The Portuguese Government passed Decree-Law no. 58/2013, of 8 May 2013, which set out new rules applicable to credit transactions, which will limit default interest rates to 3% plus the agreed interest rate, allow the capitalisation of interest for minimum periods of one month and prohibit late payment fees.
The new rules will apply to all credit transactions (including, among others, consumer loans, mortgage and corporate loans) entered into by banks and financial companies subject to the supervision of the Bank of Portugal and will enter into force on 5 September 2013.
The Portuguese Government has implemented Directive 2003/87/EC, of 13 October on greenhouse gas emissions permits.
According to Decree-Law no. 38/2013 of 15 March, the Portuguese Environment Agency (Agência Portuguesa do Ambiente) (APA) will be responsible for granting gratuitous greenhouse gas emissions permit, managing the Portuguese Registry of Emission Permits, which is integrated in the Union Registry and also technical management of the Portuguese Carbon Fund.
The operators of greenhouse gas emitting plants that carry out any of the activities listed in Annex II of the Decree-Law must mandatorily own a greenhouse gas emissions permit (título de emissão de gases com efeito de estufa) (TEGEE). The request for a TEGEE must be submitted with the competent authority responsible for the permitting procedure by filling in a specific form made available by APA on their internet website.
PARVALOREM, the State-owned vehicle that holds part of BPN's former loan portfolio, has issued a public tender for the rendering of servicing and collection services respecting its loan portfolio, which is divided into four independent lots.
Applications to pre-qualification must be submitted by 18 February 2013.
According to the new guidelines, the base amount of the fine is set between 0% and 30% of the turnover related to a breach of competition law, and only when it is not possible to determine that value, will the Competition Authority take into account the undertaking's total turnover.
The new leniency regulation establishes which elements must be submitted to the PCA and enables undertakings to submit an initial application through a marker system and a summary leniency application.
The Portuguese Government approved the terms and conditions applicable to the sale of the share capital of ANA - Aeroportos de Portugal, S.A. (ANA) by private negotiation by Resolution of the Council of Ministers 94-A/2012, where the tender specifications (caderno de encargos) may be found.
Investors selected during the preliminary stage may now have access to the relevant information and carry out the necessary due diligences to submit their binding offers, which are due in mid- December 2012.
The choice of the buyer will be based not only on the price offered but also on the quality of the strategic project.
The IMF has issued the fifth review of the Portuguese Economic Adjustment Program. The report concludes that good progress has been made although the program has now entered a more challenging period.
The Portuguese Government has established the legal framework for the privatization of ANA - Aeroportos de Portugal, S.A. (ANA), holder of the airport management services' concession.
The privatization will occur through the disposal of up to 100% of the share capital by (i) a private negotiation and (ii) a public offer of up to 5% of the share capital, addressed to the ANA's employees.
The collection of bids is now in progress. The criteria for selection of the investors for submission of binding proposals will include the target price and the absence of any legal constraints of the company interested.
The Portuguese Government may subject the future sale of ANA's shares to a lock-up period and before it occurs has the power to suspend and cancel this privatization for reasons of public interest.
The Portuguese Government has established the legal framework for the 3rd and 4th stages of TAP's privatisation. Meanwhile, it has also selected Synergy Aerospace to present a binding offer to buy or subscribe TAP's shares until 7 December.
The 2013 State Budget Proposal (Budget Proposal) confirms most of the fiscal measures already announced, but contemplates some positive measures, such as the VAT cash accounting system and additional tax incentives for the reinvestment of profits.
Following the Government Program and the Memorandum of Understanding and by Decree-Law No. 25/2012 of 6 February, the Government suspended indefinitely the allocation of power injection in Public Service Power Grid for energy produced from special arrangements.