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On July 9, 2026, Portugal's government published Decree-Law No. 134/2026, which amends the legal framework governing retail investment product packages and insurance-based investment products established under Law No. 35/2018 of July 20, 2018. The decree-law replaces the prior approval regime for advertising retail investment product packages and insurance-based investment products with a prior notification regime to the competent authority. Under the new framework, the competent authority may object within 10 business days of receiving the notification, which must be accompanied by the advertising message, material elements relating to the distribution channels, and the key information document. The change excludes collective investment undertakings (OIC) that do not qualify as complex financial instruments. This modification aligns with Article 7(1) of Regulation (EU) 2019/1156 and maintains supervisory intervention powers before advertising dissemination while tailoring verification to product complexity and risk. The decree-law also grants the competent authority regulatory authority to extend the advance notification period for key information documents up to a maximum of five business days, maintaining a two-business-day default period based on supervisory needs. Advertisers must immediately cease dissemination if non-compliance is detected or circumstances arise affecting advertising conformity. The National Council of Financial Supervisors was consulted on these changes. Pending prior approval procedures for advertising at the decree-law's entry into force continue under the previous regime. The decree-law entered into force on July 9, 2026.