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Related Pages
Suitability of key function holders
Institutions must ensure that all staff members are suitable for their positions.
It is the responsibility of supervised institutions to verify the good repute, professional qualification and experience, independence, and availability requirements of key function holders.
In particular, it is the responsibility of institutions to identify the key functions within the institution, i.e. the positions whose holders, while not belonging to the management or supervisory bodies, perform tasks with significant influence on the management of the institution. It is also the responsibility of institutions to approve the policy for selecting and assessing key function holders as regards the suitability requirements envisaged by law.
The following are considered key function holders:
persons with responsibility for risk management functions;
persons with responsibility for compliance functions;
persons with responsibility for internal audit functions;
persons with responsibility for monitoring compliance with the legal framework on the prevention of money laundering and terrorist financing laid down in Article 7 of Notice of the Banco de Portugal No 2/2018;
positions that may be defined as such by the institution;
positions that may be defined as such by the Banco de Portugal.
It is the responsibility of institutions to ensure an effective identification process of key function holders. Non-identification of key function holders in addition to those set out by law may pose a risk to the institution.
At any time, the Banco de Portugal may undertake a new suitability assessment of key function holders if it believes that their assessment by the credit institution was clearly insufficient or if justified by any supervenient circumstances.
In accordance with Article 18 of Notice of the Banco de Portugal No 3/2020, the heads of the following control functions in credit institutions classified as other systemically important institutions (O-SIIs) (in Portuguese only) are subject to authorisation by the Banco de Portugal or the European Central Bank (ECB) prior to the taking up of the post, under Article 138-Q of the Legal Framework of Credit Institutions and Financial Companies (Regime Geral das Instituições de Crédito e Sociedades Financeiras – RGICSF):
risk management functions;
compliance functions;
internal audit functions;
functions of monitoring compliance with the regulatory framework, as referred to in Article 7 of Notice of the Banco de Portugal No 2/2018, where these functions are separate from the compliance functions [1].
[1] As provided for in Article 14(2) of Notice of the Banco de Portugal No 3/2020.
In such cases, the corresponding application for authorisation must be submitted to the Banco de Portugal, to which the provisions of Articles 30-B, 30-C, 30-D and 31 of the RGICSF and of Instruction of the Banco de Portugal No 23/2018 apply, mutatis mutandis.
The authorisation process for the performance of functions to be initiated with the competent supervisory authority takes place prior to the taking-up of the post and is equivalent to the authorisation process for members of the management and supervisory bodies, to which the provisions of Instruction of the Banco de Portugal No 23/2018 apply.
The corresponding application for authorisation is submitted online via the electronic platform provided by the Banco de Portugal for this purpose, the reporting system for supervised entities (Sistema de Informação Relevante de Entidades Supervisionadas – SIRES) through “Titulares de Funções Essenciais” > “Autorização para o Exercício de Funções”) or via the ECB’s Information Management System (the IMAS portal) for institutions directly supervised by this authority, as set out in Instruction of the Banco de Portugal No 7/2021.
The authorisation process mentioned in the previous point does not apply to institutions not classified as O-SIIs. However, these institutions must communicate any replacement of a head of the internal control functions to the competent supervisory authority immediately following the decision by the management body, under the provisions of Article 17(4)(d) of Notice of the Banco de Portugal No 3/2020. This communication must be accompanied by the decision’s underlying reasoning.
The communication must be submitted online via SIRES through “Titulares de Funções Essenciais” > “Notificação de Substituição de Titular de Função Essencial de Controlo Interno”.
This communication procedure does not prevent the Banco de Portugal from undertaking a new suitability assessment of these persons or other key function holders at any time, under the provisions of Article 33-A(5) of the RGICSF.
The suitability requirements applicable to heads of internal control functions correspond to the requirements of suitability (set out in Article 30-D of the RGICSF), professional qualifications (laid down in Article 31 of the RGICSF), independence and availability (set out in Articles 31-A and 33 of the RGICSF) to which members of the management and supervisory bodies are subject, mutatis mutandis.
As part of any necessary adaptations in the framework, considering the existence of an employment relationship between these persons and the institution, the provisions of Article 31-A of the RGICSF apply in the assessment of the independence requirement. However, only the aspects of independence of mind and, where appropriate, organisational independence of the relevant function should be considered.
The same applies to the assessment of the availability requirement, to which Article 33 of the RGICSF applies; nevertheless, the heads of internal control functions are expected to perform their tasks on an exclusive basis.
In turn, the requirements of good repute and professional qualification apply to the heads of internal control functions under the same terms as to the members of the management and supervisory bodies, as provided for in Articles 30-D and 31 of the RGICSF.
For more information on the suitability requirements applicable to the heads of control functions, see the “Suitability of members of the management and supervisory bodies” webpage.
To contact the Banco de Portugal on the suitability assessment processes of members of the management and supervisory bodies and key function holders, institutions must send an email to [email protected].