frequent questions
glossary
What is a basic bank account?
Access to the credit intermediary activity
List of authorised credit intermediaries
How to protect yourself from online fraud?
Do you know what the gross domestic product is? What about inflation? (only in Portuguese)
After authorisation, the credit intermediary must be registered by Banco de Portugal.
This registration is, as a rule, promoted by Banco de Portugal within 30 days of the notification of authorisation.
However, in the event that the interested party that intends to exercise the activity as a legal person is not incorporated as a commercial company when submitting the application for authorisation, it is up to the interested party to register with Banco de Portugal within six months of the date of notification of the authorisation.
Banco de Portugal shall, within 30 days of notification of the authorisation, carry out the initial registration:
Of the credit intermediary;
Of the members of the board of directors of credit intermediaries, in the case of a legal person;
Of the managers responsible for the activities of the intermediaries, where they have been appointed.
Interested parties that wish to develop the activity as a legal person and that were not incorporated as a commercial company when submitting the application for authorisation should:
Within a maximum period of six months after the authorisation obtained from Banco de Portugal, request their registration as credit intermediaries through an electronic form (only in Portuguese);
Promote the initial registration of the members of the respective board of directors and of the managers responsible for the activity, where they have been appointed, through an electronic form (only in Portuguese), within 30 days from the date of the appointment.
Before completing the application form, the interested party must:
Read carefully the information contained in the Bank Customer Website;
Scan all of the documents required for the submission of the application separately and legibly (in black and white or colour);
Have all the information necessary to complete the form;
Have the credentials of access to the website of the Ministry of Finance in their possession.
The application for registration must be accompanied by all the elements and documents (previously scanned) that were not previously sent to Banco de Portugal.
In particular, the interested party must attach the following documents to the application:
Updated articles of association;
Draft amendment of the articles of association, if applicable;
Civil liability insurance agreement subscribed by the interested party or, in the legally established situations, by the lender with whom the interested party intends to enter into a binding agreement, if applicable;
Draft binding agreement, if applicable.
Note: The application for authorisation must contain an indication of the access code to the permanent certificate of the commercial register with a period of validity of no less than six months.
Banco de Portugal may require other elements necessary for the registration of credit intermediaries.
In cases where the credit intermediary is responsible for promoting the registration with Banco de Portugal, the application must be accompanied by all the elements and documents that were not previously sent to Banco de Portugal.
Note: The application must contain an indication of the access code to the permanent certificate of the commercial register with a period of validity of no less than six months.
If the application for registration has any insufficiency or irregularity, Banco de Portugal shall notify the applicant of this fact, establishing a reasonable time for the insufficiency or irregularity to be corrected, failing which the registration will be refused.
The registration is deemed to have been made if Banco de Portugal says nothing to the contrary within 30 days from the date of receipt of the application for registration or, if additional information has been requested, within 30 days of receipt of such information.
Banco de Portugal refuses registration when:
It is clear that the fact to be recorded is not reflected in the documents submitted;
It realizes that the fact in the document is already registered or is not subject to registration;
Any legally required authorisation is missing;
The fact is declared null and void;
It realizes that one of the requirements for access to the credit intermediary activity has not been met.
The refusal of registration is substantiated and notified to the credit intermediary and, when it involves a tied credit intermediary on an exclusive basis, to the lender with whom it maintains a binding agreement.
Banco de Portugal refuses to register a member of the board of directors of a credit intermediary that takes on the nature of a legal person and a manager responsible for the activity of credit intermediary if:
The person appointed as a member of the board of directors or as a manager responsible for the activity of the credit intermediary does not meet the requirements of reputation, knowledge and skills required for the exercise of these duties;
The person appointed as a member of the board of directors or as a manager responsible for the activity of the credit intermediary carries out duties that are incompatible with the position.
The refusal of registration as a member of the board of directors of a credit intermediary or as a manager responsible for the activity of the credit intermediary is substantiated and notified:
To the natural person in question;
To the credit intermediary; and
To the lender with whom it maintains a binding agreement, in the case of a tied credit intermediary on an exclusive basis.
Whenever a change is made to the elements contained in the registration, the credit intermediary must, within 30 days of the date on which the facts occurred, request Banco de Portugal to change it, via an electronic form (only in Portuguese).
Requests for changes to the elements subject to registration must be accompanied by all the documents that demonstrate the fact to be recorded.
The registration shall be deemed to have been made if Banco de Portugal does not state anything to the contrary within 30 days of the date of receipt of the request duly prepared or, if it has requested additional information, within 30 days of receiving such information.
In the event of a change in relation to a member of the board of directors or of the manager responsible for the activity, if appointed, it is up to the credit intermediary to promote the registration of the new members and, if applicable, of the managers, within 30 days of the respective appointment, and must demonstrate compliance with the requirements of reputation, knowledge and competence and incompatibilities regarding these new members or managers.
The registration of the credit intermediary is cancelled when the authorisation of the credit intermediary expires or is cancelled.
The registration of the members of the board of directors of the credit intermediary, as well as the manger responsible for the credit intermediary activity, if appointed, is cancelled when:
The registration was obtained by means of false or inaccurate or unlawful statements;
There are any supervening events that affect the reputation, knowledge and skills, or exemption of the member of the board of directors of the credit intermediary or, where applicable, of the manager responsible for the credit intermediary activity.
Decree-Law No. 81-C/2017 (only in Portuguese)
Aviso do Banco de Portugal No. 6/2017 (only in Portuguese)
Instruction No. 16/2017 (only in Portuguese)
Credit intermediaries – what they are
Credit intermediaries – access to the activity