Regulation of the Asset Management Regime

Key aspects

• Portuguese Securities Market Commission (“CMVM”) Regulation 7/2023 regulates the new Asset Management Regime, with the main objective of promoting investor protection, market competitiveness and efficiency;
• CMVM Regulation 2/2015, on collective investment undertakings, and CMVM Regulation 3/2015, on venture capital, social entrepreneurship, and specialized investment, are repealed;
• The regulation was published on December 29, 2023 and entered into force on January 1, 2024;
• Fund managers and collective investment undertakings have 180 days to adapt to the regulation.

Regarding the Asset Management Regime established by Decree-Law 27/2023 of April 28, see our earlier Legal Update: Asset Management Regime.