Banking and Finance Newsletter | Commercial Paper: New Legal Framework

The Banking and Finance Department at SRS Legal has published a newsletter focusing on the new legal framework for commercial paper, introduced by Decree-Law No. 102/2026 of 22 May, which aims to make this instrument more attractive and functional, both for companies seeking short-term financing and for investors who prefer shorter maturities.

Key changes include the redefinition of the concept of commercial paper, the reform of the prior notification regime to the CMVM, and the removal of the requirement for a financial intermediary to be involved in certain public offerings.

The new regime also clarifies the framework for guarantees and enhances the liquidity and attractiveness of this instrument to professional investors.