Following the alterations to the collective investment introduced in the national system by the Decree Law number 63º-A/2013 and by the recommendations and orientations in this matter by the European Securities and Markets Authority (ESMA), the Regulation of CMVM number 5/2013 was published on the past 7 th of September, revoking the previous Regulation of CMVM number 15/2003. The referred regulation develops certain matters referent to the Legal Regime of the Collective Investment Undertakings like their operation mode, activity, information, participation units commercialization and admission conditions to negotiation and consequences, having also rules referent to the commercialization and information that must be provided in respect of the individual adherence to pension funds contracts. Among other alterations, stands out the abandonment of a close typology of collective investment undertakings, as well as the definition of the terms and conditions in which the categories of participation units can be established.