A raft of measures designed to simplify access to the capital markets came on line on Tuesday. (September 1, 2026)
There are 10 main changes which have been carried over from EU directives and regulations to the Portuguese securities market to make operating and trading on Euronext Lisbon simpler and easier.
Listing on the stock exchange now requires floating only 10% of capital
This is one of the key changes taking effect this Tuesday under the European Union’s Listing Act: the minimum requirement for the market spread of shares for admission to trading has been reduced from 25% to 10%, thereby “incorporating greater flexibility and proportionality into the applicable regime,” as explained by the Ministry of Finance. Consequently, the share of capital companies place on the market—the “free float”—can be lower, and the exchange operator, Euronext, may accept an even smaller percentage provided that the orderly functioning of the market is ensured.
2) New segment for growth SMEs
The decree-law also opens up the possibility of registering segments of multilateral trading systems as growth markets for small and medium-sized enterprises (SMEs). The aim is to foster the development of this market segment through lighter requirements and, consequently, reduced burdens.
3. A prospectus will only be mandatory for issuances exceeding €12 million
Public offerings of securities, such as shares or bonds, require the prior publication of a prospectus or document as mandated by European Union legislation, though there are exceptions. Previously, issuances of up to €8 million were exempt. This threshold is now rising to €12 million. The limit had already been adjusted in 2021 during the revision of the securities code. Before that, it stood at just 5 million euros, meaning the exemption threshold has doubled in five years.
4. Results of employee offerings need not be made public
There is a new exemption regarding the results of public offerings—which must be calculated and published after the deadline by a financial intermediary or a regulated market operator that consolidates acceptances. “The obligation to publish the offering result (…) is waived for offerings directed exclusively at employees,” states the decree-law concerning transactions often used by large international companies operating in Portugal to reward their teams.
5. Rule for proceeding with a squeeze-out tender offer becomes stricter
When a company acquires a 90% stake in another firm through a public tender offer, it can launch a squeeze-out offer for the remaining 10% to gain control of the entire share capital. While this premise remains unchanged, the version of the Securities Code previously in force referred only to voting rights; the calculation now takes into account both share capital and voting rights.
6. Trading suspension no longer subject to a fixed timeframe
The Securities Market Commission (CMVM) is no longer required to renew the suspension of securities—such as shares—every ten days; instead, the suspension remains in effect only for the period strictly necessary to resolve the circumstances that gave rise to it.
7. Financial analysis with fewer restrictions
There are also changes regarding financial analysis. The €1Bn market capitalisation threshold—which previously prevented the bundling of payments for execution services and investment recommendations—has been eliminated. Previously, even if a firm exceeded this limit, the financial intermediary was prohibited from bundling the fees charged to investors. Now, although the fee schedule must still specify the information separately, it is once again possible to present the fee to investors as a combined amount.
8. Listed companies may pay for sponsored research
Stock-exchange-listed companies will be permitted to pay financial intermediaries for investment recommendations. These intermediaries are not governed by the current code for investment recommendations but rather by a code of conduct approved by the European Commission; this code aims to prevent conflicts of interest and ensure the objectivity of such research in an effort to boost market confidence. Issuer-sponsored research—as these reports will henceforth be designated—must be identified “clearly and visibly” on the front page.
9. Less information regarding shares in failed companies
Another change specifically affects holders of shares or bonds issued by companies that are insolvent or in liquidation. These holders will no longer receive periodic statements regarding their holdings; instead, the issuer—or the financial intermediary acting on its behalf—will only be required to provide a statement if there are changes compared to the last one sent or if the security holder requests it. The aim is to “limit costs chargeable to the issuer’s assets or insolvency estate.”
10. Framework ready, awaiting the single access point
In this case, there is still a wait ahead. The European Single Access Point (ESAP)—currently being transposed into national law and expected to be fully operational by July of next year—will function as a platform providing standardised information on all financial instruments (such as shares, bonds, or investment funds) at the European level.
Source: EU/Bank of Portugal/Euronext
