CMVM
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Press releases and infractions
(Article 422 Securities Code, amended by Decree-Law No. 52/2006 and Law No. 28/2009 of 19 June)

​Serious and very serious administrative infractions and crimes against the markets


​Serious and very serious administrative infractions 

 

AgentType Of
Offence
CMVM Decision
(contents In Portuguese)
And Sanction Imposed
Judicial
Review
Court DecisionAppeal
  • Finertec - Serviços de Consultoria e Participações Financeiras, S.A.

  • Joaquim Adelino Pereira da Mota
Market Integrity, Transparency & Fairness14/01/2015
Decision


Fines:

  • Finertec - Serviços de Consultoria e Participações Financeiras, S.A. - €75,000
  • Joaquim, Adelino Pereira Mota - €25,000 (Suspended)
​Yes
(only Finertec - Serviços de Consultoria e Participações Financeiras, S.A.)
24/11/2014
Ruling by the Santarém Court of Competition, Regulation and Supervision, (1st Division) dated 24 November 2014, confirming the CMVM decision relating to the defendant Finertec - Serviços de Consultoria e Participações Financeiras, S.A., amending the amount of fine imposed
The defendant, Finertec - Serviços de Consultoria e Participações Financeiras, S.A., filed an appeal with the Lisbon Appeal Court.
  • Caixagest - Técnicas e Gestão de Fundos, S.A.
  • Caixa - Banco de Investimento, S.A. (Caixa BI)

Market Integrity, Transparency & Fairness

31/03/2014
Decision 95 Kb 

Fines:

  • Caixagest -€150,000
  • Caixa BI - €150,000
​No​-​-
  • Fund Box -
    Sociedades Gestora de
    Fundos de
    Investimento Imobiliário, S.A.
  • Rui Manuel
    Meireles
    Anjos
    Alpalhão
  • João Paulo
    Batista
    Safara
  • Banco
    Invest, S.A.

Supervision of CIUs

09/10/2013
Decision 148 Kb

Fines:

  • Fund Box -
    €60.000
  • Rui Manuel
    Meireles Anjos
    Alpalhão - €25.000
  • João Paulo Batista
    Safara - €25.000
  • Banco Invest -€25.000

​28/10/2014
Judgments by the Lisbon Court of Appeal (3rd Section) of 04/06/2014 and 08/10/2014 that partially confirm the CMVM's condemnatory decision

Yes-
-
  • Fincor -
    Sociedade
    Corretora,
    S.A.
  • Manuel João
    Moutinho
    Vilela
  • António
    Eduardo dos
    Santos
    Sardo
  • Emanuel
    Filipe Borges
    Rodrigues
    Gonçalves
Market
Integrity,
Transparency & Fairness

27/04/2012
Decision  137 Kb

Fines:   

  • Fincor - €50,000 with partial suspension of the €40.000 execution of the fine for a two-year period
  • Manuel João Moutinho Vilela- €25,000
  • António Eduardo dos Santos Sardo - €25,000
  • Emanuel Filipe Borges Rodrigues Gonçalves - €25.000 with a two-year partial suspension of €20,000
No--

Lisbon Brokers-
Sociedade
Corretora, SA

Paulo Campião
Grade 

Pedro Ilídio
Gomes

 

Financial
Intermediation
Duties

15/09/2011
Decision 170 Kb

Fines:

  • Lisbon Brokers- €50,000
  • Paulo Campião Grade - €60,000
  • Pedro Ilídio Gomes - €25,000
  • Lisbon Brokers- No
- -
  • Paulo Campião Grade - Yes

04/04/2013
Judgment by the Lisbon Court of Appeal (5th Section) on 09/10/2012 that dismisses the appeal and upheld the sentence





-


 

29/03/2012
Decision by the Bench of the Petty Criminal Court of Lisbon (2nd Judgement, 2nd Section) dated 09/01/2012 acquitting the defendant of the fine imposed by the CMVM

