Contingency measures have been adopted by the Portuguese Council of Ministers in the event of a no-deal Brexit
Banking and Finance and Capital Markets Alert
As already adopted by other EU member states, on 12 September 2019 contingency measures were approved by the Portuguese Council of Ministers and should be applied to credit institutions, investment companies and management entities with head office in the United Kingdom in the event of Brexit without a deal.
The decree-law now approved and still to be published in the Official Gazette guarantees entities the continuity of operations in Portugal until 31 December 2020, as long as they are authorised to provide investment services and activities or services relating to collective investment undertakings in Portugal. Pursuant to this decree-law, those entities will no longer be immediately subject to the regimes applied to entities domiciled in third countries.