Corporate compliance annual report
“
One of the major
opportunities
for law firms in
Portugal relates to
advising clients on
the creation and
implementation of
compliance policies
and programmes,
namely in relation
to combating money
laundering and
terrorism financing, as well as
the issue of data protection, says
MLGTS partner Tiago Félix da
Costa. He adds that there is also
significant work for law firms
in regulated industries such as
There is no single
effective method of
having good compliance,
businesses have to be
very vigilant.
María José Menéndez
Ashurst
in foreign jurisdictions because of
compliance issues, even though
the businesses were profitable
enterprises.
Clients are turning to law
firms to ask for training on how to
deal with “dawn raids”, says one
partner. “This can involve training
receptionists, for example, on what
protocols to follow,” the partner
adds. “For example, it’s important
that clients do not destroy
information.”
Portugal: Fight against terrorism
Contentious matters relating
to compliance will increase in
Portugal, according to Uría
Menéndez-Proença de Carvalho
partner Nuno Salazar Casanova.
He adds that this will be partly
due to new measures introduced
by the Bank of Portugal following
the global crisis, which had a
severely damaging effect on the
Portuguese banking sector. He
adds that compliance matters
related to financial institutions and
the “financing of terrorism” will
also be a feature of the market in
future.
There is an increasing number of
new laws that require companies
– particularly those in the energy,
banking, capital markets or
insurance sectors – to adopt
“written compliance mechanisms
and compliance programmes,
the infringement of which may
imply the assessment of severe
penalties and ancillary sanctions,”
says Sofia Ribeiro Branco, partner
at VDA - Vieira de Almeida. She
adds that using compliance as a
“defence tool is a new hot topic
for lawyers, as sanctions may be
significantly reduced (or maybe
not imposed) if companies succeed
in demonstrating they have strong
compliance programmes which
they implement and enforce”.
www.iberianlawyer.com
”
health and telecommunications
where regulation is increasing.
Meanwhile, the European
Union’s General Data Protection
Regulation (GDPR) will bring
about dramatic changes related to
data protection and privacy. Félix
da Costa also says that “unlike in
Spain, Italy and other countries,
Portugal does not have a clear
definition of how companies’
liability should be exempted
if they prove to have adequate
compliance programmes”.
Hugo Rosa Ferreira, partner at
PLMJ, says that there is generally
an increasing awareness of
the importance of compliance
Portugal: What are the biggest opportunities for law firms in the area of
corporate compliance?
“There has been a substantial increase in the regulations applicable to corporations
operating in specific areas of activity, such as energy, telecommunications, IT, health,
and data protection. But there is also increasing demand for legal services relating
to specific corporate regulations, such as minority shareholders’ activism, corporate
governance, trade with related parties, prevention of money laundering, and groups
with companies based on different jurisdictions.” Alexandre Jardim, partner, Pbbr
“Today’s business world increases the need for companies to adopt credible
corporate compliance policies. Portuguese companies still have a long way to go on
this matter, since most of them still see compliance as a strictly banking and finance
matter or as an investment that does not pay off. In the last few years though,
companies have increasingly been held liable by courts for not taking enough
preventative measures, for example, or for not implementing adequate surveillance
mechanisms. This has been a growing concern for enterprises and this generates
business opportunities for law firms.” Alberto Galhardo Simões, partner, Miranda &
Associados
“There are plenty of events that may affect compliance affairs and create new
opportunities. An event which has had a considerable impact on compliance
matters is the UK vote for Brexit, which will certainty have significant regulation and
enforcement repercussions for compliance professionals the world over for years
to come. The increasing use of technology and the focus on corporate culture and
behaviours, standards of corporate governance and the role of leadership are also
pressure points.” Joana Andrade Correia, senior associate, Raposo Bernardo
“The Portuguese market has strong links with the Spanish market, with cross-border
operations. The growing importance of compliance in Spain – first with the changes
in the Spanish Criminal Code in 2015 and the interpretation of the Spanish Public
Prosecutor Office (“Fiscalia General del Estado”) – should have a strong impact
on Portuguese companies. If the compliance requirements of the American and
British markets are there for a few years, the rush for compliance policies in Spain
will imply important changes in branches located in Portugal and also in Portuguese
companies. However, until now, Portuguese companies are not yet sufficiently
committed to establishing strong and effective compliance policies.” Pedro Duro,
counsel, Campos Ferreira, Sá Carneiro & Associados
May / June 2017 • IBERIAN LAWYER • 41
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