The CMVM appealed to the Lisbon's Court of
Appeal
  • Pedro Ilídio Gomes - No
--
Sporting Clube de Portugal –
Futebol, SAD
Information
Disclosure

14/09/2011
Decision 135 Kb
Fine: €25,000

No--

José de Oliveira
Costa

Market
Integrity,
Transparency & Fairness

27/07/2011
Decision 223 Kb
Fine: €75,000

Yes--
Banco Invest, SA Market
Integrity,
Transparency & Fairness

27/04/2011
Decision 128 Kb

Fine: €25,000

No--

Companhia
Gestora do
Fundo Imobiliário Urbifundo, S.A.

Supervision of CIUs

17/03/2011
Decision 26 Kb

Fine: €50,000

No

-

-

BBVA Gest –
Sociedade
Gestora de
Fundos de
Investimento
Mobiliário, S.A.

Supervision of CIUs

28/02/2011
Decision 18 Kb

Fine: €50,000

No--
Armando Esteves
 Information
Disclosure

22/02/2011
Decision 16 Kb

Fine: €25,000

Yes

17/07/2012
Judgment by the Lisbon Court of Appeal (3rd Section) on 30th May 2012 that dismissed the appeal and upheld the condemnatory sentence  1160 Kb

 -

14/03/2012
Sentence passed by the Bench of the Petty Criminal Court of Lisbon (2nd Division/1st Section) on 5 January 2012 wholly confirming the CMVM's condemnatory decision 
1147 Kb

The
defendant
filed an
appeal
with
Lisbon's
Court of
Appeal

Lisbon Brokers,
Sociedade
Corretora, S.A.

Financial
Intermediation Duties

11/02/2011
Decision 15 Kb

Fine: €25,000

No--

Vítor Manuel
d’Almeida e Silva

 

 

Banco Português de Gestão, S.A.
(BPG)

Unauthorised Financial
Intermediation

13/01/2011
Decision 18 Kb

Fines:

  • Vítor Manuel d’Almeida e Silva - €30,000
  • BPG - €40,000
  • Vítor Manuel d’Almeida e Silva - No
--
  • BPG - Yes

06/11/2012
Judgment by the Lisbon Court of Appeal (3rd Section) on 30th May 2012 that dismissed the appeal and upheld the condemnatory sentence

-

28/03/2012
Sentence passed by the Bench of the Petty Criminal Court of Lisbon (2nd Division/3rd Section) on 27 January 2012 wholly confirming the CMVM's condemnatory decision

The
defendant
filed an
appeal
with
Lisbon's
Court of
Appeal

EDP – Energias
de Portugal, S.A.

Information
Disclosure

Decision169 Kb

Fine: €100,000

Yes

Judgment by the Lisbon Court of Appeal (5th Section) on 17 February 2013 that repealed the contested sentence and upheld the conviction of the defendant EDP - Energias de Portugal, SA, in accordance with the CMVM decision  2363 Kb

        -        

Judgment passed by the Bench of the Petty Criminal Court of Lisbon (2nd Division/2nd Section) on 31 July 2012 that acquits the defendant 959Kb

The
CMVM
and Public
Prosecutor
filed an
appeal with
the Court of
Appeal

Judgment by the Lisbon Court of Appeal (5th Section) on 15 November 2011 that upheld the appeals by the CMVM and Public Prosecutor, and ordered a retrial pursuant to Article 426 Criminal Procedure Code 1409 Kb

   -       

Judgment passed by the Bench of the Petty Criminal Court of Lisbon (2nd Division/1st Section) on 29 April 2011 that repeals the CMVM's condemnatory decision and acquits the defendant 1428 Kb

