There may be differences in the number of cases in the various areas. This is a result of the reclassification which was based on changes to the matters at issue

In the fourth quarter of 2009, the CMVM (Comissão de Mercado de Valores Mobiliários) rendered decisions in 13 administrative infraction cases, of which eight focused on the breach of disclosure requirements, four on the activity of financial intermediation and two on the performance of collective investment schemes.

Eight decisions were rendered against very serious administrative infractions, four for serious and one for less serious administrative infractions. Within the context of said decisions, six fines totalling €295,000 were imposed and seven warning notices were issued.

In the same period, the CMVM instituted 24 new administrative infraction proceedings, whereof 13 related to the non-compliance of disclosure requirements, six for breach of disclosure requirements, four involved the conduct of collective investment schemes and one for breach of market trading duties. 

The CMVM rendered decisions in 43 administrative infraction cases and instituted 41 administrative infraction proceedings in 2009.

At the end of 2009, 49 administrative infraction cases were in progress at the CMVM, of which 17 related to breach of disclosure duties, 15 for financial intermediation, nine for market trading duties and eight for the performance of collective investment schemes.

There were 29 administrative infraction cases in progress involving CMVM decisions under appeal, whereof more than half (22) relates to the breach of disclosure requirements.

It is important to note that the value of the fines imposed by the CMVM reverts to the Investor Compensation Scheme.