In July, August and September 2026, several legislative and regulatory measures affecting the banking and capital markets sectors were adopted, of which we highlight the following:
- Decree-Law No. 134/2026, which approved the new rules on the advertising of PRIIPs;
- Decree-Law No. 171/2026, through which Portugal implemented EU “Listing Act” measures; and
- Commission Delegated Regulation (EU) 2026/1061, which approved the new rules on prospectuses.
These measures are discussed in more detail in our dedicated newsletters, which may be accessed by clicking the links above.
This newsletter outlines the main legislative and regulatory developments at European and national level in the mentioned period.
1. EUROPEAN LEGISLATION
Corrigendum to Decision (EU) 2026/77 of the European Central Bank, OJ L, 2026/1459, 1.7.2026
Amendment to the Market Infrastructure Board Guideline
Guideline (EU) 2026/1473 of the European Central Bank, OJ L, 2026/1459, 1.7.2026
TARGET System – Trans-European Automated Real-time Gross settlement Express Transfer system
Commission Delegated Regulation (EU) 2026/807, OJ L, 2026/807, 7.7.2026
Updates regulatory technical standards of the Capital Requirements Regulation
Commission Delegated Regulation (EU) 2026/788, OJ L, 2026/788, 16.7.2026
Trading venues of significant cross-border importance (trading authorisation)
Commission Delegated Regulation (EU) 2026/789, OJ L, 2026/788, 16.7.2026
Disclosure of inside information in protracted processes
Commission Delegated Regulation (EU) 2026/825, OJ L, 2026/825, 23.7.2026
Assessment of the effectiveness of investment firms’ order execution policies
Commission Delegated Regulation (EU) 2026/849, OJ L, 2026/825, 23.7.2026
Ensuring the completion, within a reasonable period, of residential property under construction
Decision (EU) 2026/1754 of the European Central Bank, OJ L, 2026/1738, 24.7.2026
Amends Commission Delegated Regulation (EU) 2019/980 as regards the standardized format and sequence and the simplification of the content, scrutiny and approval of the prospectus.
Commission Implementing Regulation (EU) 2026/1757, OJ L, 2026/1743, 27.7.2026
Reporting of information by third-country branches
Commission Delegated Regulation (EU) 2026/872, OJ L, 2026/1881, 28.7.2026
Rules applicable to ESG rating providers regarding the separation of activities
Commission Delegated Regulation (EU) 2026/871, OJ L, 2026/1881, 28.7.2026
Information on ESG rating products to be disclosed to the public
Commission Delegated Regulation (EU) 2026/910, OJ L, 2026/910, 30.7.2026
Fees payable to ESMA by ESG rating providers
Commission Delegated Regulation (EU) 2026/904, OJ L, 2026/910, 30.7.2026
Procedural rules concerning fines imposed by ESMA on ESG rating providers
Information C/2026/4080, European Commission, OJ C, C/2026/4080, 4.8.2026
ECB interest rate applicable from 1 August 2026
Commission Delegated Regulation (EU) 2026/1061, OJ L, 2026/1061, 13.8.2026
Amendments to the prospectus rules
Decision (EU) 2026/1942 of the European Central Bank, OJ L, 2026/1195, 14.8.2026
Processing of personal data in the prudential supervision of credit institutions
Commission Delegated Regulation (EU) 2026/1000, OJ L, 2026/1000, 17.8.2026
EBA fees for the validation of pro forma templates under EMIR
Commission Delegated Regulation (EU) 2026/971, OJ L, 2026/971, 19.8.2026
Access to regulatory information (issuers of securities)
Commission Delegated Regulation (EU) 2026/1119, OJ, 2026/1119, 1.9.2026
ESG Rating Service Provider: Applications for Authorisation and Recognition
