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Decree Law No. 144/2019

Publication: Republic Diary No. 182/2019, Series I of 2019-09-23
  • Issuer: Presidency of the Council of Ministers
  • Diploma Type: Decree Law
  • Number: 144/2019
  • Pages: 2 - 264

Summary in plain english

What is it?

This decree-law transfers from the Bank of Portugal to the Securities Market Committee (CMVM) the powers of prudential supervision of investment fund management companies and credit securitisation fund management companies (SGFTC).

Prudential supervision is carried out in order to preserve the solvency and liquidity of the institutions, prevent own and systemic risks and assess the suitability and other requirements of managers of financial companies.

What is going to change?

CMVM, which is responsible for the supervision of investment funds and credit securitisation funds, is now also responsible for the prudential supervision of their management companies.

Until now, this function was exercised by the Bank of Portugal.

Market agents now have a single supervisor - the CMVM.

The Legal Framework for Venture Capital, Social Entrepreneurship and Specialised Investment is amended, with the creation of credit funds to complement the financing of Portuguese companies.

The credit funds will improve the financing of the economy (through the granting of credits to companies).

What advantages does it bring?

This decree-law, by transferring prudential supervision powers over management companies from Bank of Portugal to CMVM, ensures greater simplicity and speed in the creation of management companies in our country.

At the same time, the role of the capital market in the financing of companies is strengthened.

When does it enter into force?

This decree-law enters into force on 1 January 2020.

Original Version


  • Legal translator is the translation of texts within the field of law


Legislative consolidation integrates the various amendments and rectifications made into an original legal diploma in order to make its consultation more accessible to the citizen.