank to its main refinancing operations as of 1
April 2016: 0.00 % – Euro exchange rates.
third countries public bodies and central banks, the
indicators of market manipulation, the disclosure
thresholds, the competent authority for notifications
of delays, the permission for trading during closed
periods and types of notifiable managers' transactions.
Enters into force on the twentieth day following
that of its publication and applies from 3 July 2016.
15 April
Circular Letter of Banco de Portugal
No 4/2016/DMR
Updates the description of the most significant
operational changes resulting from the entry
into operation of the Collateral Management
System (COLMS) of Banco de Portugal.
Guideline (EU) 2016/579 of the European
Central Bank of 16 March 2016
(ECB/2016/6), OJ L 99
Amends Guideline ECB/2012/27 of 5 December
2012 on a Trans-European Automated Real-time
Gross settlement Express Transfer system (TARGET2).
This Guideline takes effect on the day of its
notification to the national central banks of the
Member States whose currency is the euro.
The national central banks of the Member States
whose currency is the euro shall take the
necessary measures to comply with this Guideline
and apply them from 15 April 2016.
5 April
Instruction of Banco de Portugal
No 5/2016, Official Bulletin No 4
Commission Delegated Regulation
(EU) 2016/522 of 17 December 2015, OJ L 88
Regulates the participation in BPnet, including
the access to this infrastructure and the subscription
Supplements Regulation (EU) No 596/2014 of the
European Parliament and of the Council, of 16
April 2014, as regards an exemption for certain
and provision of services.
July 2015 to May 2016
Instruction of Banco de Portugal
No 6/2016, Official Bulletin No 4
Amends Instruction of Banco de Portugal No 54/2012 of
15 January 2013, which regulated the TARGET2-PT system.
19 April
Commission Delegated Regulation (EU)
2016/592 of 1 March 2016, OJ L 103
Supplements Regulation (EU) No 648/2012 of
the European Parliament and of the Council
with regard to regulatory technical standards
on the clearing obligation.
Enters into force on the twentieth day following
that of its publication.
20 April
Decree-Law No 20/2016 of 20 April 2016,
Ministry of Finance, Official Gazette No 77,
Series I
Amends the Legal Framework of Credit Institutions
and Financial Companies, granting to the shareholders
of the credit institutions the possibility to periodically
re-evaluate the justification of statutory limits
on detention and exercise of voting rights. The
general meetings of credit institutions, with the
exception of mutual agricultural credit banks
and savings banks, whose statutes as at the date of
entry into force of this decree-law establish limits
on the detention and exercise of voting rights
by shareholders, shall be held until 31 December 2016.
Enters into force on 1 July 2016.
21 April
Recommendation of the European
Systemic Risk Board of 21 March 2016
(ESRB/2016/2), OJ C 140
Amends Recommendation ESRB/2012/2 on
funding of credit institutions.
28 April
Decision (EU) 2016/661 of the European
Central Bank of 15 April 2016
(ECB/2016/7), OJ L 114
Decision on the total amount of annual supervisory
fees for 2016.
Enters into force on the day following that of its publication.
29 April
Recommendation of the European
Systemic Risk Board of 24 March 2016
(ESRB/2016/3) (2016/C 153/01), OJ C 153
Amends Recommendation ESRB/2015/2 on the
assessment of cross-border effects of and voluntary
reciprocity for macroprudential policy measures.
May
4 May
Notice from the European Commission
(2016/C 160/01), OJ C 160
Interest rate applied by the European Central
Bank to its main refinancing operations: 0.00 %
on 1 May 2016 – Euro exchange rates.
10 May
Notice of Banco de Portugal No 3/2016
of 29 April 2016, Official Gazette No 90,
Series II, Part E
Regulates the disclosure of the national
measures adopted by Banco de Portugal, as the
macroprudential authority, within the scope of
a decision regarding voluntary reciprocation for
macroprudential measures implemented by the
national competent authorities or by appointed
authorities of other Member States with the
purpose of eliminating or reducing systemic risks.
Enters into force on the day following that of its publication.
11 May
Decision (EU) 2016/702 of the European
Central Bank of 18 April 2016
(ECB/2016/8), OJ L 121
Amends Decision (EU) 2015/774 on a secondary
markets public sector asset purchase programme.
Enters into force on 19 April 2016 and applies
from 19 April 2016.
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12 May
Notice of Banco de Portugal No 4/2016
of 2 May 2016, Official Gazette No 92,
Series II, Part E
Sets out the prudential regime governing
affiliated savings banks (caixas económicas
anexas), with the purpose of ensuring that these
entities are subject to appropriate prudential
requirements regarding the coverage of material
risks, taking into account the nature, scale and
complexity of the activities they are legally
authorised to carry out.
Enters into force on 30 June 2016.
Notice of Banco de Portugal No 5/2016
of 2 May 2016, Official Gazette No 92,
Series II, Part E
Revokes Notices of Banco de Portugal Nos
5/2007, 7/2007, 8/2007, 9/2007 and 10/2007
all of 27 April 2007, as the matters regulated by
these Notices are now subject to the provisions
of Regulation (EU) 575/2013 of the European
Parliament and of the Council of 26 June 2013.
These provisions are directly applicable in all
EU Member States from 1 January 2014 to
credit institutions, with the exception of some
savings banks, and investment firms.
Enters into force on 30 June 2016.
13 May
Commission Delegated Regulation (EU)
2016/709 of 26 January 2016, OJ L 125
Supplements Regulation (EU) No 575/2013 of
the European Parliament and of the Council of
26 June 2013 with regard to regulatory technical
standards specifying the conditions for the
application of the derogations concerning currencies
with constraints on the availability of liquid assets.
Enters into force on the twentieth day following
that of its publication.