A new code for the Portuguese Securities Market is expected to come into force before the end of 1998. The new code, which is now being prepared and whose main features have already been submitted and approved by the Ministry of Finance, is expected to be more approachable and concise than the one in force at present, which has been broadly criticized for being over-regulatory and for duplicating provisions already included in other laws.
Within the scope of the operations, the Commission in charge of preparing the new code proposed several important amendments:
- It is intended to minimize or even to eliminate the rules on private tenders in the existing code;
- to simplify the registration of public tenders and to re-determine the requirements of public tenders of acquisition, which might even be eliminated in the final version of the new code.