PORTUGAL Law and Practice Contributed by: Duarte Schmidt Lino, Raquel Azevedo, Alexander Ehlert and Leonor Melo Bento, PLMJ
casting) or electronic communications networks and services. Companies present in the market with offers that fall under the category of electronic communi- cations networks and/or services must undergo certain procedures to provide their networks/ services. If the provision of the latter does not require spectrum or numbering resources, com- panies may start operating immediately after notifying ANACOM of their intention to provide those networks or services, in accordance with the procedure set out in the relevant regulations. If the provision of the network or service requires radio frequencies or numbering resources sub- ject to licensing/rights of use, licensing may take up to eight months (in the case of spectrum) or 30 business days (for numbering resources) to obtain. Television activity is subject to licensing by means of a public tender launched by the gov- ernment when the use of radio spectrum is required, and the service consists of: • the organisation of unconditional-access television programme services; and • the selection and aggregation of television programme services of conditional access or non-conditional access with subscription. In such circumstances, it may take up to eight months to obtain the licence. The provision of television services is subject to authorisation, at the request of interested par- ties, if it consists of the organisation of television programme services that: • do not require the use of radio spectrum intended for broadcasting; and
• are intended to be included in the offer of a distribution operator previously licensed for television activity. No specific deadline is established for the issu- ance of the ERC’s approval. 7.2 Primary Securities Market Regulators The CMVM is Portugal’s primary securities mar- ket regulator for public M&A transactions. 7.3 Restrictions on Foreign Investments The Portuguese government may exceptionally oppose investments made by residents outside the EU or the European Economic Area (EEA), or made by legal entities directly or indirectly con- trolled by residents outside the EU or EEA, that directly or indirectly allow direct or indirect con- trol over strategic assets, which are defined as key infrastructures or assets related to defence and national security or to the provision of essential services in the energy, transportation or communications sectors. There is no mandatory notification procedure. Nonetheless, the prospective buyer may, on a voluntary basis, request an ex ante confirmation that an opposition decision will not be adopted. If the government does not begin an assess- ment procedure within 30 business days of the date of the request, a non-opposition decision is deemed to have been tacitly adopted. Unless an ex ante confirmation is requested, a review of the transaction can be conducted by the government ex officio within 30 business days of the conclusion of the transaction or the date it becomes public. This ex officio procedure does not have suspensory effect. However, if an opposition decision is adopted, all legal acts and transactions relating to the transaction in ques- tion will be considered null and void.
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