On 29 October, the Bank of Portugal launched a public consultation on the initial draft of the new Portuguese Banking Code (Código da Atividade Bancária or CAB).
The regulator has considered that the legal framework applicable to banking activity in Portugal needs to be reviewed and has therefore proposed replacing the existing General Framework of Credit Institutions and Financial Companies (RGICSF) with the new Banking Code.
The public consultation will be open until 4 December and interested parties may send their contributions via email to firstname.lastname@example.org, using the template made available by the Bank of Portugal for this purpose.
If you wish to contribute to this consultation, you may also contact us at the following email address VdA.CodigoAtivBancaria@VdA.pt. The team responsible for collecting responses to the public consultation is headed by the Banking & Finance partner Tiago Correia Moreira (email@example.com).
The draft CAB contains various new features, among which we would highlight:
Preventing illegal financial activity: densification of the framework for prevention of illicit financial activity.