Author: | Published: 1 Aug 2005

Portugal has relied primarily on the direct effect of the Prospectus Directive implementation regulation but has also changed regulatory
practice to incorporate the necessary reforms. By William Smithson and Gustavo Ordonhas Oliveira

The Prospectus Directive (PD) is implemented in Portugal by way of amendments to the Código dos Valores Mobiliários (the Portuguese Securities Code (PSC)). The proposed amendments have undergone a period of public consultation and these amendments are closely aligned with EU regulations and guidelines. Although the deadline for implementation was July 1 2005, the Portuguese government had not at time of writing approved the amendments to the PSC and there is no foreseeable date when approval will take place.

Further to this delay, the Comissão do Mercado de Valores Mobiliários (the Portuguese Securities Commission...