Portuguese Securities Market Commission (CMVM)

Basic Information

The Portuguese Securities Market Commission (CMVM) is the regulatory authority overseeing securities markets, financial instruments, and investment services in Portugal. Established to ensure market integrity, investor protection, and financial stability, CMVM operates under the framework of national and European Union financial regulations. Its official website, cmvm.pt, serves as a central hub for regulatory updates, investor guidance, and compliance requirements.

Background and Historical Development

CMVM was founded in 1991, following Portugal’s financial market modernization efforts. It emerged as part of broader economic reforms aimed at aligning Portugal’s regulatory framework with EU standards, particularly after the country’s accession to the European Economic Community (EEC). Over the years, CMVM has expanded its oversight to include not only traditional securities but also derivatives, crowdfunding platforms, and fintech innovations, adapting to evolving market dynamics.

Legal Authority and Regulatory Basis

CMVM derives its authority from Portuguese law, primarily the Securities Code (Código dos Valores Mobiliários), and EU financial directives such as MiFID II and the Prospectus Regulation. It enforces rules on market abuse, transparency, and corporate governance while supervising entities like brokerage firms, asset managers, and crowdfunding platforms. Notably, CMVM regulates loan and equity crowdfunding activities, requiring platforms to seek its approval before operations commence.

Key Responsibilities and Regulatory Scope

CMVM’s core duties include:

Supervising securities issuers, ensuring compliance with disclosure requirements.
Monitoring trading activities to prevent market manipulation and insider trading.
Licensing and overseeing investment firms, collective investment schemes, and financial intermediaries.
Regulating crowdfunding platforms, enforcing rules on fundraising limits and investor protections.
Providing investor education and handling complaints related to financial services.

Comprehensive Contact Information

For inquiries or regulatory submissions, CMVM can be reached through the following channels:

Headquarters Address: Rua Laura Alves, No. 4, 1050-138 Lisbon, Portugal
General Phone: +351 213 177 000
Email: [email protected]
Investor Assistance Line: +351 213 177 100

How to Verify an Entity Under CMVM Regulation

To confirm whether a financial institution or crowdfunding platform is regulated by CMVM:

Visit CMVM’s official website and navigate to the “Supervised Entities” section.
Use the search function to check the entity’s registration status.
Cross-reference the entity’s license number with CMVM’s public registry.
Contact CMVM’s investor support team for direct verification if needed.