Law 23-A/2022 transposing CRD V and BRRD II

Law 23-A/2022 was published on December 9, 2022, transposing Directive (EU) 2019/878 on access to the banking activity and prudential supervision (“CRD V”) and Directive (EU) 2019/879 on the recovery and resolution of credit institutions and investment firms (“BRRD II”).

Key Aspects

• Portugal was the only member of the 27 Member States that had not yet transposed the Directives

• The new Law aims to harmonize Portuguese legislation, ensuring alignment with the “new” European banking rules, in order to strengthen the banking sector and the resilience of the financial system and of the credit institutions, protecting them from possible future shocks

• These legislative changes innovate the Portuguese legal system in a way that is not limited to transposing the Directives