Key Benefits:
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PROPOSED LAW NO. 227 /X
Exhibition of Motives
The present proposed law comes, on the one hand, to establish the approval regime and
disclosure of the remuneration policy of the members of the administrative bodies of the
entities of public interest and proceed to the review of the sanctionatory regime for the sector
financial in criminal and counter-ordinance.
In remunerative subject matter, it is expected to make it mandatory to submit it to the approval of the
general assembly a statement on the remuneration policy of the members of the organs
of administration and oversight of entities of public interest. The qualification as
public interest entity stems from Directive No 2006 /43/CE, of Parliament
European and of the Council of May 17, 2006 on the legal review of accounts, whose
transposition into the internal legal order appears in the decree-law establishing the Council
National of Audit Supervision. The said declaration contains, in particular,
information on the criteria for the definition of the variable component of remuneration, the
existence of shares allocation plans, the possibility of the payment of the component
variable of the remuneration, if it exists, to take place, in whole or in part, after the clearance of the
exercise accounts corresponding to the whole mandate and the existence of mechanisms of
limitation of variable remuneration in the case of the results evidencing a deterioration
relevant of the performance of the company in the last financial year ascertained or when this is
expectable in the current financial year.
With respect to the sanctionatory regime, it is carried out to update the criminal moldings and
of the amounts of the fines, which remain unchanged since the 90.
In this scope, the purpose underlying the present amendment is simultaneously to adapt
the frames of the feathers and the amounts of the fines to the size and characteristics of the sector
financial timely, to strengthen the effect of punishment and deterrence associated with the
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sanctionatory regime, as well as promoting the alignment of the moldings of the fines and
of the procedural tools in the three financial sectors.
In particular, in criminal matters, the frame of the penalties is raised from three to five years in the
cases already currently typified, that is, when the exercise of illicit activity occurs
of receipt of deposits or other refundable funds, transmission or performance
on the basis of insider information, market manipulation, or still the illicit practice
of acts or operations of insurance, reinsurance or management of pension funds.
They are also high the limits of the fines up to the maximum amount of € 5000000,
applicable to the especially serious ducts, and provided for the aggravation of the maximum fine
applicable when twice the economic benefit exceeds that amount, without prejudice
of the loss of the economic benefit itself. It is intended, thus, to punish in an aggravated manner the
cases in which the breach of duty has given rise to a financial advantage of value
particularly high, through the adjustment of the fine measure up to double the
economic benefit.
Simultaneously, it comes to introduce the figure of the sumptiest process in the banking sector and
in the insurer, reinsurer and pension funds sector, taking advantage of the experience
harvested from the resource to this procedural mechanism in the securities sector. The
legal consecration of this procedural form célere allows to expedite sanctionatory intervention
of the supervisory entities in an appreciable number of minor-gravity illicit, with
advantages from the point of view of procedural efficiency and without prejudice to the deterrent efficacy
of the sanctions. This modality of process is applicable in cases where the nature of the
infringement, the intensity of guilt and too much of the circumstances characterize the illicit as of
reduced gravity. The summation process is essentially characterized by a
tramway that allows to confront the accused with the existing hints still in the phase of
instruction, giving you the option of accepting the application of a fine up to triple the limit
minimum of the frame provided for in the law, with preclusion of the possibility of appeal. In
any case, it shall be the accused obliged to adopt the due behaviour, and may in
any case being also applied to the ancillary sanction of publication of the decision
condensation.
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In the field of advertising of decisions in counterordinational process, in the sector of
securities, it comes to extend the duty of disclosure in force equally to the against-
serious ordinances, passing that regime of transparency of the sentencing decisions of the
CMVM to cover very serious and serious counterordinations. Similar regime is,
likewise, introduced in banking and insurance, reinsurance and pension funds.
Still, in the framework of strengthening the procedural tools at the disposal of the authorities of
supervision is to refer to the express consecration of a standard which, in broad terms,
allows for the request to any persons or entities of the elements considered
necessary to the enquiries or the instruction of the counterordinance processes.
Finally, it is to highlight the aggravation of the nature of the counter-ordinations associated with the
violation of information and constitution duties or contribution to funds of
mandatory warranty. With respect to the duties of information, the provision of
information to the supervisory authorities that is not complete, true, current, clear,
objective and lawful or the omission of such provision and non-compliance with the legal duties of
information for with their respective customers go on to constitute counter-ordinations very much
graves.
