Under EU Directive 85/611/EEC, a depository of an undertaking for collective investment in transferable  securities (UCITS) must either have its registered offic  in the same EU country as that of the undertaking or be established in the EU country if its registered office is in another EU country. Managament of 'Alternative Investment Undertakings' (OIA) by thid-country management entities is subject to prior authorisation.
"Article 2 - Definitions
1 - For the purposes of the provisions of this General Regime, the following definitions apply: [...]
aa) "Collective investment bodies" means institutions, whether or not they have legal personality, whose purpose is the collective investment of capital obtained from investors, whose operation is subject to a principle of risk sharing and the pursuit of exclusive rights. interest of the participants, subdivided into:
i) 'Undertakings for collective investment in securities' (UCITS), which are open bodies:
1º) Whose exclusive object is the collective investment of capital from investors not exclusively qualified in securities or other liquid financial assets referred to in subsection I of section I of chapter II of title III and that comply with the limits set out in subsection II of the same section; and
2º) Whose participation units are, at the request of their holders, directly or indirectly repurchased or redeemed, under the responsibility of these bodies, equating to these repurchases or redemptions the fact that an undertaking for collective investment in securities acts as a so that the value of its participating units in a regulated market does not significantly depart from its net asset value; and
ii) 'Alternative Investment Undertakings' (OIA), which are the others, namely those provided for in subparagraph a) of paragraph 2 of the previous article and also:
1) Open or closed entities, whose object is the collective investment in securities or other financial assets, referred to as Alternative Investment in Securities (OIAVM);
2º) Open or closed bodies, whose object is the investment in real estate assets, called real estate investment bodies (OII);
3) Other closed-end bodies whose object includes investment in non-financial assets that are durable goods and have a determinable value, designated investment bodies in non-financial assets (OIAnF);
[...]
Article 96 - Application for authorization and connection elements to Portugal
1 - The third country management entity that wishes to:
a) Only manage one or more OIA incorporated in Portugal must obtain prior authorization from the CMVM ; [...]
2 - The third country management entity that wishes to:
a) Manage one or more alternative investment undertakings of the European Union, provided that most of them are incorporated in Portugal or managed in the national territory , must submit a request for prior authorization to the CMVM. greater volume of the respective assets;
[...]
Article 99 - Authorization conditions
1 - Without prejudice to the provisions of the following article, authorization by the CMVM may only be granted if the following conditions are met:
a) Portugal has been chosen as the reference Member State in accordance with the criteria established in paragraphs 1 and 2 of article 96, based on the information on the marketing strategy, and the procedure established in the previous article having been followed by the CMVM;
b) The managing entity of a third country has appointed a legal representative established in Portugal;
c) The legal representative, together with the managing entity of the third country:
i) Establish the contact point of the third country management company in the European Union, and all official correspondence between the competent authorities and the third country management company and between the European Union investors of the alternative investment company in question and the entity third country manager;
[...]
Article 114 - Right of establishment and freedom to provide services
1 - UCITS management entities authorized in other Member States and subject to the supervision of the respective authorities may, alternatively or cumulatively, exercise in Portugal, through the establishment of a branch or under the freedom to provide services, the activities covered by the respective authorization, including:
a) UCITS-related activities;
b) The activities referred to in paragraph 4 of article 71-B.
2 - The management entities referred to in the preceding paragraph may also market in Portugal the participating units of a UCITS authorized in another Member State they manage.
3 - OIA management entities authorized in other Member States may exercise in Portugal, alternatively or cumulatively, through the establishment of a branch or under the freedom to provide services:
a) Activities relating to European Union OIA established in another Member State , provided that the managing entity is authorized to manage this type of OIA;
b) The activities referred to in paragraph 5 of article 71-B, covered by the respective authorization.
[...]
Article 120 - Depositary
1 - The assets that make up the collective investment undertaking's portfolio are entrusted to a single depositary.
2 - The following may be depositaries:
a) The credit institutions referred to in sub-paragraphs a) to d) of article 3 of the General Regime of Credit Institutions and Financial Companies, approved by Decree-Law No. 298/92, of 31 st December, which have own funds of not less than (euro) 5,000,000;
b) Investment firms authorized to provide the service of registration and deposit of financial instruments on behalf of clients and which are subject to own funds requirements pursuant to Article 92 of Regulation (EU) No. 575/2013, of the European Parliament and of the Council, of 26 June, including the own funds requirements for operational risk under the terms provided for in subparagraph e) of paragraph 3 of the same article of that Regulation, and that meet the following minimum requirements: [...]
3 - The depositary must be established in Portugal. [...]" (Law No. 16/2015 (2015-02-24), last amended 09/01/2021, Articles 2, 96, 99, 114 and 120 [google translation])
Law No. 16/2015 (2015-02-24), last amended 09/01/2021, Articles 2, 96, 99, 114 and 120
Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), Article 23
[<a href="https://dre.pt/dre/legislacao-consolidada/lei/2015-67040495">Law</a>],[<a href="https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX%3A32009L0065">Directive</a>]