The CMVM Overview CMVM Annual Report/Management Financial Statements CMVM Action Plan 2006-2010 CMVM Action Plan - 2010 Conferences/ Public Communications The CMVM Prize Recruitment / Trainees National Council Of Financial Supervisors National Council for Audit Supervision Iberian Electricity Market (Mibel) Regulators Council Money Laundering Press Releases/ Administrative Infractions / Principal Resolutions Press Releases Very Serious Administrative Infractions and Crimes against the Markets Principal Resolutions Information Disclosure System Securities Issuers Funds / Asset Management Financial Intermediaries Markets Complex Financial Products Auditors Independent Investment Advisors Real Estate Appraisers Securitisation Venture Capital Registries Recommendations/ Understandings/ Opinions Recommendations Understandings Opinions Document Archive Statistics Scheduled Release Dates for Statistics Portuguese Capital Markets Benchmarks Securities Investment Funds Real Estate Investment Funds Venture Capital Internet Trading Financial Intermediation Day-Trading Asset Management Infractions Investor Assistance Legislation / Regulations Securities Code Regulations Instructions Other Legislation Search by Subject Publications Investor Guide CMVM Bulletin CMVM Annual Report Management Financial Statements Securities Markets Review Brochures Monographs Other Publications Research Reports / Working Papers Research Reports Working Papers Investor Assistance / Conflict Mediation International Cooperation Memoranda of Understanding with Other Entities International Working Groups CESR Documents IOSCO Documents Disclosure of International Sanctions Consultation Papers Procedures CMVM Documents CESR Documents IOSCO Documents Finance Ministry's Documents National Council of Financial Supervisors' Documents European Commision Documents Other Entities' Documents Investor Compensation Scheme

Opinions 25/09/2008 General Statement of Opinion on the Practice of Short Selling 26/05/2006 General Statement of Opinion on the Attribution of Voting rights to Pension Funds 21/03/2006 General Statement of Opinion on Duties relating to Conduct while Takeover Bids are Pending 17/06/2005 Legal Opinion on the Implementation of the Prospectus Directive on the Portuguese Legal System from 1st July 2005 18/06/2003 General Statement of Legal Opinion on the Notion of the Urban Building, for the Effects of the Provisions of Article 25(3) of the Legal Requirements applicable to Property Investment Funds, Approved by Decree-Law No. 60/2002, of 20 March 23/01/2003 General Statement of Legal Opinion on Levies Charged on Mandatorily Convertible Securities 12/09/2002 General Legal Opinion on the Fungibility of Certificated Securities Statement of Criteria Determining the CMVM's Stance as Regards Activities Carried out by BVLP Pursuant to Article 13.3 of the Law Governing Market and Systems Management Entities General Statement on the Blocking of Shares by their Holder and Respective Enunciation of Acquisition Leading to Takeover Statement of Opinion Regarding Rival Public Acquisition Offers Statement of the Opinion of the CMVM on the Loss of Public Company Status following takeovers, pursuant to Article 370.2 of the Portuguese Securities Code