BNA Order No. 05/2020, of 28 February 2020, established the duties of information to be observed by Financial Banking Institutions in the marketing of dual and indexed deposits.

In addition to the pre-contractual information duties of these entities and the duty to provide periodic information on the products acquired, the following duties should also be noted: (i) prior to entering into dual and indexed deposit contracts, the relevant Institutions must deliver to the client a Technical Information File; and (ii) prior to the launching of advertising campaigns, the Institutions must send to BNA a copy of the advertising content, in digital format, accompanied by the relevant Technical Information File and an accompanying letter which should mention, among other information, the object of the campaign and the target audience.

For indexed and dual deposits, the amount to be delivered to the depositor at maturity may not, under any circumstances, be less than the deposited amount.

Whenever the deposit’s rate of return is not fixed and determined prior to entering into the contract, any variation must be related to the performance of other instruments or relevant economic/financial variables, the source of which is independent from the institution holding the deposit.

Order No. 05/2020 also determines how credit postings should be made and provides the forms for Technical Information Files for dual and indexed deposits.

The Order entered into force on 28 February 2020.

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