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Legal alert no. 26

Extends the obligation of registry of the banks’ shareholders to the identification of the beneficial owners of the entities who participate in the share capital”

On May 3rd, 2017, it was published, in the Portuguese Official Gazette, Law n. 16/2017 which extends the obligation of registry with the Bank of Portugal of the banks’ shareholders to the identification of the beneficial owners of the entities who participate in the share capital, thus amending for the forty-second time the General Regime of Credit Institutions and Financial Companies (“RGICSF”).

Therefore, the subparagraph g) of article 66 of RGICSF has been amended in order to include the beneficial owners of the shareholders of qualified holdings.

The present Law also foresees a transitional regime, establishing that the credit institutions must, within 90 days, register the effective beneficiaries regarding qualified holdings already registered.

This amendment to RGICSF enters into force on May 4th, 2017.

To access the full version of Law n. 16/2017, of May, 3rd, please click on the following hyperlink:

https://dre.pt/web/guest/home/-/dre/106960759/details/maximized

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