A careful cross-cutting revision of the Portuguese Securities Code (PSC) was long overdue.
It is in this context that Law no. 99-A/2021, of December 31, was enacted, introducing several changes not only to the PSC, but also to other laws, such as the General Regime of Collective Investment Undertakings (Regime Geral dos Organismos de Investimento Coletivo) and the Legal Regime of Audit Supervision (Regime Jurídico da Supervisão de Auditoria).
These amendments are intended to meet four main objectives:
- Simplify the interpretation of the law in several areas;
- Eliminate national figures or requirements that generate gold plating;
- Make more flexible areas of the regime with an impact on the attractiveness of capital market;
- Adopt some innovative regimes vis-à-vis our corporate framework.
With the main objective of providing a useful document of global reflection on the main changes and their objectives, Morais Leitão's Capital Markets, Corporate and M&A teams have prepared a guide aimed at issuers, investors and newcomers.
