Law No. 14/21, of 19 May 2021, which came into force on the same day, repealed Law No. 12/15, of 17 June 2015 (Financial Institutions Law), defining the guiding principles of the Financial System activity and regulating the process of establishing and exercising the activity of Financial Institutions; engagement in the supervisory activity; the corrective intervention and resolution processes, with the creation of the Resolution Fund; and the sanctioning, dissolution and liquidation regimes of Financial Institutions. The new law also establishes which are the Auxiliary Institutions of the Financial System.