Banco de Portugal and CMVM create a guide to assist the registration of foreign management companies
Banco de Portugal and the Portuguese Securities Market Commission (Portuguese acronym: CMVM) have today released on their websites a welcome guide explaining the procedures for entities managing collective investment undertakings to obtain the authorization and registration needed for the pursuit of their business in Portugal.
The financial supervisors are committed to creating conditions that allow management companies wishing to relocate to Portugal, namely within the scope of relocation processes stemming from the United Kingdom’s withdrawal from the European Union, to have easy access to clear information on the procedures required to operate in the country.
In Portugal, the pursuit of business by companies managing collective investment undertakings depends on the authorization and registration with Banco de Portugal and the subsequent registration with CMVM. The processes may run in parallel in both supervisors, thereby ensuring higher procedural efficiency and speedier procedural completion.
In this context, Banco de Portugal and CMVM have today released a joint document welcoming management companies wishing to relocate to Portugal. It is a single information repository explaining how interested entities should contact regulators, which authorization and registration procedures pertain to each supervisor, the applicable legislation and necessary information, as well as the time horizon expected for completion of the process.
The two regulators have also set up specific teams for contact with applicants wishing to operate in Portugal, which will give support in the clarification of issues concerning their areas of expertise in the authorization and registration processes, and during the first few months of their business operations in the country.