Amendments to the legal regime of transparency and prospectuses

Decree-Law no. 22/2016 of 3 June was published in the Official Gazette (Diário da República, the "DR"), partially implementing in Portugal the Directive 2013/50/UE, of the European Parliament and of the Council, of 22 October 2013, which notably amends the Transparency Directive and the Prospectuses Directive.

 

This Decree-Law, which entered into force on the day following its publication in the DR (hence, 4 June), is particularly relevant for publicly traded companies and issuers of securities admitted to trading on a regulated market located in Portugal and, to a certain extent, for holders of qualified holdings, especially in relation to: (i) transparency of qualified holdings and long economic holdings, (ii) disclosure of financial information, and (iii) some aspects of the regime of prospectus and offers, in relation to which the language regime stands out.