Legislation and regulations
Cards
Regulation (EC) No 2560/2001 of the European Parliament and of the Council of 19 December 2001 - This Regulation lays down rules on cross-border payments in euro. It shall apply to such payments up to EUR 50,000 within the Community. It shall not apply to cross-border payments made between institutions for their own account.
Decree-Law No 166/95 of 15 July 1995 – Approves the legal system governing the issue and management of credit cards.
Notice No 10/2008 of 22 December – Defines the information and transparency obligations of credit institutions and financial companies in the presentation to the public of financial products and services, in particular with regard to advertising campaigns. This Notice also establishes the minimum size of characters to be used in all types of financial products and services advertising.
Notice No 11/2005 of 21 July - Regulates the general conditions governing the opening of deposit accounts. Revokes Instruction of Banco de Portugal No 48/96, published in BNBP 1 of 17 June 1996. This Notice shall enter into force on the 90th day following its publication.
Notice No 11/2001 of 20 November – Defines credit and debit cards, as well as the conditions of use of these payment instruments. Revokes Notice 4/95 of 28 July and Instruction of Banco de Portugal No 47/96 of 17 June.
Cheques
Decree-law No 18/2007 of 22 January - Establishes the value date of any credit and debit entries in deposit demand accounts and transfers in euro, and the respective effect on the date on which funds become available for the beneficiary.
Decree-law No 454/91 of 28 December – Establishes rules governing the use of cheques.
Decree-law No 23.721 of 29 March – Approves, for ratification, several conventions and protocols signed in Geneva on 7 June 1930 and 19 March 1931.
Notice No 3/2007 of 12 February – With a view to the standardisation of procedures leading to compliance with the provisions laid down in Decree-Law No 18/2007 of 22 January, provides clarification on banking operations outside the scope of this Decree-Law and lays down the treatment to be given to funds delivered for deposit without the immediate certification of deposited amounts.
Instruction of Banco de Portugal No 3/2009 of 16 February - Regulates the Interbank Clearing System (Portuguese acronym: SICOI), which comprises the following sub-systems: cheques, bills of exchange, direct debits, Interbank Electronic Transfers and transactions via ATMs.
Instruction of Banco de Portugal No 26/2003 of 15 October – Standardises the cheque document, by defining the technical features to be complied with by all types of cheques submitted to clearing in Portugal. Revokes Instruction of Banco de Portugal No 9/98 published in BNBP 5 of 15 May 1998.
Direct debit
Notice No 10/2005 of 24 June - Introduces changes in the legal framework applicable to collection through bank account debit provided for in Notices No 1/2002 of 13 March on the direct debit system and No 10/2003 of 17 September on other types of collection though bank account debit.
Notice No 10/2003 of 17 September - Defines the regulatory framework applicable to collection through bank account debit. Standardizes the process of electronic collection and clarifies the rights and duties of the parties involved.
Notice No 1/2002 of 13 March - Redefines the Direct Debit System. Obliges creditors to inform debtors of the elements identifying debit orders they introduce in the system and to cancel the orders when the contract originating them is terminated or revoked. In addition, creditors shall supply to credit institutions the authorizations processed by them. In relation to debtors, this Notice ensures that the authorisations held by creditors are checked, and that the total amounts charged under non-existent or irregular authorisations are duly credited. Revokes Notice No 3/2000, published in the Official Gazette, Series I, No 193, of 22 August 2000.
Prohibition of the use of cheques
Law No 67/98 of 6 October - Transposes into national legislation Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of individuals with regard to the processing of personal data and on the free movement of such data.
Law No 5/98 of 31 January – Introduces changes in the Organic Law of Banco de Portugal with a view to its integration into the European System of Central Banks.
Decree-law No 83/2003 of 24 April – In the use of the legislative powers granted by Law No 25/2002 of 2 November, introduces changes in Decree-Law No 454/91 of 28 December, granting access to all credit institutions to the data disclosed by Banco de Portugal related to cheque defaulters.
Decree-law No 316/97 of 19 November – Re-publishes in full, rewording Articles 1 to 3 and 5 to 14, and adding Articles 1-A, 11-A and 13-A, Decree-Law No 454/91 of 28 December which approves the legal framework governing the cheque without provision.
Decree-law No 454/91 of 28 December - Establishes rules governing the use of cheques.
Decree-law No 23.721 of 29 March - Approves, for ratification, a number of conventions and protocols signed in Geneva on 7 June 1930 and 19 March 1931.
