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CMVM Annual Report

1999

Glossary

Message from the President

Part I - Securities Market Performance in 1999

1 Aggregate Economic Analysis
1. 1.1 International Economic Environment
2. 1.2 The Portuguese Economy
  1. 1.2.1 Economic Growth
  2. 1.2.2 The Main Components of Economic Growth
  3. 1.2.3 Foreign Trade
  4. 1.2.4 The Control of Inflation under the Scope of EU's Nominal
  5. 1.2.5 Progress in Employment Levels
  6. 1.2.6 Public Finances
  7. 1.2.7 Monetary Stance
2 Securities Market Performance
1. 2.1 International Environment
2. 2.2 The International Equity and Bond Market
3. 2.3 The International Derivatives Market
4. 2.4 The International Market of Collective Investment Instruments
  1. 2.4.1 Securities Collective Investment Instruments
  2. 2.4.2 Real Estate Collective Investment Instruments
5. 2.5 The Portuguese Securities Market
3 Main Events of 1999
4 Securities Issues
1. 4.1 Share Issues
2. 4.2 Bond Issues
3. 4.3 Public Debt
5 Secondary Market Performance
1. 5.1 Takeover Bids and Public Offers for Sale
  1. 5.1.1 Takeover Bids
  2. 5.1.2 Public Offers for Sale
2. 5.2 Spot Market Transactions
  1. 5.2.1 Overview
  2. 5.2.2 Market Capitalisation
  3. 5.2.3 Stock Exchange Transactions
  4. 5.2.4 Index Performance
    1. 5.2.4.1 Share Indices
    2. 5.2.4.2 Bond Indices
  5. 5.2.5 Listings and Delistings
    1. 5.2.5.1 Listings
    2. 5.2.5.2 Delistings
3. 5.3 The Special Market for Block Trading (MEOG) 94
4. 5.4 Futures Markets
  1. 5.4.1 The Futures Market
  2. 5.4.2 The Options Market
  3. 5.4.3 The Repo Market
  4. 5.4.4 The Securities Lending Market
5. 5.5 Redenomination and Renominalisation
6. 5.6 Central de Valores Mobiliários
  1. 5.6.1 Securities Deposited with the Central
  2. 5.6.2 Settlements through the Central
6 Financial Intermediaries
7 Collective Investment Instruments
1. 7.1 Securities Investment Funds
2. 7.2 Real Estate Investment Funds

