Portugal
Legal Update - 2nd Quarter 2024
In this second newsletter of 2024 concerning this year’s 2nd quarter, we highlight the publication by the Bank of Portugal of Instruction 8/2024 and Notice 3/2024, introducing the new model for reporting on the prevention of money laundering and terrorist financing to the Bank of Portugal. We also highlight the new European standards on the same topic, commonly referred to as the “AML Package”, to be gradually implemented up until 2029.
We also present legislation highlights in:
- banking and finance law
- insurance and pension funds law
- securities and capital markets law
Finally, we present a selection of relevant case law, including Portuguese and European court decisions, on topics such as the crossborder transfer of client orders, the scope of insurance contracts, and the refusal to pay a bank guarantee on first demand.