Subject matter
The communication of information on specific transactions is addressed solely to professional investors (investidores profissionais) within the meaning of article 317-B of the Portuguese Securities Code (Código dos Valores Mobiliários).
This policy sets out the categories, the requirements, the qualification process and the effects of categorisation. It applies to every request submitted through this site.
Categories
The law distinguishes professional investors from non-professional investors. The category determines the degree of protection that applies.
By default, any person is treated as a non-professional investor. Categorisation as professional depends on a request and on approval.
Professional investors by nature
Professional investors by nature (investidores profissionais por natureza) include, among other entities, credit institutions, investment firms and insurance undertakings.
They also include collective investment undertakings and their management companies, pension funds and their management companies, and other authorised or regulated financial entities.
They include large undertakings which exceed the applicable statutory thresholds, and public entities under the terms of the law.
Statutory cross reference and complete enumeration: to be confirmed in a legal opinion.
An applicant qualifying by this route states the category and the applicable registration or authorisation.
Treatment as a professional investor on request
A person who does not fall within the preceding categories may request to be treated as a professional investor.
The request requires that at least two of the following three requirements be met.
Requirement 1. Frequency of transactions. Having carried out transactions of significant size on the relevant market, at an average frequency of ten transactions per quarter over the previous four quarters.
Requirement 2. Portfolio of financial instruments. Holding a portfolio of financial instruments, including cash deposits, of a value exceeding five hundred thousand euros.
Requirement 3. Professional experience. Holding, or having held, a position in the financial sector for at least one year, in a role that calls for knowledge of the services or transactions in question.
Each requirement declared calls for written substantiation. The substantiation may be subject to documentary verification.
The form does not proceed with fewer than two substantiated requirements. The threshold is statutory and fixed, and it is not an assessment of the applicant's financial position.
Effects of categorisation
Being treated as a professional investor reduces the degree of protection that the law confers.
The duties to provide information on instruments, risks, costs and charges may be discharged in less detailed terms.
The assessment of whether a transaction is suitable to the investor's circumstances, objectives and capacity to bear losses ceases to apply, or applies in more limited terms.
The Investor Compensation Scheme (Sistema de Indemnização aos Investidores) does not cover professional investors on the same terms on which it covers non-professional investors.
The categorisation is relevant to the assessment of any dispute concerning the transactions in which the investor takes part.
The process, in five steps
Step 1. Framework. Identification, tax residence and indication of the qualification route.
Step 2. Criteria. Declaration and written substantiation of the statutory requirements.
Step 3. Warning. Written presentation of the protections that are lost on being treated as a professional investor. Mandatory screen.
Step 4. Declaration. Acknowledgement of the consequences, in a separate document, distinct from any contract.
Step 5. Review. Each request is reviewed individually by a member of the management body (Direção). There is no automatic approval. Response within five business days.
Where the request is approved, a personal access link is sent by email.
We may request supporting documentation. We may refuse without stating grounds.
Documentary evidence
Each request receives its own reference and gives rise to a complete record of the process.
The record includes the answers given in full, the version and the reference of the warning text presented, the date and time, and the identity of the person who decided.
The record is kept in append-only mode, with no editing and no deletion, and retained for seven years.
Validity and revalidation
The qualification is valid for twelve months, counted from the date of approval.
Continuation requires reconfirmation, with a fresh declaration of the statutory requirements and a fresh acknowledgement declaration.
Without reconfirmation, access is suspended on the expiry date stated in the advance notice.
The investor has a duty to notify any change in the facts on the basis of which they were qualified. Where the requirements cease to be met, the categorisation is reviewed and access ends.
Right to request a change of category
The investor may at any time request in writing to be treated as a non-professional investor.
A request for greater protection is accepted without assessment of its merits and takes effect from written confirmation.
The request is addressed to the contact address given in the privacy policy.
Territorial restrictions
This process is not addressed to persons resident or domiciled in the United States of America.
It is not addressed to residents of any jurisdiction where the communication or the access is prohibited or subject to registration.
Complete list of restricted jurisdictions: to be confirmed in a legal opinion.
Tax residence is declared at Step 1 and restricted jurisdictions are excluded automatically. The request is not recorded and is not resumed.
Decision
A refusal is not reasoned and is not open to appeal. It implies no judgement on the applicant's financial or professional position.
The data of a refused request is retained under the terms of the privacy policy.
Nature of this page
This page is informative in nature and contains no information on specific transactions.
The capital invested in any transaction is exposed to the risk of total loss.