New rules for capital markets

On 26 August 2026, Decree-Law 171/2026 was published, introducing a comprehensive reform of the Portuguese capital markets framework.

The legislation amends the Securities Code, the Companies Code and the Asset Management Framework, among others. By doing so, it implements various elements of the Listing Act, the revised MiFID II/MiFIR and the European Single Access Point (ESAP) platform in Portugal.

Decree-Law 171/2026 came into force on 1 September 2026 as a general rule, although the implementation of certain provisions has been postponed.

The reform introduces measures to open up and simplify the capital market. Notably, it reduces the free float required for listing, establishes segments for growing SMEs, and raises the threshold for prospectus exemption in public offerings. There are also new disclosure requirements. The impact will therefore be uneven. Some market participants will benefit from greater flexibility in terms of access to financing. Others, however, will have to adapt their systems, internal policies, contracts and reporting processes.

Learn more in the guide prepared by our experts.