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Decree Law No. 72/2021

Publication: Republic Diary No. 158/2021, Series I of 2021-08-16
  • Issuer: Presidency of the Council of Ministers
  • Diploma Type: Decree Law
  • Number: 72/2021
  • Pages: 17 - 29

Summary in plain english

What is it?

This decree-law amends:

    • The scheme regulating securities investment companies for fostering the economy (SIMFE),
    • The Legal Framework for Venture Capital, Social Entrepreneurship and Specialised Investment.
What is going to change?

SIMFEs will now be qualified as specialised alternative investment companies, instead of ordinary collective investment undertakings.

The shares that represent its share capital may be admitted to trading, not only in a regulated market but also in a multilateral trading facility.

Such trading must take place no later than one year after its incorporation.

This period may be extended by the Portuguese Securities Market Commission for an additional six months.

Public or private entities, individually or in co-ownership, may hold shares representing the share capital of SIMFE.

The investment in eligible companies may have as object debt securities or credits, originated in SIMFE or in third entities.

50% of SIMFE's investment must be invested in eligible companies (previously, the investment could not be less than 70%).

Joint investment may be possible. How?

    • Through joint ownership of financial instruments;
    • Through simultaneous investment by public or private entities in the same projects.

The legal framework of risk capital funds will apply to SIMFE, subsidiarily and with the necessary adaptations, namely in what concerns:

    • Supervision and regulation;
    • Requirements of suitability and professional experience of the management and supervisory bodies;
What advantages does it bring?

By being qualified as specialised alternative investment companies, SIMFE's legal framework will be more favourable and adequate to the exercise of their activity.

By allowing that the shares representing the share capital of SIMFE may be traded, also in a multilateral trading system, its scheme becomes more flexible and attractive.

By admitting joint investment, this decree-law broadens the investment channels, which is indispensable to boost and reinforce the economic recovery process.

It ensures the dynamization of the capital market with a view to diversifying companies' financing sources;

When does it enter into force?

This decree-law enters into force on 1 September 2021.

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.