By Manuel Santos Vitor, Pedro Menezes Cardoso

The Portuguese crowdfunding regime was approved by Law no 102/2015, of 24 August 2015 and is regulated by the Portuguese Securities’ Market Commission Regulation no 1/2016 of 5 May 2016 (applicable to investment crowdfunding). However, the entry into force of this regime was conditional upon the approval of the applicable penalty regime, which only occurred in 2018.

With its definitive entry into force, there is already an initial public offering (IPO) in progress. This involves a Portuguese crowdfunding company dedicated to peer-to-peer lending. In this article we review the main features of this new legal framework and the associated contractual challenges.