Mandatory publication of Bank of Portugal supervised entities’ accountability elements
21 February, 2019
Bank of Portugal has published the Regulation 1/2019, which aims to establish the accountability elements that the supervised entities must publish on their websites. The financial statements of the entities supervised by Bank of Portugal must be prepared in accordance with the International Accounting Standards/International Financial Reporting Standards (IAS/IFRS), pursuant to Regulation (EC) 1606/2002 and by Regulation 5/2015 of Bank of Portugal, both in the case of individual and consolidated accounts.
The rules resulting from this Regulation 1/2019 apply to credit institutions, investment firms and financial institutions established in Portugal, as well as to those that operate in Portugal through a branch or under the Community Passport regime.
The Regulation sets that entities must publish their accountability elements on their websites, within a maximum period of 30 days after its approval. In the case of entities that are considered institutions of systemic importance and credit institutions authorized to receive deposits, the financial statements and the income statement and other comprehensive income shall be published on its website no later than 60 days after the end of first and third quarters of the year and within a maximum period of 90 days after the end of the second quarter of the year. Institutions of systemic importance should also publish the statements of changes in equity, cash flow statements and their notes, comprising a summary of significant accounting policies and other explanatory information, within a maximum period of 90 days after the end of the second quarter of the year.
The publications on the websites must be made in Portuguese language and must remain available for consultation for a period of ten years. The entities must take measures so that the main search engines allow the access to the published elements based on a search through the accountability elements and the name of the concerned entity. Also, the websites should allow intuitive and easy access to those elements.
The accountability elements published on the websites shall also be sent to Bank of Portugal through the BPNet platform, within the deadlines established in the Regulation 1/2019.
The Regulation 1/2019 applies to the accountability elements relating to financial years starting from 01 January 2019, and it repeals the Regulations 6/2003 and 12/91 and the Instruction 19/2006 of Bank of Portugal.
Nuno Nogueira Pinto