PORTUGAL Law and Practice Contributed by: João Nóbrega, Bernardo Marques and Francisco Miguel Gomes, EY Law – Sociedade de Advogados, SP, S.A.
4.13 Anticipated Changes for Investors The Retail Investment Strategy, which includes forth - coming amendments to the MiFID II and PRIIPs frameworks, is expected to influence several aspects of investor-related regulation in Portugal. Once imple - mented, these reforms will likely affect the following: • Marketing and Distribution Rules: This may include potential restrictions on inducements and enhanced suitability requirements. • Disclosure and Transparency Obligations: There will be a particular focus on improving disclosure for retail and semi-professional investors. • Investor Protection Standards: The reforms aim to align product governance and cost disclosure rules across the EU. These changes are still under discussion at the EU level and are anticipated to take effect around 2026. At the time of writing, no other legislative initiatives with a significant impact on investor-related matters have been announced in Portugal.
processing investor information and must ensure full compliance with these regulations. • Lawful Processing and Transparency: Investor data must be collected and processed on a lawful basis, typically to fulfil legal or contractual obligations. This process must be accompanied by clear pri - vacy notices that outline data categories, process - ing purposes, retention periods and data subject rights. • Data Security: AIFMs must implement technical and organisational measures to ensure the con - fidentiality, integrity and availability of investor information, in accordance with the RGA’s internal control requirements relating to information secu - rity and risk management. • Investor Rights: Investors have GDPR rights, including access, rectification, erasure, restriction, portability and objection. AIFMs must address these rights within statutory deadlines. • Supervision: The Portuguese Data Protection Authority (CNPD) oversees enforcement and may impose administrative fines for breaches of data protection regulations.
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