UCITS passporting in Portugal

EEA Management Companies authorised in their home member states are entitled to manage and market EEA UCITS Schemes in Portugal’ either through establishing a branch or on the freedom to provide services basis. EEA Management Companies can passport the management and marketing of UCITS Schemes in Portugal pursuant to Asset Management Regulation (approved by the Decree-Law 27/2023, of 28 April). 

An EEA UCITS Scheme may be marketed in Portugal once the Portuguese Securities Market Commission (Comissão de Mercado de Valores Mobiliários, “CMVM”) receives notification from the HMSA of an EEA Management Company in accordance with the provisions established in the Asset Management Regulation.  

Such notification should include: 

1. Any particular marketing conditions (including information regarding the unit‘s categories, if applicable);  
2. Reference to whether the UCITS is to be marketed by the respective EEA Management Company; 
3. Necessary information (namely the address) for invoicing and / or communication of any fees or expenses due to CMVM; 
4. Information regarding any means used to market the UCITS (such as: subscription, payment, redemption or repurchase processes and information to be provided to investors). 

The notification should be accompanied with the EEA UCITS: 

1. updated constitutional documents (articles of association, commercial certificate), last annual report and any subsequent biannual report, if applicable; 
2. Information on how CMVM may access to all required documents mentioned in paragraph (e) above;  
3. Certificate issued by the HMSA attesting that the UCITS complies with EU legislation. 

The notification letter and the UCITS attestation (referred to in paragraph g above) must be in Portuguese, English or any other language approved by CMVM. 

EEA Management Companies shall communicate any amendments to the notification letter (and related information referred to in paragraphs a) to d) above) with, at least, one month in advance of the intended amendment. Amendments to the documents referred to in paragraph (e) above shall also be communicated. 

EEA Management Companies must make available to investors the same information as required in their home Member State, as follows: (i) the key information document shall be in Portuguese or another language authorised by CMVM; and (ii) the prospectus, the annual and biannual reports in Portuguese, English or another language authorised by CMVM. These documents shall be disclosed in the marketing entity’s’ website if different from the EEA Management Company. 

The publication’s periodicity of the issue, offer, repurchase and redemption prices of the units of UCITS marketed in Portugal is governed by the law of their home Member State. 

For the purposes of pursuing its activities, a UCITS may use the same reference to its legal form designation in Portugal as it uses in its home Member State. 

The procedure described above has no costs with CMVM. There is, however, a monthly fee of EUR 125 due by the EEA Management Companies for the supervision of each UCITS domiciled in other Member State.