The National Council of Financial Supervisors published the outcomes of its June 22 meeting, covering both microprudential and macroprudential sessions. On the microprudential side, it reviewed work on Equity Release Schemes and issued guidance aimed at a possible proposal for specific rules on the marketing of ERS products. It also pushed forward cross-sector coordination by approving the creation of a contact group on compliance matters, instructing that a proposal to revise the legal framework for real estate appraisers be finalized, and approving changes to the fintech workplan. Further microprudential discussions covered ongoing legislative initiatives within the council's remit, progress in the seventh edition of Portugal FinLab, and changes to the timetable for a joint initiative on regulatory free technological zones in the financial sector, which depends on approval of the legal instruments establishing the three zones involving each supervisory authority. The council also received updates on cybersecurity and systemic operational resilience work and approved changes to the Todos Contam competition for the 2026/2027 school year under the National Financial Education Plan. In that context, it reviewed broader financial education activity, including work to strengthen financial education in schools, the fifth survey of the Portuguese population's financial literacy, and first-quarter 2026 results for the national plan, including a March financial education week involving 564 schools, 23 entities and more than 99,000 participants. In its macroprudential session, the council discussed risks to financial stability across the macroeconomic and financial environment, capital markets, banking, insurance and pension funds, with emphasis on global economic developments amid uncertainty over geopolitical and trade tensions. It also examined the impact of advanced artificial intelligence models on the financial sector, received information from the Ministry of Finance on ongoing legislative processes, reviewed supervisors' work as the International Monetary Fund finalizes the Financial System Stability Assessment for Portugal under the Financial Sector Assessment Program, and was informed of Banco de Portugal's macroprudential policy decisions adopted since the council's March 2026 meeting.
National Council of Financial Supervisors2026-07-03
National Council of Financial Supervisors reviews financial stability risks and advances ERS regulation and compliance cooperation
The National Council of Financial Supervisors said its June 22 meeting focused on preparatory regulatory work and cross-sector coordination, including guidance toward possible specific rules for marketing Equity Release Schemes and approval of a new compliance contact group. It also reviewed financial stability risks, the impact of advanced artificial intelligence on the financial sector, and progress on the International Monetary Fund's assessment of Portugal's financial system. Banco de Portugal's macroprudential decisions since March 2026 were also presented to the council.