News News Flash - CMVM Public Consultation No. 8/2019 on Credit Funds 30/12/2019

CMVM's public consultation No. 8/2019 proposed amendments to CMVM regulation No. 3/2015 on Venture Capital, Social Entrepreneurship and Specialized Alternative Investment, with a view to regulating the new figure of credit funds and ending 10 January 2020.

Credit funds were introduced into the legal Portuguese system by Decree Law No 144/2019 of 23 September, with the aim of boosting the capital market and creating an alternative for financing the economy by allowing, inter alia, the acquisition of credits to credit institutions.

The new credit funds, added to the Legal Regime of Venture Capital, Social Entrepreneurship and Specialized Investment (RJCRES) by Decree-Law No. 144/2019, will be constituted as Specialized Alternative Investment Agencies (OIAE) and may, if not self-managed, be managed by companies managing collective investment bodies or by companies managing venture capital funds.
Under RJCRES, credit funds can invest in credits in terms of regulatory by CMVM.

It should be noted, with relevance to this theme, the public consultation promoted by the CMVM as early as 2017.

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