The CMVM
and Public
Prosecutor
filed an
appeal with
the Court of
Appeal

Alípio Barrosa
Pereira Dias

António Manuel
Pereira Caldas de Castro Henriques

António Manuel
de Seabra de
Melo
Rodrigues

Christopher de
Beck

Filipe de Jesus
Pinhal

Jorge Manuel
Jardim Gonçalves

Luís Manuel Neto Gomes

Miguel Pedro
Lourenço
Magalhães Duarte

Paulo Jorge de
Assunção
Rodrigues
Teixeira Pinto

Information
Disclosure

09/12/2010

Fines:

  • Alípio Barrosa Pereira Dias - €200,000
  • António Manuel Pereira Caldas de Castro Henriques - €250,000
  • António Manuel de Seabra de Melo Rodrigues - €900,000
  • Christopher de Beck - €650,00 
  • Filipe de Jesus Pinhal - €800,000
  • Jorge Manuel Jardim Gonçalves - €1,000,000
  • Luís Manuel Neto Gomes - €200,000
  • Miguel Pedro Lourenço Magalhães Duarte - €75,000
  • Paulo Jorge de Assunção Rodrigues Teixeira Pinto - €200,000
                      
Yes The
defendants
filed an
appeal
with the
Court of
Appeal
I'M, SGPS, SA
Information
Disclosure

17/11/2010
Decision 17 Kb

Fine: €40,000

No--
Lisbon Brokers -
Sociedade
Corretora, SA
Financial
Intermediation Duties

23/06/2010
Decision68Kb

Fine: €30,000

No-

-

Banco Português de Investimento,
SA
Financial
Intermediation Duties

07/05/2010
Decision 57Kb 

Fine: €60,000 

No

Banco Comercial Português, SA
Financial
Intermediation Duties

09/03/2010
Decision 69Kb

Fine: €75,000

No -

-

Portugal Telecom, SGPS, SA
Information
Disclosure

08/03/2010
Decision 79Kb

Fine: €40,000

 Yes

23/05/2012
Judgment by the Lisbon Court of Appeal (3rd Section) on 23 May 2012 that considered the appeal as unfounded and confirmed the contested sentence

 -

10/01/2012
Sentence passed by the Bench of the Petty Criminal Court of Lisbon (1st Division/2nd Section) on 10 January 2012  confirming the CMVM's condemnatory decision

The
defendant
filed an
appeal with
the Lisbon
Court of
Appeal 

04/02/2011
Judgment passed by the Lisbon Court of Appeal (9th Section) of 09/12/2010 that decided to refer the case back for a re-trial

30/06/2010
Decision passed by the Bench of the Petty Criminal Court of Lisbon (1st Division / 3rd Section) revoking the CMVM's condemnatory decision and acquitting the defendant

The CMVM
filed an
appeal

Fincor -
Sociedade
Corretora, SA

Financial
Intermediation Duties

14/08/2009
Decision 56Kb

Fine: €50,000

 Yes--

Sumol+Compal,
SA

Information
Disclosure

13/08/2009
Decision 67Kb

Fine: €75,000

 Yes

11/07/2011
Judgment by the Lisbon Court of Appeal (3rd Section) on 01/06/2011, reversing acquittal and ordered a retrial

 -

06/01/2011
Sentence passed by the Bench of the Petty Criminal Court of Lisbon (1st Division/2nd Section) upholding the appeal and acquitting the defendant

The CMVM
and the
Public
Prosecutor
appealed to
the Lisbon's Court of
Appeal

Banco ActivoBank (Portugal), SA

 CIUs

06/08/2009
Decision 55Kb

Fine: €75.000

No --

LP Brothers -
Venture Capital
SL 

José Pedro Xavier Pereira

Information
Disclosure

06/08/2009
Decision 75Kb

Fines:

  • LP Brothers - Venture Capital SL - €100.000
  • José Pedro Xavier Pereira -
    €50.000
  • LP Brothers - Venture Capital SL - No
--
  • José Pedro Xavier Pereira - Yes

25/07/2011
Sentence passed by the Bench of the Petty Criminal Court of Lisbon (2nd Division/2nd Section) on 7 June 2011 wholly confirming the CMVM's condemnatory decision

