Public Consultation of Banco de Portugal

Banco de Portugal started a public consultation on 29 October on the new Banking Code (the “CAB“), which is to replace the Legal Framework of Credit Institutions and Financial Companies (“RGICSF”).

This amendment aims, among others, to transpose certain European directives into Portuguese law, and to reorganize the dispositions of the RGICSF and implement certain amendments to the regime, such as the concept of credit institution, having a single type of financial company, exchange offices and mutual guarantee companies not being considered as financial companies and an autonomous regime for investment companies.

Contributions shall be submitted by 4 December 2020, by email to regulacao@bportugal.pt.

Click HERE access the preliminary draft.

For more information, please contact us at mac@ccsllegal.com

[Photo: Etienne Martin, available at: unsplash.com]