Issue Note Portugal Interagency Review

by Suzana Tavares da Silva and Marta Vicente, CELIS Country Reporter for Portugal.

The Portuguese screening mechanism is enshrined in Decree-law no. 138/2014, of 15 September, which was approved amidst the 2010 financial crisis. It covers business operations whereby third-country investors acquire control over strategic assets, which are likely to embody a real and sufficiently serious threat to defence, national security, or security of supply of public sectors. The note revisits the main features of the screening mechanism, placing a special focus on interagency review. It explores the process of information gathering in the course of the screening, which is conducted by the competent member of Government. It also delves into the way the latter interacts with other administrative bodies, such as independent regulatory agencies, and the potential conflicts engendered by such agencies’ independence. As the note confirms, the mechanism has not been used so far, which explains the absence of administrative guidelines for its application.