Should be considered the need for promotion of consultation to the National Commission of
Protection of Data.
The National Council of Financial Supervisors has been heard.
Thus:
Under the terms of the paragraph d) of Article 197 (1) of the Constitution, the Government presents to the
Assembly of the Republic the following proposal for a law:
Article 1.
Subject
This Law establishes the regime for the approval and disclosure of the remuneration policy
of the members of the administrative and supervisory bodies of the entities of interest
public and proceeds to the review of the sanctionatory regime for the financial sector in matter
criminal and counter-ordinance.
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Article 2.
Policy for remuneration
1-The governing body or the remuneration commission, if it exists, of the entities of
public interest, listed in the decree-law establishing the National Council of
Audit of Auditing, submit, annually, the approval of the general assembly a
statement on the remuneration policy of the members of the respective bodies of
administration and surveillance.
2-For the purposes of the provisions of this Law, entities of public interest are deemed to be
in addition to those referred to in the preceding paragraph, financial companies and societies
gestures from venture capital funds and pension funds.
3-A The declaration provided for in paragraph 1 contains, in particular, relative information:
a) To the mechanisms that allow the alignment of the interests of the members of the
body of administration with the interests of the society;
b) To the criteria for defining the variable component of remuneration;
c) To the existence of plans for allocation of shares or options for acquisition of shares
on the part of members of the administration and supervisory bodies;
d) To the possibility of the payment of the variable component of the remuneration, if it exists,
take place, in whole or in part, after the clearance of the financial year accounts
corresponding to the whole term;
e) To the mechanisms of limitation of variable remuneration, in the case of the results
evidencing a relevant deterioration of the company's performance in the latter
Exercise ascertained or when this is expectable in the current financial year.
Article 3.
Disclosure of remuneration
Entities of public interest disclose in the annual reporting documents,
or being issuers of shares admitted to trading on regulated market in the
document referred to in Article 245 to that of the Securities Code, approved
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by Decree-Law No. 486/99 of November 13, the remuneration policy of the members
of the administrative and supervisory body, approved in the terms of the previous article, well
as the annual amount of the remuneration earned by the members of the said bodies, of
aggregated or individual form.
Article 4.
Illicit counterordinational
1-A violation of the provisions of articles 2 and 3 by credit institution, society
financial or holding company of social participations that review the nature of
entities of public interest listed in the decree-law establishing the Council
National of Supervision of Audit constitutes an especially serious offence,
punishable under Article 211 of the General Regime of Credit Institutions and
Financial Societies, being applicable in Articles 201 to 232 of that
Regime.
2-A violation of the provisions of Articles 2 and 3 by insurance company or reinsurance company,
society managing social participations in the insurance sector, the managing society of
mixed stakes of insurance or pension fund holding company constitutes
a very serious counterordinance, punishable under article 214 of the Decree-Law
n 94-B/98 of April 17, the scheme provided for in Articles 204 to 234 shall apply.
of that diploma.
3-Irrespective of the provisions of the preceding paragraphs, the violation of the provisions of the
articles 2 and 3 by open society, issuer of securities admitted to the
trading on regulated market, venture capital companies, societies
gestures of venture capital funds and credit securitisation companies constitute
a very serious counterordinance, punishable under the terms of the ( a) of the Article 1 (1)
388. of the Securities Code, the scheme being provided for in the Articles
388. to 422 of that Code.
4-A violation of the provisions of previous articles by public companies that review the
nature of entities of public interest listed in the decree-law creating the
National Board of Supervision of Audit constitutes a serious violation of the law for
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effects of the provisions of the paragraph b) of Article 25 (1) of the Statute of the Public Gestor,
approved by Decree-Law No. 71/2007 of March 27.
Article 5.
Amendment to the General Regime of Credit Institutions and Financial Societies
Articles 200, 210, 211 and 215 of the General Regime of Institutions are amended.
Credit and Financial Societies, approved by the Decree-Law No. 298/92, of 31 of
December, with amendments introduced by the Decrees-Law No. 246/95 of September 14,
n ° 232/96 of December 5, paragraph 222/99 of July 22, para. 250/00, October 13,
n ° 285/2001 of November 3, para. 201/2002, September 26, para. 319/2002, 28
of December, paragraph 252/2003, of October 17, para. 145/2006, of July 31,
no 104/2007 of April 3, para. 357-A/2007, para. 1/2008, 3 of
January, and paragraph 126/2008, of July 21, which shall be replaced by the following:
" Article 200.
