BPnet Service Regulation – Inspection Activities of Bank of Portugal05 March, 2021
On 22 February, Circular Letter 06/2021 of Bank of Portugal, that establishes the implementation of the BPnet service in electronic communications when it comes to behavioral inspection activities, was published.
This Circular Letter promotes the celerity, efficiency, and security of communications with supervised institutions in behavioral inspection activities through the use of the BPnet service.
We therefore highlight some of the BoP´s recommendations on this matter:
- Bank of Portugal supervised institutions should subscribe the “Behavioral Inspection / Correspondence” service provided in the Behavioral Supervision Area of BPnet;
- Institutions must ensure that the designated subject for each behavioral inspection is a user of the BPnet service;
- From 1 April 2021, all communications between BoP and the supervised institutions within a behavioral inspection, will be conducted through the BPnet service;
- The institutions must reply to a previous communication from BoP, without amending the “Subject” indicated in the previous communication, which is formed by the process and institution codes, followed by the relevant subject.