The recent episodes arising from the collapse of several national banks, in particular the latest scandal involving the Espírito Santo´s Group, led to the modification of sanctions in the Portuguese Securities Code.
The Portuguese Stock Exchange Commission has issued new regulations concerning equity investment and financing in relation to crowdfunding. These regulations are not in force yet as new regulations concerning its criminal regime are required for that purpose. These rules will contribute to the increased use of crowdfunding as a financial tool. Crowdfunding can be useful for the financing of new projects and ideas, which are still critical in the Portuguese market, especially for start–ups.
The enhanced due diligence measures required for non-face-to-face transactions under the Spanish Anti-Money Laundering (AML) regulations are not suitable for all types of business relationships or transactions, and may create additional hurdles for the obliged subject, since (i) not all the customers have the electronic signature or (ii) the customer’s first payment does not always take place at the beginning of the relationship, let alone the hard copy of identification documents which totally distorts the nature of online transactions.
As a result of the financial crisis and the losses derived from investments, as well as certain poor banking practices, invalidity actions against investment products contracted by consumers with banks have proliferated widely. Usually, the actions for annulment have been based on the error of consent as well as on the violation of the rules of the Securities Market Act and the General Law on Consumers and Users
Act 22/2014 of 12 November, published in the Spanish Official Journal on 13 November, regulates private investment entities (ECR), collective investment entities of a closed-ended type (EICC) and managers of collective investment entities of a closed ended type (SGEIC), and amends the Collective Investment Schemes Act 35/2003 of 4 November.