In the first edition of 2025 of the Banking, Financial, and Capital Markets Newsletter, which aims to succinctly present the main legislative, regulatory, or soft law acts issued with relevance in each of the financial sectors, we have adopted a new format that highlights, within each sector, one or two of the most relevant regulations, dedicating a slightly more extensive article to each of these regulations.
Thus, in this edition, we highlight the changes introduced in the Regulation 3/2020, which regulates the organizational culture and the governance and internal control systems of entities subject to the supervision of the Bank of Portugal, by the Regulation 2/2025, of March 20, in the area of Banking Law; Directive (EU) 2025/1 of the European Parliament and of the Council, of November 27, 2024, published on January 8, which establishes a framework for the recovery and resolution of insurance and reinsurance companies ("IRRD") and the amendments to the "Solvency II" Directive introduced by Directive (EU) 2025/2 of the European Parliament and of the Council, of November 27, 2024, published on January 8 ("Amendment to the "Solvency II" Directive”), in the area of Insurance and Pension Funds; the Omnibus I and Omnibus II Packages, approved by the European Commission in the field of sustainability, and the Annual Asset Management Circular published by the CMVM, in the area of Securities and Capital Markets.
Another novelty is that we will now include a chapter at the end that anticipates relevant matters or legislation that will be published in the following quarter.