Amendments to the Portuguese Securitisation Law


The Portuguese government has introduced several changes to the 1999 Securitisation Law with a view to improving the domestic securitisation market.

The Government has recently enacted the Decree-Law 82/2002 of 5 April 2002, amending Decree-Law 453/99 of 5 November 1999 (the "Securitisation Law") and aimed at creating the necessary legal framework for the development of a competitive domestic securitisation market.

The 1999 Securitisation Law had for the first time allowed the securitisation of Portuguese receivables using collective investment undertakings or companies incorporated under Portuguese law as securitisation vehicles. However, several legal problems prevented the Portuguese securitisation market from developing as expected;

(a) the tax regime of originators, securitisation vehicles and investors;

(b) the legal nature of securitisation companies, qualified as financial companies and subject to stringent capital requirements.



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