PORTUGAL Law and Practice Contributed by: Pedro Cassiano Santos, Francisca César Machado, Chen Chen and Natalia Fedorova, VdA
ing or terrorist financing (AMLD6) establishes guidelines requiring national governments to implement measures against money laundering and terrorist financing. This Directive will need to be implemented in Portugal. Regulation (EU) 2024/1624 of the European Par - liament and of the Council of 31 May 2024 on the prevention of the use of the financial system for the purposes of money laundering or terror - ist financing (AML Regulation) establishes rules which include measures for obliged entities to prevent money laundering and terrorist financ - ing. It also outlines transparency requirements regarding beneficial ownership for legal entities, express trusts, and similar legal arrangements, and implements measures to curb the misuse of anonymous instruments. This Regulation will apply from 10 July 2027, except for the provi - sions regarding football clubs and agents as obliged entities, which will not be applicable until 10 July 2029. Payment Services Developments: PSD3 and PSR The Payment Services Directive (PSD3) and the Payment Services Regulation (PSR) are set to bring significant changes to the payments indus - try. PSD3 is designed to improve open banking and consumer protection by making payments more transparent, increasing market competi - tion, and promoting innovation in digital pay - ments. Some of the key changes include enhanced security measures, to better protect online transactions from fraud, and expanded open banking practices, which require banks to share customer data more effectively with third-party providers. Additionally, there is a focus on trans - parency, mandating that banks clearly disclose
their fees and terms so that consumers are bet - ter informed. The PSR and PSD3 also emphasise the devel - opment of instant payments, the simplification of cross-border transactions, and the overall improvement of the digital payment infrastruc - ture. These measures aim to help Portuguese credit institutions better adapt to the needs of tech-savvy consumers and businesses, thus ensuring they are well-prepared for the rapidly evolving financial landscape. Markets in Crypto-Assets Regulation (MiCA) MiCA will be applicable from 30 December 2024. In relation to the issuance, offer to the public, and admission to trading of crypto-assets or the provision of services related to crypto-assets, credit institutions shall observe the requirements established by MiCA, notably the required noti - fication. Retail Investment Package As a result of its 2020 Capital Markets Union Action Plan, the European Commission adopted the Retail Investment Package on 24 May 2023, with the primary aim of protecting retail investors in the EU. This Package involves changes to, for example, MiFID II and the Packaged Retail and Insurance-based Investment Products Regula - tion (PRIIPs – Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information docu - ments for packaged retail and insurance-based investment products). Developments in this regard are expected in 2025. Non-performing Loans (NPLs) Directive (EU) 2021/2167 of the European Parlia - ment and of the Council of 24 November 2021
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