Portugal
Decree-Law 77/2026 of March 12, amending the regime for the securitization of credits, has been published.
March 31, 2026
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SubscribeOn March 12, 2026, Decree-Law 77/2026, amending the regime for the securitization of credits (“Decree-Law 453/99” or “RJTC”), was published in the Official Gazette of the Republic of Portugal.
Key aspects
Decree-Law 77/2026 amends article 1 (Scope) for the following key reasons:
- To clarify the national definition of “securitization.” It now expressly covers transactions without credit-risk tranching, or with only a single tranche. This change departs from Regulation (EU) 2017/2402, which limits “securitization” to transactions where the credit risk is tranched.
- To confirm that bonds and other debt securities may be subscribed for, or purchased, for securitization, including in the primary market. Therefore, Portuguese legislators have expressly allowed securitization vehicles to subscribe for or purchase—including in the primary market—bonds and other debt securities for securitization purposes. Unlike the “classical” structure where the underlying assets are credits, these transactions allow debt instruments to serve as the underlying assets of the securitization structure. This change expands the investor base for Portuguese companies, particularly for small and medium-sized enterprises (“SMEs”), as company-issued debt instruments can now serve as securitizable assets.
- To make the RJTC more flexible on the assets that may be securitized. Specifically, securitizations involving assets other than credits and risks no longer require a specific regulation from the Portuguese Securities Market Commission (“CMVM”).
Entry into force
Decree-Law 77/2026 entered into force on March 17, 2026.
March 31, 2026
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