Notice No 3/2007 of 12 February – With a view to the standardisation of procedures leading to compliance with the provisions laid down in Decree-Law No 18/2007 of 22 January, provides clarification on banking operations outside the scope of this Decree-Law and lays down the treatment to be given to funds delivered for deposit without the immediate certification of deposited amounts.
Notice No 2/2007 of 8 February – Introduces changes in Notice of Banco de Portugal No 11/2005 of 21 July, relating to the general terms and conditions governing the opening of demand deposit accounts.
Notice No 7/2003 of 15 January – Amends Notice No 1/95, of 17 February, adding paragraph 4 - A on the establishment of value dates relating to debit and credit entries in demand deposit accounts.
Notice No 1741-C/98 of 29 January - Following the amendments to the legal framework governing uncovered cheques introduced by Decree-Law No 316/97 of 19 November, establishes a set of rules on the circulation of cheques which are more demanding in relation to the supply of cheque books, and requires that any entity that has been the object of a notice of termination of the cheque convention shall be included in the list of cheque defaulters.
Notice No 1/95 of 17 February - Stipulates that all credit institutions and financial companies shall display, in a well identified spot with open access and in clear and easily understandable language, permanently updated information on the general conditions for the carrying out of operations and inherent costs and charges as well as on the services currently provided. Revokes Notice No 7/92.
Instruction of Banco de Portugal No 1/98 of 4 February - Revokes Instruction of Banco de Portugal No 25/96, published in BNBP 1/96 of 17 June.
INTERBOLSA and SITEME
Decree-law No 22/99 of 28 January - Lays down several rules governing the registration and settlement of transferable securities of a monetary nature by Banco de Portugal.
SICOI
Decree-law No 381/77 of 9 September - Eliminates clearing houses and entrusts Banco de Portugal with the tasks formerly conferred on them.
Instruction of Banco de Portugal No 3/2009 of 16 February - Regulates the Interbank Clearing System (SICOI), which comprises the following sub-systems: cheques, bills of exchange, direct debits, Interbank Electronic Transfers and transactions via ATMs.
TARGET2
Instruction of Banco de Portugal No 35/2007 of 15 January - Creates the Intraday Credit Market.
Instruction of Banco de Portugal No 33/2007 of 15 January - Regulates the operation of the national component of Target 2.
Credit transfers
Regulation (EC) No 1781/2006 of the European Parliament and of the Council of 15 November 2006 - This Regulation lays down rules on information on the payer to accompany transfers of funds for the purposes of the prevention, investigation and detection of money laundering and terrorist financing.
Regulation (EC) No 2560/2001 of the European Parliament and of the Council of 19 December 2001 - This Regulation lays down rules on cross-border payments in euro. It shall apply to such payments up to EUR 50,000 within the Community. It shall not apply to cross-border payments made between institutions for their own account.
Decree-law No 125/2008 of 21 July - Lays down the national measures required for the implementation of Regulation (EC) No 1781/2006 of the European Parliament and of the Council of 15 November 2006 on information on the payer accompanying transfers of funds.
Decree-law No 18/2007 of 22 January - Establishes the value date of any credit and debit entries in deposit demand accounts and transfers in euro, and the respective effect on the date on which funds become available for the beneficiary.
Decree-law No 132/2003 of 28 June - Defines the sanctions to be applied in the event of non-compliance with the obligations imposed by Council Regulation (EC) No 2560/2001 of the European Parliament and of the Council of 19 December, which enshrines the principle of equal charges between euro denominated cross-border and domestic payments up to EUR 50,000.
Decree-law No 41/2000 of 17 March – Establishes the legal framework governing cross-border and national transfers in the currencies of the Member States of the European Economic Area and transposes into national legislation Directive 97/5/EC of the European Parliament and of the Council of 27 January 1997 on cross-border credit transfers.
Notice No 12/2007 of 25 May - Determines that credit institutions shall allow individuals making credit transfers through ATMs to see the name of the bank account owner or the bank account number prior to confirmation of such transfers.
Notice No 3/2007 of 12 February – With a view to the standardisation of procedures leading to compliance with the provisions laid down in Decree-Law No 18/2007 of 22 January, provides clarification on banking operations outside the scope of this Decree-Law and lays down the treatment to be given to funds delivered for deposit without the immediate certification of deposited amounts.