Portugal simplifies entry for asset managers as Brexit draw nearer

Portugal simplifies entry for asset managers as Brexit draw nearer

LISBON, September 17th (Portugal IN) – Portugal launched a simplified licencing process aiming to attract asset managers, jointly presented by the Bank of Portugal and the Portuguese Securities and Exchange Commission (CMVM).

Among the changes, the financial supervisors revealed applications would have maximum waiting periods, firms would deal with a single point of contact, and support will be offered in English to asset managers wanting to settle in Portugal.

In the opening session of the event, António Mendonça Mendes, Secretary of State of Tax Affairs, arguing in favour of Portugal, said: “we’re convinced that, post-Brexit, there won’t be only one city for the European continent, but an integrated multi-polar network with financial centres specialised by activities”.

Hélder Rosalino, Bank of Portugal board member director, said that the “goal has been to simplify proceedings, create awareness regarding the Portuguese system and publish a practical guide – in English – for applicants, showing all the steps of submission as well as a time line for authorization by the regulating bodies”.

Aiming at shortening the administrative waiting time and avoiding excessive bureaucratic steps, the supervisors “will together deliver quicker answers” explained Filomena Oliveira, vice-chair of the CMVM board, referring to a “rigorous but friendly process, in which the stakeholders feel that they are in good hands”.

The event, held at Palácio Foz, in Lisbon, stems from the work carried out in recent months by a working group set up by Portugal IN which brings together Bank of Portugal, CMVM and APFIPP (Portuguese Association of Investment Funds, Pension Funds and Asset Management), in order to affirm Portugal as an attractive destination for Asset Management Institutions. The group previously published an welcome guide, in English, to assist applicants through the licencing process.

Program, photos and presentations from this event can be found below.

Program:

10:30 Arrival and Register

10:45 Welcome and Presentation of the Working Group,
Bernardo Trindade, CEO, Portugal IN

11:00 Opening Session,
António Mendonça Mendes, Secretary of State of Tax Affairs

11:15 Promotion of the Portuguese Asset Management Market (document in Portuguese),
José Veiga Sarmento, President, APFIPP

11:30 Presentation of the new Simplification Measures (in English),
Hélder Rosalino, Board of Directors Member, Bank of Portugal, and
Filomena Oliveira, Management Board Vice-Chair, CMVM

12:10 Measures to Simplify the Authorizing Process of Management Companies (in Portuguese)
Paulo Câmara, Lawyer, Sérvulo & Associados

12:30 Closing Session,
Bernardo Trindade, CEO, Portugal IN

Venue: Palácio Foz (Sala dos Espelhos), Praça dos Restauradores, Lisbon

 

 Opening Session