Circular Letter from Banco de Portugal regarding the new orientations from European Banking Authority (EBA) related to subcontracting
SÉRVULO PUBLICATIONS 07 Nov 2019
The Circular Letter No. CC/2019/00000065 published on the last October 15th, which stated that credit institutions, investment companies, payment institutions and electronic money institutions are subject to the supervision of Banco de Portugal (“BdP”), under the terms of the General Regime for Credit Institutions and Financial Companies, must comply with the requirements of the “Subcontracting Directives” (EBA / GL / 2019/02).
The Document contains an extensive set of guidelines and recommendations related to the implementation of mechanisms and processes for the management of outsourced functions with the intention to harmonize the subcontracting practices of the entities.
Luisa Cabral Menezes, associate in the Finance and Governance department of SÉRVULO, presents the adaptations to the new legal requirements that the covered entities must fulfil from the May 31st, 2020.
Read the Portuguese version here.
