Introduction
Decree-Law 453/99 of 5 November 1999 (the "Securitisation Law") allowed the sale of receivables to be transformed into securities, with the purpose of being publicly or privately placed in the domestic and international markets. Although until the approval of this bill, securitisation of Portuguese receivables could be achieved, it was generally understood that the Securities Commission (Comissão de Mercado de Valores Mobiliários – "CMVM") would not allow the issue and public placement in Portugal of the securities issued by the purchaser of the Portuguese receivables.
However, the new bill has not increased the market’s interest in the securitisation of Portuguese receivables as it had been expected, as a result of stringent requirements for the incorporation of securitisation vehicles. In response to this, the Government has recently enacted Decree-Law 82/2002 of 5 April 2002, amending the Securitisation Law in order to create the necessary conditions for a