[...]
The one who exercises activity that consists in receiving from the public, on account of
own or alheia, deposits or other refundable funds, without that for such
there is the necessary authorization, and not by checking any of the situations
provided for in Article 8 (3), is punish-punished by up to five years.
Article 210.
[...]
They are punishable with fine of € 3000 a € 1500000 and € 1000 a € 500000,
depending on whether it is applied to the collective ente or the natural person, the offences
hereinafter referred to:
a) [...];
b) [...];
c) [...];
d) [...];
7
e) [...];
f) [...];
g) [...];
h) [...];
i) [...];
j) [...].
Article 211.
[...]
They are punishable with fine of € 10000 a € 5000000 or € 4000 a € 2000000,
depending on whether it is applied to the collective ente or the natural person, the offences
hereinafter referred to:
a) [...];
b) [...];
c) [...];
d) [...];
e) [...];
f) [...];
g) [...];
h) [...];
i) [...];
j) [...];
l) [...];
8
m) [...];
n) [...];
o) [...];
p) [...];
q) [...];
r) [...];
s) [...].
Article 215.
Collection of elements
1-[...].
2-[...].
3-The Bank of Portugal may request any persons and entities all the
clarifications, information, documents, regardless of nature
of their support, objects and elements, to the extent that they are
disclose necessary to the enquiries or the instruction of proceedings of your
competence. "
Article 6.
Addition to the General Regime of Credit Institutions and Financial Societies
Articles 211-A, 227-A and 227-B to the General Regime of Institutions of
Credit and Financial Societies, approved by the Decree-Law No. 298/92, of 31 of
December, with amendments introduced by the Decrees-Law No. 246/95 of September 14,
n ° 232/96 of December 5, paragraph 222/99 of July 22, para. 250/00, October 13,
n ° 285/2001 of November 3, para. 201/2002, September 26, para. 319/2002, 28
of December, paragraph 252/2003, of October 17, para. 145/2006, July 31, para.
104/2007 of April 3, para. 357-A/2007, of October 31, para. 1/2008, of January 3, and
n ° 126/2008 of July 21, with the following:
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" Article 211.
Aggravation of the fine
Without prejudice to the provisions of the paragraph a) of Art. 212 (1), if double the
economic benefit exceeds the maximum limit of the applicable fine, this is
high to that value.
Article 227-The
Sumarest process
1-When the nature of the offence, the intensity of guilt and the rest
circumstances the justifying, can the Bank of Portugal, before the prosecution and
on the basis of the indicted facts, notify the defendants of the possibility of
application of a reduced penalty, in the terms and conditions set out in the
following numbers.
2-A applicable sanction is an admoestation, pursuant to the general scheme of the
ilocytes of mere social ordering, or a fine whose concrete measure does not
exceeds triple the minimum limit of the abstractly predicted frame for the
infringement, and may in any case be also applied for ancillary sanction
of publication of the sentencing decision.
3-A notification provided for in paragraph 1 is made by written communication of which
must appear:
a) The description of the imputed facts;
b) The specification of the violated standards and the illicit against-
the practiced ordinances;
c) The sanction or sanctions to be applied, with indication of the elements that
contributed to their determination;
d) Indication, where appropriate, of the behaviour that the accused must
adopt in compliance with the breach of duty and the time limit for which it has
for the purpose;
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e) Information on the respective consequences of acceptance and the
refusal of the sanction.
4-Received notification provided for in paragraph 1, the accused has the deadline of 15 days
to refer to the Bank of Portugal written declaration of acceptance of the sanction
on the notified terms or application for payment of the fine imposed.
5-If the accused accepts the penalty or shall make the payment of the fine imposed, and
if you adopt the behaviour that you were eventually notified of, the
decision of the Bank of Portugal becomes final, as a sentencing decision
and to the possibility of further appreciation of the imputed facts as
counterordinance.
6-If the accused refuses the application of the penalty in the notified terms or not if
pronounce on the set deadline, or if, a fine has been applied, this
has not been paid within due time, or still if you require any due diligence
supplement or not adopt the due behaviour, the notification made
in the terms of paragraph 3 is without effect and the counterordinance process
continues in the common form, by having the Bank of Portugal carry out the
too much instructional representations and deduct charge, without this being limited
by the content of the said notification.
