PORTUGAL Law and Practice Contributed by: Pedro Cassiano Santos, Francisca César Machado, Chen Chen and Natalia Fedorova, VdA
Governance and Internal Control Systems On 14 November 2024, Banco de Portugal opened a public consultation for a draft amend - ment to Notice No 3/2020, which regulates government and internal control systems and sets the minimum standards for the organisa - tional culture of entities under its supervision. Additionally, a draft amendment to Instruction No 18/2020 was also put forward, concerning reporting obligations related to conduct, organ - isational culture, and government and internal control systems.
on credit servicers and credit purchasers is yet to be implemented in Portugal. Banking Activity Code The draft of the new Portuguese Banking Activ - ity Code was released for public consultation by Banco de Portugal on 29 October 2020. Four years later, this legislation, intended to simplify and systematise the legal framework governing banking activities in Portugal (completely replac - ing the Legal Framework of Credit Institutions and Financial Companies), is yet to be approved. Banco de Portugal has urged the government to revisit this matter, but, as far as public knowl - edge is concerned, without success so far.
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