News News Flash - Legal Framework for Pension Funds and Pension Fund Management Entities 31/07/2020

On July 23, Law No. 27/2020 was published in the Diário da República, which transposes Directive (EU) 2016/2341 of the European Parliament and of the Council, of 14 December 2016, into the internal legal order, on the activities and supervision of institutions for occupational retirement provision (“IORP II Directive”).

The referred statute approves the new legal regime for the incorporation and operation of pension funds and pension fund management entities (“RJFP”), annexing the previous regime enshrined in Decree-Law No. 12/2006, January 20, and is the fourth amendment to the legal regime for access and exercise of the insurance activity, approved in annex to Law No. 147/2015.

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