Portugal
Decree-Law 134/2026, amending the legal regime for packaged retail and insurance-based investment products (“PRIIP”), has been published.
On July 9, 2026, Decree-Law 134/2026 (the “Decree-Law”), amending the legal regime governing PRIIP, was published
KEY ASPECTS
- The prior approval regime for advertising messages concerning PRIIP has been replaced with a prior notification regime. The competent authority may raise objections within 10 business days of receiving a properly completed notification.
- Undertakings for collective investment (“UCIs”) classified as non-complex financial instruments under article 314-D of the Portuguese Securities Code and Article 57 of Delegated Regulation (EU) 2017/565 are exempt from the advertising prior notification regime. The prior verification process considers the complexity and risk profile of the pertinent products.
- Competent authorities now have regulatory authority to extend the prior notification period for the key information document (“KID”) by up to five business days, while the default legal deadline remains two business days. This extension rule also applies to notifications concerning amended versions of the KID.