News News Flash – Amending Directive (EU) 2019/2177 and Directive (EU) 2020/1504 Decree-Law No. 56/2021 12/07/2021

As provided in Decree-Law No. 56/2021, of June 30, as amended:

• Directive (EU) 2019/2177 changed the business of Insurance and Reinsurance (Solvency II), Directive 2014/65/EU on markets in financial instruments and Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money-laundering or terrorist financing; and Directive (EU) 2020/1504 on markets in financial instruments.
• Changes on the amended Directive (EU) 2019/2175 are aimed at strengthening cooperation and interconnection between national and European authorities in matters regulated by the Directives now amended, as well as the intervention of European supervisory authorities.

On the other hand, changes established by the intersection of Directive (EU) 2020/1504 reflect the clarification that the Directive on markets in financial instruments (2014/65/EU) will not apply to the activity of service providers of collaborative financing – crowdfunding, although the specific regime is already provided for in the national legal system through Law No. 102/2015, of 24 August.

To learn more, access our News Flash here.