First Amendment to the Asset Management Regime

Decree-Law No. 89/2024, of 18 November, introduces the first amendment to Decree-Law No. 27/2023, of 28 April (RGA), about a year and a half after its adoption. This amendment addresses a point that was intensely discussed in the context of the public consultation that preceded the approval of the RGA, by allowing large management companies to directly invest the amounts that exceed the applicable capital requirements, provided this investment activity is ancillary to their main activities.

Large management companies should, in this context, safeguard any conflicts of interest, in particular with the investment undertakings under their management, taking into account, among other aspects, their related investment policies and the investment phase of each of them. This amendment reinforces the competitiveness of Portuguese large management companies, and addresses a previously debated issue, one that had received a negative response from the CMVM regarding the possibility of large management companies holding their own portfolio in light of the new RGA. It should be noted that the diploma grants powers to the CMVM to regulate the terms under which this ancillary investment may take place.

Click here to access the diploma.

For more information, please contact us via email at rvr@ccsllegal.com

[Photo by: LYCS Architecture, available at unspash.com]