Timeline: 2011: AnaCredit project initiated by the ECB December 2015: First model of AnaCredit regulation 18 May 2016: Adoption of Regulation (EU) 2016/867 of the ECB on the collection of granular data on credit and credit risk; 30 June 2017: First possible date for AnaCredit’s request to the national central banks of each Member State […]
ATTRIBUTES AnaCredit foresees that the institutions report a set of attributes referring to three different groups: Attributes of debtors Attributes of creditors Attributes of the credit agreement REQUIREMENTS The most important requirement in AnaCredit for the obligation of disclosure to exist is a minimum value of € 25,000 of any instrument. With more than […]
Since 2014 the European Central Bank (ECB) has developed a set of supervisory measures within the Eurosystem and the European System of Central Banks (ESCB) – introducing the Single Supervisory Mechanism – with the aim of collecting data granular credit. On the basis of Council Regulation (EC) No 2533/98 of 23 November 1988, the ECB […]
Economic and financial globalization made it easier for taxpayers to set up and manage investments through financial institutions outside their country of residence, making tax evasion easier, with large sums of money to be held offshore, which can not be taxed in the taxpayer’s home country, resulting in high costs for both financial institutions and […]
The Portuguese Republic and the United States of America signed a bilateral agreement (published in Diário da República, Notice no. 101/2016), in which they intend to implement the Foreign Account Tax Compliance Act (FATCA) in Portugal. enforced in August 2016. The objective is to ensure compliance with and implementation of international fiscal rules. The most […]
The international financial crisis has exposed the weaknesses of the regulatory system of financial markets and demonstrated inefficiencies in risk management procedures in the financial sector. In this context, the Basel Committee on Banking Supervision (BCBS) has defined the new rules, known as Basel III, in order to improve the ‘rules of definition of global […]
The CRR Capital Requirements Regulation and the CRD Capital Requirement Directive constitute the European transposition of Basel III: the legal basis approved by the European Parliament and the Council of the European Union, which defines a set of prudential requirements for credit institutions and investment firms. Regulation applies from 1 January 2014, but a transition […]
With the standardization of regulation, there was also a need to implement reports with uniform requirements and definitions through the Common Reporting Guidelines (COREP), a defined model for reporting information of a prudential nature, and Financial Reporting (FINREP), a model defined for reporting financial and accounting information.
FATCA applies to all foreign financial and non-financial operating entities. This means that FATCA has an impact on all non-US entities receiving payments from the US source, directly or indirectly. Also, US entities, financial or non-financial, that make payments to foreign entities, are subject to the new FATCA rules, and must therefore make a formal […]
The FATCA (Foreign Account Tax Compliance Act), approved on March 18, 2010, by the US Congress, is a legal document aimed at preventing US Persons who use non-US resident financial institutions to protect their income. In this sense, foreign (non-US) financial institutions are required to report to US tax authorities the holders of US bank […]
