Banco de Portugal says investment firms must submit reports before February 1st – Executive Digest
This Tuesday the new Investment Companies Regime comes into force, so that the supervision of investment companies will remain concentrated in the Securities Markets Commission (CMVM). This is because it is a prudential financial management for the financial markets regulator currently in the Bank of companies (BdP).
In a statement released today, Banco de Portugal informs that, however, “all as they are required to report after the reference data on February 1st must still be sent and sent to Banco de Portugal, even if the previous reporting period only ends then these data”.
As of February 1, 202, the BdP adds, a notice must be sent to the CMVM regarding compliance with the reporting duties in the prudential management regulation, authorization requests (prior subsequent or subsequent) and registration requests.
The Bank of Portugal, which will transfer to administrative procedures, says that, still referring to the February 01 course, from that instruction, from that instruction, the data, whatever the administrative procedures, are sent to the market regulator financial.
The new Regime for Companies (companies that provide investment services in financial instruments), which enters this Tuesday (1 February), focuses on the CMVM as supervisory functions in relation to these companies by transferring to this supervision policy, 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 of the law, the new regulatory framework for these companies harmonizes Portuguese legislation with European law, reinforces Portugal’s attractiveness for operators in this sector and improves their supervision.
Thus, the prudential supervision of investment firms is separate from the prudential supervision of credit institutions, except under the conditions laid down in European Union law, which correspond to large investment firms 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 typologies of investment companies and the consequent consecration of a single type”, simplifying the process since the “regulatory requirements pass from the scope of of the entity, which defines the services and investment activities that an exercise company can result in, and not of the typology of the entity, as is currently the case”.
Also according to the law, in the case of large investment companies or of a systemic nature, prudential supervision is maintained 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.