Corporative and Commercial Law:

On February 1st, 2010, Regulation No. 1/2010 from the Portuguese Securities Market Commission (“CMVM”) was published. This Regulation includes the following main provisions:

(i) Authorizes companies that issue shares admitted to trading on a regulated market located in or performing in Portugal (the “Companies”) to choose an alternative Corporate Governance Code other than the one recommended by CMVM. For this purpose, Companies must inform in advance CMVM of the chosen Corporate Governance Code, which is required to respect the terms set forth on the Regulation. 

(ii) Establishes that Companies must disclose their remuneration policy regarding the members of the Board of Directors and Statutory Auditors; 

(iii) Establishes a duty of the Companies to inform CMVM of the approval of stock option plans within seven days from the respective approval;  

(iv) Requires Companies to disclose certain institutional information in their websites; 

(i) Sets forth the details of the information to be disclosed concerning the remuneration of the members of the Board of Directors and Statutory Auditors.
This Regulation entered into force on February 2nd, 2010, revoking Regulation No. 1/2007.

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