OBS_VALUE: Portuguese legal framework does not specify BoD residency.  At the EU level, Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, articles 91 and 121, does not provide for residency requirements either. However, article 91 states that a sufficient time commitment of a member of the management body to perform his functions is necessary. Further guidelines issued by the European Banking Authority (EBA/GL/2012/06), state that Competent national Authorities should edict clear rules on what should constitute a sufficient commitment, including among other criteria an amount of time spent on managing or a residency requirement.