Relatório de estágio curricular

The purpose of the current internship report is to share the opportunity I have had to learn during my stay in CMVM as an intern, specifically in relation to the exercise of private equity supervision in Portugal, in order to contribute to the study of private equity legal framework. Private equity is the activity to finance or acquire enterprises with growth potential (normally consider as genuine industry), for a limited period of time, in order to support the enterprise’s development to benefit from future profit sales of participations. By observing and studying the registration procedures, as well as the specific legislation and reality of other jurisdictions, it is concluded that supervision specifically related to private equity is one of the most important aspects in this industry, as it is the best way to know and control it. To improve the performance of supervisory functions, and the very development of private equity, it is essential to have a legislative review in order to simplify the rules enforcement necessary for the proper running of the industry as well as for more efficient supervision and control of this activity, thus developing it and making it more attractive in a national and international basis.

A liberalização do mercado energético e o papel das entidades reguladoras

The liberalisation of the energy market goes back to the 1990s, when it was impelled by the European legislator. Since then, three legislative packages, temporarily successive, were approved. Those packages contained the measures to be implemented in order to deepen the internal energy market. Besides the opening up of several national markets to competition, the European legislator aimed the creation of a real internal energy market within the European Union. The unbundling regime was one of the most important steps with respect to the liberalisation process. The introduction of these rules ensured independence to the various market operators. A real and effective right of choice was granted to the consumers so they may choose their electricity and natural gas supplier. Therefore, the activity of comercialisation is subject to competition. However, some activities of the electricity’s and natural gas’ chain of value, namely the activities of transportation and distribution, were kept under regulation rules. Even though it may seem odd, the assignment of important competences and strong powers to a regulatory authority was essential in order to achieve the liberalisation process’ goals. Electricity and natural gas are essential public goods; therefore the market operators are legally bound to public service obligations, such as the security, the universality and the continuity of the supply. The performance of these obligations may become, in some cases, unprofitable for those operators. For such reason, the protection of the consumers’ rights shall only be properly defended if there is a regulatory authority that monitors the behaviour of the operators and sanctions the failure to comply with the public service obligations. Portugal, as a Member State of the European Union, transposed into the national legal order the European directives concerning the liberalisation process. This transposition has caused radical changes to the electricity and natural gas’ national markets. The Entidade Reguladora dos Serviços Energéticos also suffered various mutations in order to keep up with the regulatory demands regarding the liberalisation process.

Direito da religião

This dissertation stands out the religious and social role of Christian religious minorities in Portuguese society, where the vast majority of the believers profess the Catholic faith. This work serves to demystify the widespread prejudice against minorities and clarify its place in the religious phenomenon in Portugal. We intend to define the concept of Religion, missing in the Portuguese legislation, framing it in Portuguese constitutional history, which allows us to evaluate the relations State/Catholic Church and State/religious minorities, since Liberalism. We attempt to measure how the legal system accepts the religious phenomenon and how to deal with religious diversity, according to the principle of religious freedom postulated in the Constitution of the Portuguese Republic. It is also our intention to relate the concepts of sect and religious minority, which tendentiously are misunderstood. In order to understand the underlying dynamics of religious minorities, we take the example of the Portuguese Evangelical Alliance, which we monitored closely throughout the investigation. We will give some space for a small analysis of the state and social discrimination experienced by the minorities. With this work we can conclude in general that Portugal, despite its weak religious diversity, has a good advance on the religious freedom. The Portuguese State has made a remarkable effort to cooperate with the churches, an effort that must be continued in order to fill some gaps found, particularly in the absence of legislation regarding the criminalization of religious discrimination and competence of the Committee on Religious Freedom in case of a possible complaint. We prove similarly that there is also a special attention to the Catholic Church in the composition of the Committee on Religious Freedom and the Committee Broadcast Time of Religious Confessions. In the end, we prove that the society is the major source of discrimination against minorities.