Portugal
CMVM Regulation 2/2023 implements the required specific regulatory framework for covered bonds
The Legal Regime on Covered Bonds approved by Decree-Law 31/2022 of May 6 (the "LRCB") gives the CMVM the power to supervise all covered bond programs. It also transfers to that regulatory entity the power to supervise mortgage bond and public sector bond programs approved under the previous legal regime—Decree-Law 59/2006 of March 20.
CMVM Regulation 2/2023 (the "Regulation") implements the required specific regulatory framework for covered bond programs.
The Regulation replaces the regulatory framework for mortgage bond and public sector bond programs and issues approved under the previous regime.