Article 227-B
Disclosure of the decision
1-Elapsed the period of judicial challenge, the decision of the Bank of Portugal
that convice the agent for the practice of one or more offences especially
serious is disclosed on the site of the Internet of the Bank of Portugal, by ext
drawn up by the Bank of Portugal or in full, even if it has been
required its judicial challenge, being, in this case, made express mention
of that fact.
2-In the case of a court ruling that confirms, change or revoke the decision
condensation of the Bank of Portugal or the court of 1. th instance, is applicable
the provisions of Article 227 (5).
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3-The provisions of the preceding paragraphs may not be applied in the proceedings
summarily, when the suspension of the sanction takes place, the ilicitude of the fact
and the fault of the agent are diminished or when the Bank of Portugal
consider that the disclosure of the decision may be contrary to the interests of the
investors or savers, severely affecting money markets,
financial and currency exchange or cause concrete damage, to persons or entities
involved, manifestly disproportionate in relation to the severity of the
imputed facts.
4-Regardless of the transit on trial, the court decisions concerning the
crime of exercise of unlawful activity of receipt of deposits and other
refundable funds are disclosed by the Bank of Portugal under the terms of the
n. ºs 1 and 2. "
Article 7.
Amendment to the Securities Code
Articles 378, 379, 388, 389 to 391, 408 and 422 of the Code are amended.
Securities, approved by the Decree-Law No. 486/99 of November 13, with
changes introduced by Decrees-Law No 61/2002 of March 20, para. 38/2003, 8
of March, paragraph 107/2003, of June 4, para. 183/2003, August 19, para. 66/2004, 24
of March, paragraph 52/2006, of March 15, para. 219/2006, November 2, and para. 357-
A/2007 of October 31, which shall be replaced by the following:
" Article 378.
[...]
1-[...]:
a) [...];
b) [...];
c) [...];
d) [...];
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and transmits it to someone outside the normal scope of their duties or, on the basis of
in that information, negotiate or advise someone to negotiate on values
securities or other financial instruments or order your subscription,
acquisition, sale or exchange, directly or indirectly, to you or to you or to you, is
punished with imprisonment for up to five years or with penalty of fine.
2-Any person not covered by the previous number who, having
knowledge of a privileged information, transmits it to you or, with
basis in that information, negotiate or advise someone to negotiate on values
securities or other financial instruments or order your subscription,
acquisition, sale or exchange, directly or indirectly, to you or to you or to you,
is punished with imprisonment up to four years or with penalty of a fine of up to 240
days.
3-[...].
4-[...].
5-[...].
6-[ Revoked ].
7-[...].
Article 379.
[...]
1-Who disseminates false, incomplete, exaggerated or biased information,
conduct operations of a fictitious nature or perform other fraudulent practices
that are elderly to artificially alter the regular functioning of the
securities market or other financial instruments is
punished with imprisonment up to five years or with penalty of fine.
2-[...].
3-The holders of the administration body and the persons responsible for the
direction or by the surveillance of areas of activity of an intermediary
financial that, having knowledge of facts described in paragraph 1, practiced
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by persons directly subject to their direction or supervision and in the exercise
of their duties, do not immediately put an end to them are punished with
prison sentence up to four years or penalty of fine up to 240 days, if penalty more
grave do not fit them by force of another legal provision.
4-[ Revoked ].
5-[...].
6-[...].
Article 388.
[...]
1-[...]:
a) Between € 25000 and € 5000000, when they are qualified as much
graves;
b) Between € 12500 and € 2500000, when they are qualified as serious;
c) Between € 2500 and € 500000, when they are qualified as less
graves.
2-Without prejudice to the provisions of the paragraph a) of Art. 404 (1), if double the
economic benefit exceeds the maximum limit of the applicable fine, this is
high to that value.
3-[ Previous Article No 2 ].
4-[ Previous Article No 3 ].
5-[ Previous Article No 4 ].
6-[ Previous Article No 5 ].
Article 389.
[...]
1-[...]:
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a) [...];
b) [...];
c) The provision of information to CMVM that is not complete,
true, current, clear objective and licite or the omission of such provision.
2-[...].
3-[...]:
a) [...];
b) Sending to the managing entities of regulated markets, of systems
of multilateral trading, of settlement systems, of chamber of
compensation, central counterparty and centralized systems of
securities of information that is not complete, true,
current, clear, objective and licite;
c) Lack of dispatch, total or partial, of documents or of information to
managing entities of regulated markets;
d) [...];
e) [...].
