After the required 40-day viewing period for amendments that have been three years in the making, the Portuguese market uncovered the new securitization tax regime last week (see ASR 7/30/01).

"We have a changed law," said William Smithson, a partner with Simmons & Simmons Grupo Legal Portugues, which has been following the development of the law since its early stages in 1999. In a synopsis of the new securitization tax regime, Simmons & Simmons highlights changes to the November 5, 1999 decree (see Observation).

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