Investment Firms: Information, Product Governance and Position Limits
Commission Delegated Regulation (UE) 2026/1167, OJ L, 2026/1167, 3.9.2026
Regulatory Technical Standards: Operational Risk Requirements
Commission Implementing Regulation (EU) 2026/1166, OJ L, 2026/1167, 3.9.2026
Implementing Technical Standards: Supervisory Reporting Activity and Reference Data
Commission Delegated Regulation (UE) 2026/1092, OJ L, 2026/1092, 4.9.2026
EU Code of Conduct for Issuer- Sponsored Research
Commission Delegated Regulation (EU) 2026/1221, OJ L, 2026/1221, 11.9.2026
Specific and Temporary Operational Support Measures: Own Funds Requirements for an Institution's Market Risk
Corrigendum to Commission Delegated Regulation (EU) 2026/1061, OJ L, 2026/1061, 18.9.2026
Corrigendum to the amendments to the Prospectus Regulation
Commission Delegated Regulation (EU) 2026/1563, OJ L, 2026/1563, 21.9.2026
Simplification of Sustainability Reporting Standards
Commission Delegated Regulation (EU) 2026/1560, OJ L, 2026/1560, 21.9.2026
Voluntary Sustainability Reporting Standards
Corrigendum to Directive (EU) 2023/2225, OJ L, 2023/2225, 22.9.2026
Corrigendum to the Consumer Credit Directive.
2. NATIONAL LEGISLATION
Creates treasury certificates “series 5”
Decree-Law No. 134/2026 – DR No. 131/2026, Series I of 9.7.2026
Amends the legal framework for packaged retail and insurance-based investment products
Draft Law 92/XVII/1 [Government], of 14.7.2026
Partially implements Regulation (EU) 2024/2809 and amends the Portuguese Securities Code
Order No. 9220/2026 – DR No. 140/2026, Series II of 22.7.2026
Allocation of the proceeds from the disposal of the Portuguese State’s shareholding in Novo Banco
Order No. 9414-A/2026 – DR No. 142/2026, Supplement, Series II of 24.7.2026
Instalments securing payment of the price by the selected bidder in the TAP privatisation process
Ordinance No. 320-C/2026/1 – DR No. 147/2026, Supplement, Series I of 31.7.2026
Amends PEPAC Portugal 2023-2027 ordinances: compliance with obligations under the Portuguese Central Register of Beneficial Ownership (RCBE)
Law No. 42/2026 – DR No. 152/2026, Series I of 7.8.2026
Amends the financial framework for local authorities
Decree-Law No. 171/2026 – Official Gazette No. 165/2026, Series I, of 26 August 2026
Amends the Portuguese Securities Code (transposition of the Listing Act and other matters).
Public Consultation No. 5/2026, ASF
Update of the "Fire and Natural Perils" Insurance for the Fourth Quarter of 2026
Corrigendum No. 35/2026/1, Diário da República No. 179/2026, Series I, of 15 September 2026?
Corrigendum to the amendments to the Portuguese Securities Code
3. ACTS OF BANK OF PORTUGAL
3.1. ACTS
Recommendation No. 1/2026, Bank of Portugal, of 2.7.2026
New credit agreements entered into with consumers
Official Bulletin of the Bank of Portugal No. 7/2026, of 15.7.2026
Official Bulletin No. 7/2026
Supervisory document, ESMA, of 7.7.2026
Triangular passporting under the MiFID II Directive
Official Bulletin of the Bank of Portugal No. 8/2026, of 17.8.2026
Official Bulletin No. 8/2026
Instruction No. 8/2026, Banco de Portugal, of 26 August 2026
Repeal of Instruction No. 7/2019
Instruction No. 7/2026, Banco de Portugal, of 26 August 2026
Repeal of Instruction No. 28/2018
Official Bulletin of Banco de Portugal No. 8/2026 – Supplement, of 26 August 2026
Official Bulletin No. 8/2026
3.2 CIRCULAR LETTERS
Circular Letter No. CC/2026/00000022, Banco de Portugal, of 26 August 2026
Concept of a “group of connected clients”