Part II - CMVM's Action in 1999

1 Market Supervision
1. 1.1 Supervision of Information, Mainly of Issuers' Information
  1. 1.1.1 Publication of Periodical Information
    1. 1.1.1.1 Annual Reports and Accounts
    2. 1.1.1.2 Half-Year Reports
    3. 1.1.1.3 Opinion of Auditors
    4. 1.1.1.4 Quarterly Information
  2. 1.1.2 Disclosure of Non-Periodical Information
  3. 1.1.3 Monitoring of Issuers' Shareholding Structure
  4. 1.1.4 Monitoring of Reorganisation Operations
  5. 1.1.5 Registration and Monitoring of Independent Auditors
  6. 1.1.6 Securities Redenomination
2. 1.2 Control of the Legality and Monitoring of Public Offers
  1. Public Offers Registered in 1999
  2. Losses of the Quality of Public Company Registered in 1999
3. 1.3 Secondary Markets Supervision
  1. 1.3.1 Supervision of Trading
    1. 1.3.1.1 Daily Monitoring of Trading
    2. 1.3.1.2 Analysis of Anomalous or Possibly Illicit Transactions
    3. 1.3.1.3 Trading Breaks
  2. 1.3.2 Supervision of Trading in Other Markets
  3. 1.3.3 Development of Trading Supervision Methods
  4. 1.3.4 Supervision of Exchange Associations and Interbolsa
  5. 1.3.5 Redenomination of Securities
4. 1.4 Supervision of Financial Intermediation
  1. 1.4.1 Registration of Financial Intermediaries and Other Entities in 1999
    1. 1.4.1.1 Registrations
    2. 1.4.1.2 Notifications under the Investment Services Directive
    3. 1.4.1.3 Financial Intermediaries' Shareholding Structure
  2. 1.4.2 Settlement of Transactions
    1. 1.4.2.1 Repurchases Ordered by the Central Securities Depository
    2. 1.4.2.2 Operations Reversed in the MEOG by the Central securities Depository
    3. 1.4.2.3 Settlement of Transactions
  3. 1.4.3 Innovations in the Supervision System
    1. 1.4.3.1 Routine Visits to Financial Intermediaries
    2. 1.4.3.2 Personal Data Protection Law
    3. 1.4.3.3 Sites of Financial Intermediaries on the Internet
    4. 1.4.3.4 Fees Collected by Financial Intermediaries
    5. 1.4.3.5 Introduction of the Single Currency
    6. 1.4.3.6 Verification of Fitness
5. 1.5 Supervision of Collective Investment Institutions
  1. 1.5.1 Development of Supervision
  2. 1.5.2 Establishment and Alteration of Investment Funds
6. 1.6 Enforcement Activities
  1. 1.6.1 Inquiries
    1. 1.6.1.1 Insider Trading
    2. 1.6.1.2 Market Manipulation and Defense of the Market
    3. 1.6.1.3 Non-authorised Securities Financial Intermediation
    4. 1.6.1.4 Unregistered Public Offers of Securities
    5. 1.6.1.5 Inquiries Made to Financial Intermediaries
    6. 1.6.1.6 Other Inquiries
  2. 1.6.2 Inspection Operations
  3. 1.6.3 Routine Inspections through the Internet
  4. 1.6.4 Requests for Assistance by Foreign Counterparts
  5. 1.6.5 Cooperation with the Criminal Investigation Authorities
7. 1.7 Exercise of Punishing Powers
  1. 1.7.1 Misdemeanour Procedures from Previous Years
  2. 1.7.2 Misdemeanour Cases Filed in 1999
  3. 1.7.3 Sanctions Apllied
  4. 1.7.4 Summary of Some Misdemeanour Proceedings
    1. 1.7.4.1 Non-Compliance with the Duty to Defend the Market - Article 657 of the Securities Market Act
    2. 1.7.4.2 Legal Basis of the Special Rules Governing the Protection of Minority Shareholders in Public Subscription Companies
    3. 1.7.4.3 Publication of Announcements by Listed Companies - Article 349 numbers 1 and 2 of the Securities Market Act
    4. 1.7.4.4 Non-Compliance with the Legal Limits of Security Funds Portfolios
    5. 1.7.4.5 Non-Authorised Financial Intermediation Activities
  5. 1.7.5 Case Law
    1. 1.7.5.1 Circular Transactions - Non-compliance with the Duty to Defend the Market (Article 657 of the Securities Market Act)
    2. 1.7.5.2 Duty to Defend the Market (Article 657 number 1 of the Securities Market Act)
    3. 1.7.5.3 Annexes to the Management Report Mentioned in Article 341 number 1 paragraph a) of the Securities Market Act
8. 1.8 Investors' Complaints and Grievances
  1. 1.8.1 Facts and Matters which Resulted in the Opening of Files
