The Secretary of State, João Nuno Mendes, said this Thursday that the Government is analyzing the new Banking Activity Code, since the results of the public consultation were not unanimous.
The Banking Activity Code (CAB) is being analyzed by the Government and we are analyzing the results of the public consultation, because it did not reveal unanimity”, said the Secretary of State, in parliament, during the discussion of the transposition of two laws community. directives relating to access to banking activity and prudential supervision and the recovery and resolution of entities and companies.
The governor stressed that “the CAB is of great importance” and that the Government anticipated the transposition of the two directives, included in the new CAB, “to meet the schedules”.
In April of last year, the Bank of Portugal (BdP) published the public consultation report on the CAB project, with which it intends to add several currently scattered special regimes and transpose European directives.
After this public consultation, the BdP sent to the Ministry of Finance a revised version of the CAB project, proposing the replacement of the General Regime for Credit Institutions and Financial Companies with a new code.
According to the BoP, the proposal systematizes and updates “the regulatory framework in the ‘light’ of the challenges facing the national banking systemthe European institutional framework, the supervisory experience accumulated, as well as the concerns raised and the recommendations issued by the parliamentary investigation commissions carried out in recent years”.
The draft also proposes the aggregation in a single text of the different scattered special regimes, as well as the transposition of the community directives related to the “Banking Package” and part of the directive on investment companies.
Among the measures included in the revised version of the CAB draft is the clarification of the regime applicable to the conversion of bank savings banks into banks, introducing a new provision in the Legal Regime of Savings Banks.
The diploma project deals with matters related to the electronic processing of administrative procedures and administrative infractions, or, as regards qualified participants, the determination of the sale of qualified shares or the suspension of the exercise of social rights.
Regarding the suitability of the members of the management and control bodies, the report indicates that, after the contributions received through the public consultation, the BoP “revised the draft CAB to provide a simplified regime for the re-election of the members of the management and control bodies”.
This regime, adds the document, simplifies the information to be provided to the Banco de Portugal and “allows the suitability assessment, in this context, to focus on the aspects where the risks are most relevant, so that the supervisor can assess whether exist is everything that prevents the continuity of functions in the new mandate or the exercise of new functions for which they are proposed”.
In the event that a member of the management or control body of a supervised entity ceases to meet the legal suitability requirements, “the supervisor may dismiss the member in question under the regime provided for in the bill”.
In the context of macroprudential supervision, the CAB draft modifies the provisions of the RGICSF, taking into account the need to clarify the ways in which the Banco de Portugal can intervene as a macroprudential authority, and clarifies “fully the scope of its action in this scope”, delimiting it to the range of entities that operate in the banking sector and that are under its supervisory responsibility”.
The CAB draft was under public consultation between October 29, 2020 and January 15, 2021.
Source: Observadora
