Press releases and infractions


CMVM discloses english version of the 2017 Annual Activity and Accounts Report

The CMVM makes available the Annual Activity and Accounts Report for 2017 in English, allowing easier access to information on the institution, supervision, regulation and financial markets in Portugal to a growing number of foreign interested parties. The press release of 20 June, published on the day of the public disclosure of the report, is reproduced below.


For the CMVM, 2017 was marked by venturing into a more focused, efficient and closer supervision of the national capitals market aimed at strengthening the regulatory framework by supporting the protection and accountability of all market players.

To support these endeavours, the CMVM promoted a profound internal restructuring - including the launch of a project for a new career model and performance assessment, which will be implemented throughout 2018 - with significant impacts on the multiple dimensions of supervision, investor support, monitoring new trends and risks and in consolidating communication and proximity to investors, regulators and the general public.

‘"The known and unknown risks for the markets will continue to require vigilance and an awareness of the limits of supervision. This is why changing and improving the organisation will continue to be an essential aspect of the strategic management of this term of office."

Gabriela Figueiredo Dias,  CMVM Chair | CMVM Activity and Accounts Report - 2017


Among the initiatives with the greatest impact on the regulatory front, are the strong participation in the works on the transposition of the Markets in Financial Instruments Directive (MiFID II), the acceptance of framework norms of the Packaged Retail and Insurance-based Investment Products (PRIIPS) and the participation in the transposition and implementation of the Market Abuse, Transparency and Prospectus Directives.

In the supervision of both markets and issuers, and entities and financial intermediation, in 2017, there was an increase in the coordination (internally and with other national and international supervisors) and process optimisation, with quality improvement in the supervisory actions and in the efficiency of the resources allocated to the various dimensions of the activity, in the context of a proactive positioning in promoting the allure of the Portuguese capitals market, namely via the revision of supervisory models and procedures.

The CMVM further consolidated audit supervision, namely by improving its risk model and stabilising the rule on mandatory audit rotation, and after years of deadlock, the transition to a self-regulatory model concerning Corporate Governance recommendations. ​ 

On the penalty front, 14 fines were imposed, resulting in a contribution of 357,5 thousand euros to reinforce the Investor Compensation Scheme, and 20 investigations were concluded, resulting in 4 reports to the Public Prosecutor's Office. The CMVM was also heavily involved in the international assessment of the FATF on combating money laundering and terrorist financing, wherein Portugal obtained the highest mark.

"The next few years will inevitably be marked by a strong focus on information and technological resources, digitalisation and automation of procedures, simplification of regulation and supervision, responsible adherence to innovation, promotion of a closer relationship with investors and the subjects of supervision and close coordination with other supervisors at national and international levels."

Gabriela Figueiredo Dias, CMVM Chair | CMVM Activity and Accounts Report - 2017


During 2017, investor support and market trend monitoring were also reinforced, particularly regarding FinTech; to strengthen the international participation of the CMVM, which included the election of the CMVM Chair for the ESMA Management Board and the CMVM’s Chairship of ESMA’s Supervisory Convergence Standing Committee. It was also a year of investing in the valorisation of the national capitals market, particularly by the launching of a programme financed by the European Commission and counselled by the OECD to map its main bottlenecks and identify opportunities for its development.

The activity of the CMVM has progressed to a financial equilibrium, with an expenditure of 21.8 million euros, below the budgeted, and revenues of 23.2 million, which allowed strengthening the CMVM's reserves to meet investment needs. These results are part of an effort to contain operational expenditure.