On May 10th, was published the Decree-Law nr. 63-A/2013 that approves the New Framework for the Collective Investment Schemes, transposing to the Portuguese legal system, among others, the Directive OICVM, which also implies amendments to the General Framework for the Credit Institutions and Financial Corporations (GFCIFC) and to the Portuguese Securities Market Code. Among several amendments, it should be highlighted the modifications raising the concept of the Collective Investment Schemes and its classification, as well as on the concept of obtaining capital before the public, which differs if it is a scheme for collective, open, closed or alternative investment. The referred Framework also modifies the definition of commercialization, since it currently covers the qualified investors and, also, proceeds to the revision of the initial required amount to the investment companies, being closer to the European Union Framework.
The General Framework for the Credit Institutions and Financial Corporations establishes some amendments in order to prevent the conflicts of interests and to promote the competitive market, developing the rules related to the supervision of this Schemes activity, the cooperation between the respective competent authorities, as well as the list of the matters that, in the scope of this GFCIFC, the Securities Portuguese Commission has regulatory power. The GFCIFC has a vacatio legis of 120 days, entering into force on the 7th of September of 2013.