Financial Institutions and Markets

Bank of Portugal (BoP) Notice no. 2/2021 was published, defining the regulatory framework applicable to the activity of payment institutions and electronic money institutions, defining the regime applicable to payment institutions and electronic money institutions:

• BdP Notices No. 1/2003, 10/2008, 8/2009 and 1/2019;
• BdP Notice No. 3/2020 is also applicable, with the necessary adaptations and some exceptions, to payment institutions and electronic money institutions, namely with regard to internal governance rules - areas of conduct and corporate culture, structure and internal supervision, control systems and risk management, reporting irregularities, among others applicable.

Payment institutions and e-money institutions should therefore adapt their internal governance procedures in accordance with Notice 3/2020 within 6 months of the entry into force of Notice 2/2021.

This Notice also repeals BdP Notices No. 10/2009 and 4/2014, and enters into force on 9 April 2021.