Portugal transformed 148-page directive into law with 1,464.

SÉRVULO IN THE PRESS 22 Feb 2018 in Jornal de Negócios

Managing Partner of Sérvulo & Associados in an interview with Jornal de Negócios about DMIF II.

The delay in transposing the directive and the additions introduced by the national legislature are the negative aspects highlighted in the proposed law that goes to the Parliament today.

The new regulation for financial market will be discussed this Thursday in the Assembly of the Republic. This will be another step towards the already overdue transposition of DMIF II. A delay for which lawyers can not find justication. Experts also criticize the "novelties" introduced by the national legislature. The transposition of DMIF II should have taken place on the 3rd of January. [...]

If the directive initially had 148 pages, the proposal that reached the Assembly of the Republic has 1,464. Paulo Câmara highlights as "negative marks" of the transposition " the significant delay in transposition, which causes damage and confusion for the whole markek and, on the other hand, the goldplating additions that did not fail to appear in the diploma presented in Assembly of the Republic". [...]

Paulo Câmara emphasizes that the "good" news" introduced by DMIF II " are unfortunately overshadowed by a pathologically excessive prescriptive level of the norms involved here, pulverized by multiple sources, which will undoubtedly hinder the integrated understanding of the regulatory framework by the commom investor". " We therefore immerse ourselves with aprehension into a time of regulatory iliteracy on the part of those who sould be the main beneficiaries of this European regulatory package", added Sérvulo & Associados' lawyer. But "the main message for the investors is that the directive reinforces the fiduciary duty of financial intermediares to act in a professional manner in the interest of the clients", says Paulo Câmara.