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The new Securities Code comes into force at the end of January. Here’s What’s Changing – Markets

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The new Securities Code comes into force at the end of January.  Here's What's Changing - Markets

The revision of the Securities Code (CVM) and the new audit regime will take effect within the month of January 30th. Following their promulgation by the President of the Republic, Marcelo Rebelo de Sousa, the diplomas were published this Friday in the Diário da República newspaper.

“The Diário da República has published changes to three diplomas that are necessary for the operation of CMVM and for the development of the Portuguese capital market,” the Commission for the Securities Market (CMVM) said in a statement. The amendments to the Portuguese Securities Code, as well as the new legal regime for audit supervision (with the exception of one of the clauses), as well as amendments to the CMVM Articles of Association enter into force 30 days after publication, which took place this Friday.

“The amendments reflect, as they have accompanied CMVM’s proposals, its commitment over the past few years to simpler, objective, clearer and more proportionate regulation that protects investors and spurs development, competitiveness and efficiency in markets,” the governing body notes. by Gabriel Bernardino.

One of the main news brought code review it is a plurality of votes that allows issuers to finance themselves with less loss of capital control. It also lowers national requirements and relies on simplification in an effort to respond to some of the needs of market agents. The revision of the code is intended to improve the competitiveness and development of the Portuguese capital market. For this, it materializes:

  • simplifies and reduces regulatory burdens and barriers, aligning the national legal framework with the legal framework of the European Union;
  • it suppresses heightened demands and national peculiarities that could alienate international investors, including the elimination of the public company figure (which exclusively regulates the listed company figure);
  • also terminates the established 2% threshold for qualifying interests;
  • public issue of shares becomes more attractive in order to encourage market access, as it solves the problem of fear of loss of control, which is referred to by national entrepreneurs in order not to resort to the capital market, therefore it is believed that companies that can be listed can issue shares with a plurality of votes, which contributes to the preservation of shareholder control by the founders or key investors (who retain shares with an increased number of votes);
  • on the other hand, it is assumed that the successor assumes a pre-existing control position without facing the alternative of launching a public offering for an acquisition (OPA) or reducing its participation to a position that does not grant it control.
  • in the same sense, to facilitate the entry of new companies into the market, there is a clear exit from the market through voluntary exclusion from trade;
  • the mode of consideration of public offers is being clarified with an increase in the threshold below which 8 million euros are not required to publish a prospectus in a public offer (compared to the previous 5 million);
  • It is also possible that the brochures will be written in English with a summary in Portuguese.
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In this regard, a comprehensive analysis of the public offering regime is being carried out, which limits the scope of OPA to companies whose shares are admitted to trading on a regulated market. Thus, proposals for public debt are excluded from this legal framework, “which is another example of the alignment of the Portuguese market with the requirements in force in most European jurisdictions,” says the CMVM.

The procedure applicable to competing takeover bids has been refined to, in the opinion of the supervisor, facilitate their emergence in the interests of the shareholders of the target companies. The deadline for obtaining permits for filing a takeover bid has also been shortened by including a maximum period.

“At the intersection of current realities for issuers and financial intermediaries and taking into account the goals of efficiency and cost reduction, as well as the fundamental role of intermediaries in the development of the capital markets ecosystem, the obligation to enter into contracts on the part of service providers is eliminated. Placement in public offers”, – explains the CMVM. the liability of financial intermediaries for the content of the prospectus also ceases to exist.

Shareholders have fewer reporting obligations and fewer fees
There are also disagreements on the part of shareholders aimed at promoting active intervention in society. Thus, changes are being made to the exercise of rights, especially in the context of participation and voting in general meetings. On the one hand, you no longer need to send two applications for participation, you only need to send them to the financial intermediary.

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On the other hand, with the provision of certificates of legitimacy issued by financial intermediaries, beneficial owners of shares that they do not own under Portuguese law will now be able to exercise their voting rights directly, without additional registration fees for intermediaries. ..and without prejudice to the security of securities circulation.

Finally, the costs of organizations under the supervision of the CMVM were simplified and reduced by concentrating in one rule the suspension of administrative procedures and the suspension, cancellation and revocation of registration acts, which were distributed under more than ten rules, and an electronic notification regime was introduced.

Audit Oversight Focuses on High-Risk Organizations

In addition to the CMVM Securities Code and Articles of Association, the Legal Regime for Auditing Oversight (RJSA) will come into effect at the end of the month. One of the main changes is the change in the categories of subjects of public interest, which is aimed at concentrating activities on subjects of increased risk.

“Guided by the principles of simplification and efficiency, the revision of the RJSA provides for a reduction in the number of categories of public interest actors, allowing more focused oversight of more complex actors with greater systemic risk, with increased efficiency and unnecessary cost savings for the market, while ensuring the quality of global oversight and investor protection.” – explains CMVM.

