With the entry into force, on 23 November 2024, of Decree-Law n.º 89/2024, of 18 November, the first amendment was made to the asset management regime, approved in the annex to Decree-Law n.º 27/2023, of 28 April (AMR).

This amendment focused exclusively on adding a new paragraph 8 to Article 31 of the AMR, which is entitled ‘Own funds “ and which reads as follows: ” The management company may invest amounts that exceed the own funds required under the terms of the law, provided that the investment is, at all times, ancillary to the main activity, and conflicts of interest are prevented, and the CMVM is responsible for regulating the terms under which this activity may take place’.

This is only applicable to large management companies, as can be seen from the preamble to Decree-Law 89/2024 and from the systematic plan in which Article 31 is included in the AMR.

Although the addition to Article 31 of the AMR that we are dealing with here came into force, as has already been said, on 23 November 2024, its full effectiveness is dependent on the CMVM approving the regulations it provides for.