The
defendant
filed an
appeal with
the Court of
Appeal


Defendant's
appeal was
rejected on
the grounds
of filing after
the expiry
date and
sentence 
was res
judicata

Sport Lisboa e
Benfica - Futebol SAD

Information
Disclosure

03/08/2009 
Decision 54 Kb

Fine: €40,000

 

No --

Banco Comercial Português, SA

Information
Disclosure

03/08/2009 
Decision 39 Kb
Fine: €5.000.000 (€2,500,000
partially suspended)
                          

 Yes

05/03/2012
Judgment by the Constitutional Court (1st Section) dated 15/02/2012 dismissing the appeal filed by the BCP and confirming the decision by  the Lisbon Court of Appeal

-

30/12/2011
Judgment by the Constitutional Court (1st Section) dated 08/07/2011 that partially upheld the complaint of the BCP, acknowledging two known constitutionality issues concerning Article 389 of the Securities Code and dismissing the others

The appeal
continues in
so far as the
two issues allowed, as a
final decision was taken
that the other issues raised by BCP are
not known

08/06/2011
Summary Decision of the Constitutional Court held that this Court can not consider the appeal filed by the defendant against the Lisbon Court of Appeal's judgement

The
defendant
lodged an
objection

12/05/2011
Judgment by the Lisbon Court of Appeal (3rd Section) deemed the appeal to be unfounded and confirmed the contested sentence

The
defendant
filed an
appeal with
the
Constitutional Court

20/09/2010
Sentence passed by the Petty Criminal Court of Lisbon (1st Division/1st Section), confirming the CMVM's condemnatory decision

The
defendant
filed an
appeal with
the Court of
Appeal
Sport Lisboa e
Benfica - Futebol SAD
Information
Disclosure

04/06/2009

Decision 58Kb

Fine: €25,000

 Yes

25/03/2013
Judgment by the Court of Appeal of Lisbon (9th Section) dated 13 December 2012 rejecting the complaint lodged by the CMVM, upholding the dismissal of the appeal

-

25/03/2013
Summary Decision by the Lisbon Court of Appeal (9th Section) dated 8 June 2012 rejecting the appeal filed by the CMVM and Public Prosecutor

CMVM
lodged an
objection to
the decision
by the Lisbon Court of
Appeal of
Lisbon

25/03/2013
Sentence passed by the Bench of the Petty Criminal Court of Lisbon (1st Division/3rd Section) on 25 January 2012 dismissing the CMVM's condemnatory decision and acquitting the defendant

CMVM and
the Public
Prosecutor
filed an
appeal

 

02/03/2011
Judgment by the Lisbon Court of Appeal (5th Section) on 9 December 2010 that decided to refer the case back for a re-trial

-

22/04/2010
Decision passed by the Bench of the Petty Criminal Court of Lisbon (1st Division / 3rd Section) revoking the CMVM's condemnatory decision and acquitting the defendant

CMVM and
the Public
Prosecutor
filed an
appeal

 

Galp Energia,
S.G.P.S., S.A.
Information
Disclosure

22/04/2009
Decision 21Kb

Fine: €100,000

 Yes

19/07/2011
Sentence passed by the Bench of the Petty Criminal Court of Lisbon (2nd Division/3rd Section) on 24 June 2011 partially confirming the CMVM's condemnatory decision

The
defendant
filed an
appeal with
the Court of
Appeal
Caixa - Banco de
Investimento, SA
Information
Disclosure

01/04/2009
Decision 49Kb

Fine: €25,000

Yes

17/09/2012
Decision by the Vice-President of the Lisbon Court of Appeal on 18th May 2012, dismissing the complaint lodged by the defendant, upholding the dismissal of the appeal

The
defendant
filed an
appeal with
the
Constitutional Court 

17/09/2012
Sentence passed by the Bench of the Petty Criminal Court of Lisbon (1st Division/1st Section) on 8th February 2012, which dismissed, as the appeal was untimely filed by the defendant

