Banco de Portugal says investment firms must submit reports before 1 February
Banco Portugal said this Monday that investment companies must continue to submit a February report prior to February 1, regarding the new regime that enters into force this Tuesday.
This Tuesday, the new Investment Companies Regime comes into force, so that the The supervision of investment companies will remain with the Portuguese Securities Market Commission (CMVM). This is because it is for financial markets regulator the prudential supervision of these companies there is currently no Bank of Portugal (BdP).
In a statement released this Monday, Banco de Portugal informs that, however, “all reporting obligations are pre-February 1 reference data whose obligations have yet to be submitted and submitted to Banco de Portugal, even if the reporting period only ends after these data”.
As of February 1, 2022, adds the BdP, must be information relating to compliance with reporting duties is sent to the CMVM and in the prudential supervision number, authorization requests (prior or subsequent) registration requests.
The Bank of Portugal also says that it will transfer to VM the administrative procedures of February, in progress for the 1st therefore, from that date onwards, communications to instructions for these processes must be addressed to the financial markets regulator.
The new Investment Companies Regime (companies that provide investment services in financial instruments), which comes into force this Tuesday (1 February), focuses on The CMVM as supervisory functions related to these transfers to this prudential supervision, currently in the hands of Banco de Portugal.
The CMVM was already conducting behavioral management of investment companies.
The new regime was approved by the Council of Ministers and published in the Diário da República last December.
The solution for simplifying investment companies and solutions adapted from the most suitable edition, read the solution to simplifying investment companies and activities adapted from the most appropriate edition, read. of the law in the Diário da República.
According to the preamble to the law, the new regulatory framework for these companies harmonize Portuguese legislation with the law, reinforces Portugal’s attractiveness for operators in the sector and improves the supervision of these companies.
Therefore, the prudential supervision of investment firms is exempt from the prudential supervision of credit institutions, except in the circumstances provided for in European Union law, which correspond to investment companies or of a systemic nature.
According to the publication of the Diário da República, among the main changes brought about by the new regime is the “elimination of the current autonomous typologies of investment companies and the consequent consecration of a single”, simplifying the process, that “regulatory requirements become the scope of activities of the authority, which define the services and investment that an investment firm can exercise, and not of the entity typology, as is currently the case”.
Also according to the law, in the case of large investment or systemic companies, the prudential supervision at Banco de Portugal. However, according to the information collected by Lusa from the CMVM, there are no companies in Portugal of this size, so now for all the information for CMVM supervision.
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