Amendments to the General Regime on Credit Institutions and Financial Companies and to the Securities Code
By means of the COMMUNICATION OF THE COUNCIL OF MINISTERS OF 17 APRIL 2013, the Government announced the approval, within the scope of the legislative authority granted to it by Law 25/2013, of 8 April, of the New Legal Regime on Collective Investment Organisms (NRJOIC), enacted by Decree-Law 252/2003, of 17 October, which transposes Directive 2009/65/EC, of the European Parliament and Council, of 13 July, Directive 2010/43/EU, of the Commission,, of 1 July, Directive 2010/44/EU, of the Commission, of 1 July, and Directive 2010/78/EU, of the European Parliament and Council, of 24 November, introducing amendments to the General Regime on Credit Institutions and Financial Companies and to the Securities Code.
The NRJOIC brings significant amendments in respect of the classification of collective investment organisms (CIO), equity funds, independence regime for the body responsible for the management and eligibility of the assets.
The amendments also seek to speed up procedures, adopting the rule of tacit approval in various situations and further proposing new time limits and new rules on the authorisation and communication procedures.
The NRJOIC will continue to exclude the following funds from its scope of application: real estate investment funds, venture capital funds, real estate property management funds, credit securitisation funds and pension funds (governed by specific legislation).
Rogério de Azevedo