This change is justified by the need to ensure adequate alignment with European legislation and regulation, to integrate the supervisory experience acquired with its publication, and to respond to the needs of the sector identified in the meantime.<\/p>\n
The most substantial changes include:<\/p>\n
i.<\/strong> The possibility of supervised entities adopting collaborative solutions for operational tasks within their internal control functions. This way, the outsourcing of functions can become of permanent nature, allowing institutions more leeway to efficiently manage risks and adapt to European regulatory requirements.<\/p>\n ii.<\/strong> The possibility of entities organizing themselves in such ways that risk management functions are split. However, one of them should keep an integrated surveillance of all risks to which the institution can be exposed to, being the responsible for such unit the highest authority regarding risk management.<\/p>\n iii.<\/strong> The possibility of combining risk management and compliance functions in deposit-taking institutions, provided certain conditions are met, in line with the EBA guidelines on internal governance, and considering the principle of proportionality. In particular, supervised entities will have to ensure that the combined risk management and compliance function complies with all applicable legal and regulatory requirements, in particular with regard to the material, technical and human resources necessary to carry out its functions.<\/p>\n iv.<\/strong> With regard to policies for the selection and appointment of statutory auditors or auditing firms of entities qualified to take deposits, it is now established that they must include procedures to ensure that the appointment of the statutory auditor or auditing firm is reported to the competent supervisory authority.<\/p>\n v. <\/strong>The clarification of the concept of \u201cdeficiencies\u201d, now encompassing situations of non-compliance, which is expected to simplify and standardize the way they are dealt with by supervised institutions.<\/p>\n vi.<\/strong> The adjustment of the reference and reporting dates for the self-assessment report on the adequacy and effectiveness of the organizational culture and the governance and internal control systems of the supervised institutions. With effect, the annual report will now be drawn up with reference to September 30 of each year, instead of November 30. In the cases provided for in Notice n.\u00ba 3\/2020 and Instruction n.\u00ba 18\/2020 – which sets out the obligations, frequency and method of reporting the matters defined by Notice n.\u00ba 3\/2020 – this report is submitted to the competent supervisory authority by November 15 of each year, instead of December 31 of each year, as was the case until now.<\/p>\n vii.<\/strong> With regard to financial groups, the reporting obligation has been simplified and only the group’s self-assessment report has to be sent to the competent supervisory authority. Individual self-assessment reports will only be reported if required by the competent supervisory authority.<\/p>\n viii.<\/strong> Finally, Articles 10 and 11 of Bank of Portugal Instruction n.\u00ba 28\/2007 are incorporated, which is repealed insofar as the other provisions are included in European legislation and regulations..<\/p>\n As can be noted, the changes implemented aim to optimize supervision of the financial sector, ensuring more effective adaptation to new regulatory requirements. On the other hand, they also aim to increase the flexibility and suitability of entities in relation to risk management needs and the growing complexity of the European regulatory environment.[\/vc_column_text][divider line_type=”No Line” custom_height=”0px” custom_height_tablet=”40px” custom_height_phone=”40px”][\/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” el_class=”no-print-pdf” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/12″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid” column_padding_type=”default” gradient_type=”default”][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":" [vc_row type=”full_width_content” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” top_padding=”5%” bottom_padding=”5%” left_padding_desktop=”2%” constrain_group_2=”yes” right_padding_desktop=”2%” left_padding_tablet=”5%” constrain_group_4=”yes” right_padding_tablet=”5%” left_padding_phone=”5%” constrain_group_6=”yes” right_padding_phone=”5%” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” id=”area-pdf” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none” gradient_type=”default”…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[58],"tags":[],"class_list":{"0":"post-2732","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-nota-informativa-en"},"yoast_head":"\n