  2. 1.8.2 Entities Against Which the Complaints Were Filed
  3. 1.8.3 of the Complaints 226 General Overview
2 Regulation
1. 2.1 Reparation of Regulations resulting from the new Securities Market Code
2. 2.2 CMVM's Regulatory Activity
  1. 2.2.1 Trading Rules in Secondary Market
  2. 2.2.2 Rules Regarding the Activity of the Collective Investment Entities
  3. 2.2.3 Rules Regarding Price Stabilisation Transactions
3. 2.3 Approval of Regulations of Other Entities
4. 2.4 CMVM's Instructions
  1. 2.4.1 Year 2000 Computer Problem
  2. 2.4.2 Reception of Subscription or Trading Orders via the Internet
  3. 2.4.3 Instruction of Procedures Regarding Securities Investment Funds
5. 2.5 CMVM's Opinions, Recommendations and Clarifications
  1. 2.5.1 on the Governance of Listed Companies
  2. 2.5.2 Recommendations on Subcontracting
  3. 2.5.3 Meaning of the Word "Nominal Value of Subscription"
3 Promotion of the Securities Market
1. 3.1 Investor Education
2. 3.2 Organisation and Participation in Promotion Actions
  1. 3.2.1 Organisation of Conferences
    1. 3.2.1.1 IOSCO Conference
    2. 3.2.1.2 Other Conferences
    3. 3.2.1.3 Press releases and Conferences
  2. 3.2.2 Database on Investment Funds
  3. 3.2.3 Foreign Publications
  4. 3.2.4 CMVM's Site on the Internet
3. 3.3 Publications
  1. 3.3.1 CMVM's Annual Report
  2. 3.3.2 Cadernos do Mercado de Valores Mobiliários
  3. 3.3.3 Preparatory Work for the Securuties Market Act
  4. 3.3.4 Other Publications
4. 3.4 Studies for Market Development
  1. 3.4.1 Investment Funds
  2. 3.4.2 Corporate Governance
  3. 3.4.3 Special Market for Companies with High Growth Potential
5. 3.5 Studies for the Development of Supervision
  1. 3.5.1 Protection of the Non-Qualified Investor
  2. 3.5.2 Reorganisation of Managing Entities 252 Information Society
4 Cooperation
1. 4.1 Advisory to the Government and Finance Minister
  1. 4.1.1 Participation in the Preparation of the Securities Market Act
  2. 4.1.2 Legal Framework Restructuring and Reorganising Market, Systems and Services Managing Entities
  3. 4.1.3 Organisation of the Domestic Securities Markets
  4. 4.1.4 Legal Framework of Autonomous Warrants
  5. 4.1.5 Legal Framework of Securitisation
  6. 4.1.6 Investment Funds
  7. 4.1.7 Taxation in the Portuguese Financial System
  8. 4.1.8 Revision of the Legal Framework of Brokers
2. 4.2 Cooperation
  1. 4.2.1 Cooperation with National Entities
    1. 4.2.1.1 Bank of Portugal
    2. 4.2.1.2 Public Prosecutor
  2. 4.2.2 Cooperation with Other National Entities
    1. 4.2.2.1 Public Credit Management Institute ("IGCP")
    2. 4.2.2.2 Portuguese Association of Assets and Investment Fund Management Companies ("APFIN")
    3. 4.2.2.3 Portuguese Association of Financial Analysts ("APAF")
    4. 4.2.2.4 Order of the Official Account Auditors ("OROC")
    5. 4.2.2.5 Rating Agencies
    6. 4.2.2.6 Higher Council for Statistics
    7. 4.2.2.7 Commission for Accounting Harmonisation ("CNC")
  3. 4.2.3 Cooperation with Similar Foreign Entities
  4. 4.2.4 Participation in International Organisations
    1. 4.2.4.1 Participation in EU Organisations
    2. 4.2.4.2 International Organisation of Securities Commissions - OICV/IOSCO
    3. 4.2.4.3 Forum of European Securities Commissions - FESCO
    4. 4.2.4.4 Participation in the Financial Action Group - GAFI
    5. 4.2.4.5 Iberian-American Securities Market Institute
    6. 4.2.4.6 Organisation for Economic Cooperation and Development - OECD
    7. 4.2.4.7 International Practice Auditing Committee - IPACons
5 CMVM's Internal Organisation
1. 5.1 Governing Bodies
  1. 5.1.1 Executive Board
  2. 5.1.2 Supervisory Committee
  3. 5.1.3 Advisory Committee
2. 5.2 Human Resources
  1. 5.2.1 Human Resources
  2. 5.2.2 Training
3. 5.3 Development of Information Systems
  1. 5.3.1 Project "2000"
  2. 5.3.2 Other Projects Accomplished
  3. 5.3.3 Future Projects
4. 5.4 Incoming and Outgoing Correspondence

Part III - Development Prospects

Annexes

Other Editions