4-[...].
5-[...].
Article 390.
[...]
1-Constitui counterordinate very serious omission of communication or
disclosure of qualified participation in open society or participation
held by open society in sedeed society in state or jurisdiction
who is not a member of the European Union.
2-[...].
3-[...].
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Article 391.
[...]
It constitutes very serious counterordinance the lack of constitution of funds from
mandatory warranty and non-compliance of the duty of contribution to the
same.
Article 408.
[...]
1-[...].
2-A CMVM may request delivery or proceed to seizure, freeze or
inspection of any documents, values or objects related to the
practice of unlawful facts, regardless of the nature of their support,
proceed to the sealing of unseized objects at the premises of the people
or entities subject to their supervision, as well as request for any
people and entities all clarifications and information, to the extent in
that the same is necessary for the enquiries or the instruction of
processes of their competence.
Article 422.
[...]
1-Elapsed the term of judicial challenge, the decision of the CMVM which condemnations
the agent by the practice of one or more serious counterordinances or much
serious is disseminated through the information diffusion system referred to in the
article 367, by extract drawn up by the CMVM or in full, even if
has been required for its judicial challenge, being, in this case, made
express mention of that fact.
2-[...].
3-[...].
4-[...]. "
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Article 8.
Amendment to Decree-Law No 94-B/98 of April 17
Articles 202, 212 to 214 and 217 of the Decree-Law No. 94-B/98, 17 of 17 are amended.
April, republished by Decree-Law No. 251/2003, of October 14, with amendments
introduced by the Decrees-Law No 76-A/2006 of March 29, para. 145/2006, of 31 of
July, paragraph 291/2007, of August 21, para. 357-A/2007, of October 31, and para. 72/2008,
of April 16, which are replaced by the following:
" Article 202.
[...]
Who to practice acts or operations of insurance, reinsurance or management of
pension funds, on their own or alhetry, without for this to exist
required authorization, is punished with imprisonment for up to five years.
Article 212.
[...]
They are punishable with fine of € 2500 a € 100000 or € 7500 a € 500000,
depending on whether it is applied to the natural or legal person, the offences below
referred to:
a) [ Repealed ];
b) [...];
c) [ Repealed ];
d) [ Repealed ];
e) [...];
f) [...];
g) [...];
h) [...].
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Article 213.
[...]
They are punishable with fine of € 7500 a € 300000 or € 15000 a € 1500000,
depending on whether it is applied to the natural or legal person, the offences below
referred to:
a) [...];
b) [...];
c) [...];
d) [...];
e) [...];
f) [...];
g) [...];
h) [...];
i) [...];
j) [...];
l) [...];
m) [...];
n) [...].
Article 214.
[...]
They are punishable with fine of € 15000 a € 1000000 or of € 30000 a
€ 5000000, depending on whether it is applied to the natural or legal person, the
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further offences referred to below, without prejudice to the application of more serious penalties
provided for in the Act:
a) [...];
b) [...];
c) [...];
d) [...];
e) [...];
f) [...];
g) [...];
h) The failure to comply with the duties of information for the
borrowers, policyholders or beneficiaries of insurance policies, to
with the associates, participants or beneficiaries of plans of
pensions, or for with the general public;
i) The failure to comply with information, communication or
clarification to the Minister of Finance and to the
Institute of Insurance of Portugal;
j) The provision of incomplete or inaccurate information to the Office
of Insurance from Portugal.
Article 217.
[...]
1-[...].
2-[...].
3-[...].
4-The Insurance Institute of Portugal, as a competent entity for
instruct the counter-ordering processes, can, when necessary to the
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enquiries or the instruction of the case, proceed to the seizure of
documents and values and proceed to the sealing of unapprehended objects,
as well as, to request any persons and entities all clarifications
and information, which prove necessary for the purpose. "
Article 9.
Addition to the Decree-Law No 94-B/98 of April 17
Articles 214-A, 229-and 229-B to the Decree-Law No 94-B/98 of 17 of 17 are postponed.
April, republished by Decree-Law No. 251/2003, of October 14, with amendments
introduced by the Decrees-Law No 76-A/2006 of March 29, para. 145/2006, of 31 of
July, paragraph 291/2007, of August 21, para. 357-A/2007, of October 31, and para. 72/2008,
of April 16, with the following:
" Article 214.
