Applications for authorisation for the exercise of functions
Applications for authorisation for the exercise of functions of the members of the management and supervisory bodies must be submitted via the BPnet portal, the Banco de Portugal’s portal for operational communication with the financial system, using the following service for authorisation and registration requests: ‘Pedidos de Autorização e Registo’ (PAR).
The following must submit their applications for authorisation through Bpnet’s PAR service:
- Credit institutions;
- Investment firms and other financial companies;
- Payment institutions;
- Electronic money institutions;
- Branches of credit institutions authorised in third countries.
Authorised users may access the BPnet portal here.
For more information on BPnet, including on how to access the portal, see Instruction of the Banco de Portugal No 21/2020 (in Portuguese only).
For more information on Bpnet’s PAR service, see Instruction of the Banco de Portugal No 7/2016 (in Portuguese only).
Submission of applications for authorisation by significant institutions
Applications for authorisation for the exercise of functions of the members of the management and supervisory bodies and key function holders in significant institutions must be submitted:
- from 20 October, using the Information Management System (IMAS) of the European Central Bank and, simultaneously, the PAR service on the Bpnet Portal, for significant institutions that have joined this system’s testing phase;
- using the PAR service on the BPnet Portal, for the other significant institutions.
Use of IMAS by significant institutions to submit applications for authorisation for the exercise of functions is currently being tested by the ECB and only applies to institutions that have asked to participate in the testing phase.
IMAS will enable supervisory authorities and supervised entities to submit and exchange information under authorisation processes for the exercise of functions. After launch, information included in the form attached to Instruction No 23/2018 will be provided using an online form made available by the ECB. Statements referring to the candidate and the institution have been adapted and harmonised.
Given that IMAS only covers applications for authorisation for the exercise of functions of the members of the management and supervisory bodies, other processes or communications must continue to be submitted using the usual channels, namely Bpnet’s PAR service. For more information on the PAR service, see Instruction of the Banco de Portugal No 7/2016 (in Portuguese only).
The draft Instruction to introduce the IMAS Portal into the Portuguese legal system is currently under public consultation. For further information on and submission of comments to said draft Instruction, please visit the public consultation (only in Portuguese).