Portugal – CMVM Updated Brexit Q&As

Portugal – CMVM Updated Brexit Q&As

On 11 December 2019, POR CMVM updated Brexit questions and answers.

  • Updated Q&As re Brexit made available to market entities, non-professional investors.
  • Follows POR CMVM March 2019 published questions and answers on Brexit.


  • 7 new questions were added, reflecting implications of transitional measures to be implemented should the UK choose to leave the EU without agreement, other issues.

Main Updates

  • Most updates made to Q&A for financial intermediaries to clarify regulatory effects Brexit may have on business, services provided, permits, conditions to operate in EU.
  • Q&A for investors clarifies conditions of transitional regime in event of a hard Brexit.
  • Re transfer of prudential supervision powers on investment fund, credit securitization fund management companies from POR CB to CMVM as per decree law 144/2019.
  • Coming into force on Jan. 1, 2020, wording of question 6 (now 10) was amended.

Authorization Process and Applications

  • In possible scenarios for exercise of activity of collective investment undertakings, there are 2 sub-paragraphs, one for applications for authorization until 31 December 2019.
  • Another for applications made after, when said competences will be with POR CMVM.
  • 7 new questions developed to clarify measures contained in transitional contingency regime (until 31 December 2020), in decree law 147/2019, apply in event of hard Brexit.
  • These include requests for authorization, contracts termination, new contracts, notifications and conditions for provision of services in Portugal.

Available Resources

  • All useful investor and market information re Brexit compiled by POR CMVM, including Q&As can be found on website, on a dedicated page.