Financial Institutions and Markets

Decree-Law 109-F/2021 ("DL"), of 9 December, was published, amending the General Regime for Collective Investment Undertakings, transposing Directive (EU) 2019/1160 and Delegated Directive 2021/1270, focusing on:

• The harmonisation of the procedure for the notification of changes to the relevant competent authorities, as well as the regime for the provision of infrastructure in Member States where marketing of CIUs based in other Member States takes place, reinforcing the proximity of the execution of certain functions in the host state, without requiring physical presence;
• The establishment of a pre-trading regime as well as an harmonised procedure for the termination of cross-border trading of CIUs based in other Member States, ensuring that participants have foreseeable conditions for disinvesting in a CIU which intends to cease trading in the host Member State; and
• The integration and assessment of risks and sustainability factors within the scope of activity of undertakings for collective investment in transferable securities and their managers.

This decree-law enters into force on the day following its publication.