Revision of the legal framework of securities investment companies for the promotion of the economy
Decree Law no. 72/2021, from 16th August, which revised the legal framework of securities investment companies for the promotion of the economy – SIMFE – was published.
The above-mentioned diploma will come into force on September 1st and will introduce more flexibility in the legal framework of SIMFE, in order to make it more attractive and adequate to the practice of these companies. The most relevant changes arising from this diploma are the following:
- SIMFE are no longer qualified as of collective investment entities being currently classified as qualified alternative investment companies;
- The shares representing SIMFE’s share capital may be admitted to trading not only in a regulated market but also in multilateral trading facilities;
- The investment in eligible companies may be made through debt securities or credits, originated in SIMFE or third companies;
- The minimum investment amount is reduced to 50% – instead of the previous 70%;
- Co-investment is allowed, through the co-ownership of financial instruments, or through simultaneous investment by public or private entities in the same projects;
- The legal framework for venture capital funds in matters of supervision and regulation and of requirements of aptitude and professional experience of the management and supervisory bodies will apply to SIMFE with the respective adjustments and on a subsidiary basis.
Click HERE to access the diploma.
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[Photo by: Hunters Race, available at unsplash.com]