Decree Law No. 106/2020
- Issuer: Presidency of the Council of Ministers
- Diploma Type: Decree Law
- Number: 106/2020
- Pages: 10 - 25
Summary in plain english
This decree-law lays down the rules applicable in the field of financial services after the end of the transitional period provided for in the Agreement on the Exit of the United Kingdom from Great Britain and Northern Ireland of the European Union and the European Atomic Energy Community (Exit Agreement).What is going to change?
Credit institutions and investment firms authorised in the United Kingdom to provide ancillary services and investment services and activities, as well as management entities authorised to provide services relating to collective investment undertakings (OIC) operating in Portugal under the right of establishment and the freedom to provide services, may continue to provide such services to investors in Portuguese territory after the end of the transitional period provided for in the Exit Agreement.
Credit institutions, investment companies and management entities based in the United Kingdom must comply with Portuguese law, namely with the provisions of the Securities Code and the General Scheme for Collective Investment Undertakings.
Insurance contracts concluded with insurance companies with registered offices in the United Kingdom, under an authorisation to carry on insurance business in Portugal, before the end of the transitional period provided for in the Exit Agreement, covering risks situated on Portuguese territory or for which Portugal is the Member State of the commitment, remain in force until the date of termination provided for in the contract.What advantages does it bring?
The purpose of this decree-law is to ensure an adequate transition from the exit of the United Kingdom from the internal market until 31 December 2021.When does it enter into force?
This decree-law entered into force on the day following its publication and will take effect on 1 January 2021 if, on that date, no agreement has been concluded between the European Union and the United Kingdom, Great Britain and Northern Ireland, or a decision on equivalence, governing the matters covered by this decree-law.
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