Amends the management activity of collective investment undertaking
Legal Alert No. 120 - CMVM Regulation no. º 3/2020
On 5 March, 2020 CMVM released Regulation no. 3/2020 ("the Regulation"), which amends CMVM Regulation no. 2/2015, concerning the management activity of collective investment undertakings.
This amendment occurs due to Decree-Law no. 144/2019, which concentrated both prudential and market conduct supervision of the management companies of collective investment undertakings (hereinafter "SGOIC") in CMVM.
With the Regulation, SGOIC are subject to a single authorization act for conducting their activity. The requested information was limited to the essential and a relevant set of instructional elements were removed of the authorization and registration process.
It should be stressed: the introduced amendments to the regulation of the instructive elements, the notification of reduction and the request for extension of the authorization scope and the prior notification of substantial changes to the authorization conditions of SGOIC.
Among the main changes introduced by the Regulation, it should also be highlighted: the authorization requirement to carry out mergers and demergers of SGOIC, the clarification of the respective accounting regime and of the applicable regime to the minimum contents to be mastered by the employees of SGOIC when these develop activities that fall within the scope of CMVM Regulation no. 3/2018, namely investment consultancy, portfolio management and information provision on financial products and investment services.
Finally, the Regulation included the implementation of financial intermediation activities applicable to SGOIC, under CMVM Regulation no. 2/2007.
The Regulation comes into force on the day following its publication in the Official Gazette, which is pending.
This legal alert does not constitute legal advice or exempt its reader from fully reading the Regulation in question, available here.