• Glossary
• Message from the President
• Part I - Securities Market Performance in 1998

1. 1  Aggregate Economic Analysis
   1. 1.1  International Economic Environment
   2. 1.2  The Portuguese Economy
2. 2   Securities Market Performance
   1. 2.1  International Environment
      1. 2.1.1  The International Equity and Bond Market
      2. 2.1.2  The International Derivatives Market
   2. 2.2  The Portuguese Securities Market
3. 3  Securities Issues
   1. 3.1  Equity Issues
   2. 3.2  Bond Issues
   3. 3.3  Public Debt
4. 4  Secondary Market Performance
   1. 4.1  Secondary Market Transaction
      1. 4.1.1  Overview
      2. 4.1.2  Market Capitalisation
      3. 4.1.3  Stock Exchange Transactions
      4. 4.1.4  Index Performance
         1. 4.1.4.1  Share Indices
         2. 4.1.4.2  Bond Indices
      5. 4.1.5  Listings and Delistings
         1. 4.1.5.1  Listings
         2. 4.1.5.2  Delistings
   2. 4.2  Special Market for Block Trading
   3. 4.3  Futures Markets
      1. 4.3  The Futures Market
      2. 4.3  The Repo Market
      3. 4.3  The Securities Lending Market
   4. 4.4  Takeover Bids and Public Offers for Sale
      1. 4.4.1  Takeover Bids
      2. 4.4.2  Public Offers for Sale
   5. 4.5  Foreign Investment
   6. 4.5  Central de Valores Mobiliários
      1. 4.5.1  Securities Registered with the Central
      2. 4.5.2  Settlements through the Central
5. 5  Financial Intermediaries
   1. 5.1  Financial Intermediaries and Activities Registered with the CMVM
   2. 5.2  Broker and Broker-dealer Companies
   3. 5.3  Asset Management Companies
   4. 5.4  Securities Investment Fund Management Companies
   5. 5.5  Real Estate Investment Fund Management Companies
6. 6  Collective Investment Instruments
   1. 6.1  Securities Investment Funds
   2. 6.2  Real Estate Investment Funds

• Part II - CMVM's Action in 1998

1. 1  Market Supervision
   1. 1.1  Supervision of Information
      1. 1.1.1  Disclosure of Periodical Information
         1. 1.1.1.1  Annual Reports
         2. 1.1.1.2  Half-Year Reports
         3. 1.1.1.3  Quarterly Information
      2. 1.1.2  Disclosure of Non-Periodical Information
      3. 1.1.3  Information on Issuers' Shareholding Structure
      4. 1.1.4  Registration and Monitoring of Independent Auditors
   2. 1.2  Secondary Markets Supervision
      1. 1.2.1  Monitoring of Trading
      2. 1.2.2  Prevention of Insider Trading and Market Manipulation
      3. 1.2.3  Trading Breaks
      4. 1.2.4  Exchange Managing Associations and Interbolsa
      5. 1.2.5  Preparation of Secondary Markets for the Euro
   3. 1.3  Control of the Legality and Monitoring of Public Offers
   4. 1.4  Supervision of Financial Intermediation
   5. 1.5  Supervision of Collective Investment Institutions
   6. 1.6  Enforcement Activities
      1. 1.6.1  Inquiries
      2. 1.6.2  Inspection Operations
      3. 1.6.3  Other Inspection Activities
   7. 1.7  Punishing Powers
      1. 1.7.1  Misdemeanour Procedures from Previous Years
      2. 1.7.2  Misdemeanour Procedures Taken During 1998
      3. 1.7.3  Sanctions Apllied
      4. 1.7.4  Summary of Some Decisions Passed on Misdemeanour Procedures
      5. 1.7.5  Case Law During 1998
2. 2  Regulation
   1. 2.1  CMVM's Regulatory Activity
      1. 2.1.1  Regulations
   2. 2.2  Instructions
   3. 2.3  Co-operation with other Entities in the Preparation of Regulatory Documents
      1. 2.3.1  Preparation for the Euro
      2. 2.3.2  Participation in the Revision of Other Normative Documents
   4. 2.4  Approval of Regulations from Other Entities and Mutual Co-operation
   5. 2.5  Preparatory Studies
3. 3  Services Rendered to Investors
   1. 3.1  Complaints and Grievances
   2. 3.2  Publication of Opinions, Recommendations and Clarifications
   3. 3.3  Information to the Public
4. 4  Promotion of the Securities Market
   1. 4.1  Organisation and Participation in Promotion Actions
   2. 4.2  Publications
   3. 4.3  Studies for Market Development
   4. 4.4  Studies for the Development of Supervision
   5. 4.5  Cadernos do Mercado de Valores Mobiliários
   6. 4.6  Co-operation in the Preparation of the New Securities Market Act
5. 5  CMVM's Relations with other National Entities
   1. 5.1  Co-operation in Supervision
   2. 5.2  Advisory to the Government and the Minister for Finance
   3. 5.3  Co-operation with Other Entities
   4. 5.4  Co-operation in the Preparation for the Transition to the Single Currency
6. 6  Co-operation with Foreign Entities and Participation in International Meetings
   1. 6.1  Co-operation with Foreign Entities in Supervision Activities
   2. 6.2  Mutual Agreements and Exchange of Information with Supervisory Bodies from other Countries
   3. 6.3  Participation in International Organisations
      1. 6.3.1  Participation in the International Organisation of Securities Commissions
      2. 6.3.2  Participation in the Forum of European Securities Commissions (FESCO)
   4. 6.4  Participation in EU Organisations
      1. 6.4.1  Participation in the EU Council
      2. 6.4.2  Participation in Other European Organisations
   5. 6.5   Participation in the GAFI- Financial Action Group
   6. 6.6  Participation in Other International Meetings
7. 7  CMVM's Internal Organisation
   1. 7.1  Human Resources
   2. 7.2  Internal Organisation
   3. 7.3  Oporto Delegation
   4. 7.4  Development of Information Systems
   5. 7.5  Incoming and Outgoing Correspondence
   6. 7.6  Preparation of the CMVM for the Single Currency
   7. 7.7  Advisory Council

• Part III - Development Prospects

1. 1  Challenges Raised by the Predictable Evolution of Markets in 1999
2. 2  Main Guidelines of CMVM's Action in 1999
   1. 2.1  Control of Information Quality
   2. 2.2  Defence of the Regular Functioning of Markets
   3. 2.3  Development of Non-Qualified Investors Protection
   4. 2.4  Development of International Co-operation
   5. 2.5  Adaptation of CMVM's Internal Organisation and Supervision Means and Methods
   6. 2.6  Creation of Conditions for the Implementation of the New Securities Market Act.

Annexes

•   Annex A1
•   Annex A2
•   Annex B
•   Annex C