European Union
On 26/08/26, DL 171/2026 was published, transposing Directive (EU) 2024/790 into Portuguese law and implementing Regulation (EU) 2024/791
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; and (ii) implements Regulation (EU) 2024/791 of the European Parliament and of the Council, which amends MiFIR.
- The possibility of tacit refusal to register financial intermediaries with the Portuguese Securities Market Commission (“CMVM”) has been removed. The CMVM now has 30 days to complete the registration process.
- The prohibition on payment for order flow (“PFOF”) is now absolute, and new client disclosure requirements apply to order execution.
- Joint payment for order execution and research (bundling) is permitted without the €1 billion market capitalization threshold, provided certain conditions are met.
- Management control of derivative positions now extends to emission allowance derivatives, and the regime on reporting positions has been amended.