There were a number of regulatory milestones in Portugal in 2018. In this article we examine the three main directives which came into force during the year, the implementation of which raises regulatory challenges for financial entities operating in Portugal.
Firstly, Directive 2014/65 / EU (MiFID 2) was transposed in Portugal by Law no. 35/2018 of 20 July and entered into force on 21 August, without prejudice to the entry into force on 3 January 2017 of a number of regulations needed to get a full picture of what MiFID 2 actually entails. Among the various amendments advocated by MiFID 2, we would highlight the obligations to make information available to clients (which should be articulated with Article 44 and following Delegated Regulation (EU) 2017/565), which is particularly significant in relation to the disclosure of information on costs and associated charges. The new regime requires the disclosure, at least on an annual basis, of an aggregate, numerical and percentage value, of all costs incurred during the year, including upfront costs, regular costs, transaction costs, incidental costs and so on, and upon request of the client, entities should be in a position to provide a list of such costs with amounts separated by each heading. The fact that there is no template that exemplifies how the information should be presented has made it difficult to implement these new requirements.
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