Portugal
Legal Update 1st Quarter 2026
Our first Banking, Finance and Capital Markets Newsletter of 2026 introduces a new format.
This practical, decision-focused edition highlights the key legislative developments in banking, finance, capital markets, and insurance from the first quarter of 2026, covering the following topics:
- Changes to the credit securitization regime.
- In sustainability, the publication of the Omnibus I Directive.
- In cryptoassets, an overview of the intersection between the Payment Services Directive (PSD2) and the Markets in Cryptoassets Regulation (MiCA). We also explain the classification of electronic money token transfer and custody services as payment services, in light of the European Banking Authority’s (“EBA”) No Action Letter dated June 10, 2025, along with its opinion on the end of the transition period.
- A review of the EBA and European Securities and Markets Authority’s public consultation of February 25, 2026, on the assessment of the suitability and fitness of management body members and key function holders.
- An analysis of the EBA’s final report on third-country branch reporting under Directive (EU) 2024/1619 (CRD VI).
- Coverage of the Portuguese Securities Market Commission’s (“CMVM”) Public Consultation 1/2026 on the Draft CMVM Regulation concerning the reporting obligation for investment advisory activities.
- In insurance, a discussion of Decree-Law 79/2026, which strengthens the right to be forgotten in credit and insurance. We also provide an overview of the European Insurance and Occupational Pensions Authority’s initial package of guidelines and draft regulatory technical standards and implementing technical standards under the Insurance Recovery and Resolution Directive.