The supervisor is now empowered to monitor the compliance, qualifications and professional experience of members of the governing bodies, and compliance with the requirements of external auditors (ROCs) of external auditing companies (SROCs).

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In addition, the CMVM is empowered to draw up the necessary rules to oversee the compliance, qualifications and professional experience of members of governing bodies, as well as the compliance of SROC partners. The rules for registering auditors in CMVM and the corresponding sanctions regime were also revised.

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Economy

Everything has been delivered. 10 Bugatti Centodieci are already in the hands of the owners

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Everything has been delivered.  10 Bugatti Centodieci are already in the hands of the owners

OAll Bugatti Centodieci have been delivered, the Molsheim-based brand said on Monday. Cristiano Ronaldo received the number 07 in October this year. and Bugatti has now revealed that the latest unit – #10 – is already in the possession of its owner.

“The Centodieci combines all the values ​​of the Bugatti brand in an extraordinary package: rarity, innovation, heritage, craftsmanship and unrivaled performance. The production batch of 10 units was so in demand by our customers that it was sold before the Centodieci. was even officially presented,” said Christophe Piochon, president of Bugatti.

This latest example is finished in Quartz White with carbon fiber trim on the bottom and matte grilles. The brake calipers are painted in Light Blue Sport, as is the logo on the rear that refers to the EB110, the iconic Bugatti model that inspired this Centodieci. Inside, the predominant color is also blue, as you can see in the images above.

This block is powered by the same block as the other nine instances. The 8.0-liter W16 with four turbines is capable of developing 1600 hp. In terms of performance, this allows the Centodieci to hit 100 km/h in just 2.4 seconds and reach a top speed of 380 km/h.

Recall that each unit costs the owners eight million euros before taxes.

Read also: We already know when the Bugatti Centodieci fell into the hands of Ronaldo.

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Economy

The first Dacia hybrid. “The cheapest hybrid family on the market”

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The first Dacia hybrid.  "The cheapest hybrid family on the market"

BUT Dacia revealed this Monday that the hybrid engine has been available since March on the Jogger, the Romanian brand’s model known to be available with a seven-seat variant.

The Jogger Hybrid 140, Dacia’s first hybrid, will hit dealerships in March, but customers can expect and order it as early as January.

The price has been revealed by Dacia and since it’s only available in the seven-seater SL Extreme, it starts at €28,800. The brand claims it is “the most affordable hybrid family car on the market.”

Available in six existing colors to celebrate the launch of this hybrid, there will be a slate gray version, as you can see in the images above.

Equipped with a 1.6 liter four-cylinder petrol engine with 90 hp, the Jogger is also powered by two electric motors (a 50 hp engine and a high-voltage starter-generator). The total power is 140 horsepower. The electric transmission is automatic, four-speed, connected to an internal combustion engine, and two speeds are connected to an electric motor. This combined technology was possible, according to Dacia, only due to the lack of clutch.

Combined with the energy recovery levels of the 1.2kWh (230V) battery pack and the efficiency of the automatic transmission, regenerative braking delivers all-electric traction on 80% of urban journeys and saves up to 40% of fuel compared to a combustion engine vehicle.

Read also: Dual-fuel Dacia Jogger Eco-G. We tried 5 seater and LPG…

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Economy

See how Tesla tests its electric Semi truck in the worst-case scenarios

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Tesla Semi camião elétrico testes

Tesla has finally been able to bring its long-awaited Semi to market. This electric truck promises to revolutionize transportation and bring all the unique characteristics of this type of electric vehicle to this class of vehicles.

Now that the first units have been delivered, there is hope that they will finally be mass-produced and reach more transport companies. With so many promises to be kept, a new video is now emerging showing Tesla testing its Semi truck under worst-case scenarios.


Tesla Semi is already on the market

Like all Tesla electric vehicles, Semi follows the same line of creating a unique design associated with a platform with the most modern technology available. The proof is in what was presented to the public and surprised most people.

To prove the quality of this new proposal, Tesla published in your LinkedIn account new video. In it, he reveals some of the testing he's done to determine the strength and quality of the Semi's design and its (potential) durability.

Tests to prove its durability

It has been revealed that the Tesla electric truck is subjected to numerous tests and its application in the worst scenarios that drivers may face. It doesn't stop at the ruggedness of the Semi's designs, but goes further and focuses on the motors and batteries themselves.

This is the proof that many have been waiting for to ensure that this new proposal is not limited to a lot of autonomy. Its resistance is great and will provide greater durability, further enhancing the Semi's value and performance.

high quality electric truck

Tesla has already showcased the Semi's quality with a video showing its truck driving roughly 500 miles on just one charge. The big news here is that he managed to make this long journey with a maximum load of about 37 tons.

Now Tesla remains to widely place the Semi on the market. At the moment, only a few companies have access to this new product, with a very long list of pending deliveries, who want to start mass-using this electric truck offering.

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