Regulators

Portuguese Securities Market Commission (CMVM)

Portuguese Securities Market Commission CMVM was established in April 1991

Organization Profile

Institutional nature
The Portuguese Securities Market Commission (CMVM) is an independent public body with administrative and financial autonomy. CMVM's operating expenses are derived from regulatory fees for the service and do not use the general state budget.
Institutional History
Portugal CMVM was established in April 1991.
Institutional Functions
The mandate of the Portuguese CMVM is to regulate the market for securities and other financial instruments (traditionally referred to as the "stock market"), as well as all individuals operating within said market.
Institutional Goals
Investor protection; efficient and proper functioning of markets; information control; risk prevention; prevention and suppression of illegal acts.
Institutional Services
Investor Assistance; Dispute Mediation; Investor Compensation Program
Regulatory Scope
The supervision performed by the Portuguese CMVM includes the following:
Supervise the conduct of individuals or institutions operating in the capital market, combat illegal activities, especially in stock market transactions; monitor compliance with trading, investment, operating regulations; detect criminal offences; punish offenders, i.e. impose fines; provide Registration of individuals and institutions, and checking compliance with applicable rules; disclosure of information, especially that of public companies on their Internet.
Supervised by the Portuguese CMVM/Individual:
Securities issuers; financial intermediaries; independent investment advisors; managing physical markets; physical institutional investors in commodity businesses in the derivatives market; investment funds; holders of eligible shares in listed companies; sinking funds, investment compensation plans and The respective governing bodies; auditors and risk rating firms; venture capital firms and funds; securitization firms and funds and management firms of said funds; other individuals engaged in professionally related activities.
These entities are overseen by the CMVM and should conduct business in compliance with all requirements.
Within the limits of the law, CMVM will issue an announcement to announce the offending companies and fines.
The CMVM provides “on-the-spot” oversight of financial intermediaries and market, centralization and settlement system management entities. This oversight is usually carried out by teams monitoring the activities of these entities, whether offline, or through the Internet or electronic means of direct and continuous control.
Regulatory content:
Regulation includes making rules on the functioning of economic sectors and/or the functioning of markets and the activities of the respective operators. The CMVM regulates the operation of securities markets, public offerings, the actions of all market operators, and generally, all matters related to this area of ​​activity.
CMVM cooperates with other national institutions responsible for the regulation and supervision of the financial system, such as: Banque de Portugal (Bank of Portugal); Portuguese Insurance Institute (ISP).
CMVM participates in international organizations, namely the International Organization of Securities Commissions (IOSCO), the European Securities and Markets Authority (ESMA) and the Ibero-American Securities Institute (IIMV).
Organizational Framework
The CMVM is governed by an Executive Board, which consists of a Chairman, a Vice-Chairman and three members appointed by the Council of Ministers on the advice of the Minister of Finance for a five-year term.
The Oversight Committee and Advisory Committee are also bodies of the CMVM.
The Supervisory Committee is appointed by the Minister of Finance and consists of three members, one of whom is a duly accredited accountant. Oversees the financial management of CMVM.
The Advisory Committee is a consultative and advisory body of the Executive Board. It is responsible for considering the issues raised and making recommendations. The Advisory Committee is composed of representatives of entities overseen by the CMVM.
Internally, CMVM consists of departments, offices, department services. The general responsibilities of the different units are listed in the CMVM's internal rules and procedures.

Regulatory Inquiries

1. Go to https://www.cmvm.pt/en/ and select Information disclosure system to view different categories of companies.
2. Take Financial intermediaries (financial intermediaries) as an example, you can enter the company name to search, or you can directly view the list.
3. The company details are as follows

Regulatory complaints

Portugal CMVM accepts complaints from investors about its regulated entities and activities, which are handled by the Department of Investor Relations (DRI).
Investors should first submit a written complaint to the relevant financial institution. If the processing result is not received or dissatisfied with the processing result after 15 working days, a complaint can be made to the Portuguese CMVM.
Complaint Form:
http://web3.cmvm.pt/english/SAI/createcomplaint.cfm
http://web3.cmvm.pt/english/SAI/createformalcomplaint.cfm
Check the progress of the complaint:
http://web3.cmvm.pt/english/SAI/complaintstatus.cfm
Report suspicious companies anonymously:
http://web3.cmvm.pt/sai/sai_op_suspeitas.cfm

Investor Compensation Plan

Investor Compensation Scheme
The Portuguese Investor Compensation Scheme covers different types of transactions, including securities transactions and other financial instruments, and the maximum compensation amount payable to each investor is 25,000 euros. The payment of compensation shall be made within three months from the date of acceptance of the claim and the date of calculation of the total amount of the claim, and in exceptional circumstances, at the request of CMVM, the payment period of compensation may be extended to six months.
The types of entities that must join the Portuguese Investor Compensation Scheme include:
1. An investment company headquartered in Portugal;
2. Credit institutions headquartered in Portugal and authorized to engage in investment transactions;
3. Investment companies and credit institutions headquartered outside the European Community but with branches in Portugal, except those that have participated in similar compensation plans;

Contact information

Address: Rua Laura Alves, nº. 4, Apartado 14258, 1064-003 Lisboa, Portugal
Tel: 351 213 177 000
Fax: 351 213 537 077
Email: [email protected];[email protected]

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