The Central Securities Depositories (CSD) regime has been amended to adapt its national rules to Regulation (EU) 2023/2845, which seeks to facilitate the registration and settlement of securities transactions.

This EU regulation is part of an ongoing effort to strengthen efficiency and security in securities settlement systems, especially in the context of CSDs - financial organizations that manage the settlement of securities such as shares and bonds.

Rules were adjusted (articles 6 to 8 of Decree-Law 59/2024) to introduce changes to the procedural regime for qualifying holdings (holdings that represent voting rights in the investee company, or that make it possible to exercise significant influence over the management of that company) and control of ‘CSDs’. The concept of qualifying holding was adjusted, which meant that certain holdings would now be counted for CSD control, namely those that make it possible to exercise a significant influence over the management of a company.

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