Portugal
DL 171/2026 introduces significant amendments to the Portuguese Securities Code and other financial-sector legislation
KEY ASPECTS
- Decree-Law 171/2026 of August 26: (i) transposes Directive (EU) 2024/790 of the European Parliament and of the Council, which amends MiFID II; (ii) implements Regulation (EU) 2024/791 of the European Parliament and of the Council (“MiFIR”); (iii) transposes and partially implements the Listing Act; and (iv) partially transposes Directive (EU) 2023/2864 of the European Parliament and of the Council on the establishment and functioning of the European Single Access Point (“ESAP”).
- The decree-law establishes the framework for the ESAP’s functioning, with the pertinent provisions entering into force in phases between July 10, 2026, and January 10, 2030.
- Offers of securities with a total aggregate value of less than €12 million are exempt from the regime applicable to offering securities to the public (e.g., the requirement to publish a prospectus in advance).
- The minimum free-float threshold for admission to trading on a regulated market has been reduced to 10%.
- The €1 billion threshold for bundling has been eliminated, and issuer-sponsored research has been introduced.
- The systematic internalization (“opt-in”) regime has been reformulated, PFOF has been prohibited, and derivatives reporting requirements have been strengthened.
- The trading-suspension regime has been simplified, circuit breakers have been refined, and the role of autonomous investment advisors has been regulated.