Aggravation of the fine
Without prejudice to the provisions of the paragraph a) of Art. 216 (1), if double the
economic benefit exceeds the maximum limit of the applicable fine, this is
high to that value.
Article 229-The
Sumarest process
1-When the nature of the offence, the intensity of guilt and the rest
circumstances the justifying, can the Insurance Institute of Portugal, before
of the prosecution and on the basis of the indicted facts, notify the accused of the
possibility of the application of a reduced sanction, in the terms and conditions
constants of the following numbers.
2-A applicable sanction is an admoestation, pursuant to the general scheme of the
ilocytes of mere social ordering, or a fine whose concrete measure does not
exceeds triple the minimum limit of the abstractly predicted frame for the
20
infringement, and may in any case be also applied for ancillary sanction
of publication of the sentencing decision.
3-A notification provided for in paragraph 1 is made by written communication of which
must appear:
a) The description of the imputed facts;
b) The specification of the violated standards and the illicit against-
the practiced ordinances;
c) The sanction or sanctions to be applied, with indication of the elements that
contributed to their determination;
d) Indication, if any, of the behaviour that the accused
deveadopt in fulfillment of the breach of duty and the time limit of which
provides for the purpose;
e) Information on the respective consequences of acceptance and the
refusal of the sanction.
4-Received notification provided for in paragraph 1, the accused has the deadline of 15 days
to refer to the Portugal Insurance Institute written statement of
acceptance of the penalty on the notified terms or application for payment
of the applied fine.
5-If the accused accepts the penalty or shall make the payment of the fine imposed, and
if you adopt the behaviour that you were eventually notified of, the
decision of the Insurance Institute of Portugal becomes final, as a decision
condensation and to the possibility of further appreciation of the facts
imputed as counterordinance.
6-If the accused refuses the application of the penalty in the notified terms or not if
pronounce on the set deadline, or if, a fine has been applied, this
has not been paid within due time, or still if you require any due diligence
supplement or not adopt the due behaviour, the notification made
in the terms of paragraph 3 is without effect and the counterordinance process
21
continues in the common form, by fit to the Insurance Institute of Portugal
carry out the remaining instructional representations and deduct prosecution, without this being
limited by the content of the said notification.
Article 229-B
Disclosure of the decision
1-Elapsed the term of judicial challenge, the decision of the Insurance Institution
of Portugal who convice the agent for the practice of one or more against-
serious and very serious ordinations is disclosed on the site of the Internet of the Institute
of Insurance of Portugal, by extract prepared by the Insurance Institute of
Portugal or in full, even if it has been requested to be challenged
judicial, being, in this case, made express mention of that fact.
2-A Judicial decision confirming, change or revoke the sentencing decision of the
Institute of Insurance of Portugal or the court of 1 th instance is communicated
right away to the Insurance Institute of Portugal and compulsorily disclosed
under the terms of the previous number.
3-The provisions of the preceding paragraphs may not be applied in the proceedings
summarily, when the suspension of the sanction takes place, the ilicitude of the fact
and the fault of the agent are diminished or when the Insurance Institute of
Portugal considers that the disclosure of the decision may be contrary to the
interests of borrowers, policyholders or beneficiaries of insurance policies,
as well as of the associates, participants or beneficiaries of plans of
pensions, severely affect the insurer, reinsurer or the
pension funds, or cause concrete damage, to persons or entities
involved, manifestly disproportionate in relation to the severity of the
imputed facts.
4-Regardless of the transit on trial, the court decisions concerning the
crime of unlawful practice of acts or operations of insurance, reinsurance or of
management of pension funds are disclosed by the Insurance Institute of
Portugal in accordance with paragraphs 1 and 2. "
22
Article 10.
Abrogation standard
Article 378 (6) and Article 379 (4) of the Code of Values are repealed.
Securities and the points a), c) and d) of Article 212 of the Decree-Law No. 94-B/98 of 17 of
April.
Article 11.
Entry into force
1-A This Law shall come into force on the day following that of its publication.
2-To proceedings pending on the date of the entry into force of this Law shall continue to be
applied to the previous substantive and procedural legislation.
Seen and approved in council of ministers of October 2, 2008
The Prime Minister
The Minister of the Presidency
The Minister of Parliamentary Affairs