The
defendant
lodged a
complaint 
with the
President of
the Lisbon
Court of
Appeal

17/09/2012
Sentence passed by the Bench of the Petty Criminal Court of Lisbon (1st Division/1st Section) on 30 November 2011 confirming the CMVM's condemnatory decision

The
defendant
filed an
appeal with
the Court of
Appeal
Galp Energia,
SGPS, SA
Information
Disclosure

05/03/2009
Decision 35 Kb

Fine: €75,000

Warning 

 Yes

06/12/2011
Judgment by the Lisbon Court of Appeal (5th Section) on 25 October 2011 dismissing the appeal and upholding the condemnatory  decision

-

26/05/2011
Sentence passed by the Bench of the Petty Criminal Court of Lisbon (2nd Division/3rd Section) on 15 April 2011 partially confirming the CMVM's condemnatory decision

The
defendant
filed an
appeal with
the Court of
Appeal
Sporting -
Sociedade
Desportiva de
Futebol, SAD
Information
Disclosure

30/12/2008
Decision 32Kb

Fine: €60,000

 Yes

16/09/2010
Judgment by the Lisbon Court of Appeal (3rd Section) that considered the appeal as unfounded and confirmed the contested sentence

-

06/11/2009
Sentence passed by the Bench of the Petty Criminal Court at Lisbon (1st Division/3rd Section) upholding the appeal and acquitting the defendant

The CMVM
has filed an
appeal with
the Court of
Appeal 
Galp Energia,
SGPS, SA
Information
Disclosure

06/11/2008
Decision 14 Kb
Fine: €50,000

 Yes

21/09/2011
Judgment by the Lisbon Court of Appeal (3rd Division) on 6th July 2011 dismissing defendant's appeal and confirming the sentence  

 -

22/03/2011
Sentence passed by the Bench of the Petty Criminal Court of Lisbon (2nd Division/3rd Section) on 7 January 2011, partially confirming the CMVM's condemnatory decision

The
defendant
filed an
appeal with
the Court of
Appeal
Vila Galé Gest -
Sociedade
Gestora de
Fundos de
Investimento
Imobiliários, SA
Supervision of CIUs

11/09/2008
Decision 34 Kb

Fine: €75,000

No

-

-
Banco Comercial Português, SA
Financial
Intermediation Duties

18/08/2008
Decision 120Kb

Fine: €3,000,000

Yes

18/06/2013
Decision passed by the Bench of the Petty Criminal Court of Lisbon (1st Division, 2nd Section) dated 15/06/2012 that revokes the CMVM’s condemnatory decision and acquits the defendant

 

The CMVM
filed an
appeal

 

 

 

30/12/2011
Judgment by the Lisbon Court of Appeal (5th Section) dated  28/06/2011 partially upholding the appeals by the CMVM and the Public Prosecution, and referred the case back for a re-trial as to the administrative offenses attributed to BCP for breach of the registry duties, and confirms the decision appealed against where the BCP was acquitted practicing Administrative Infractions for breaching duties to prevent conflicts of interests and provide quality information to the supervisory entity 

08/11/2010
Sentence passed by the Bench of the Petty Criminal Court of Lisbon (1st Division/1st Section) dismissing the CMVM's condemnatory decision and acquitting the defendant

The CMVM
filed an
appeal

27/01/2012
Judgment by the Lisbon Court of Appeal (9th section) dated  15/12/2011 dismissing the appeal against the decision declaring the administrative infraction of excessive intermediation as prescribed

-

16/04/2010
Decision passed by the Bench of the Petty Criminal Court of Lisbon (1st Division / 1st Section) wherein the prior issues and the invalidities invoked by BCP are ruled as unfounded and rendering the churning infraction as invalid

-
Construtora do
Tâmega, SGPS,
SA
Information
Disclosure

04/07/2008
Decision 29 Kb

Fine: €25,000

 Yes

18/11/2011
Judgment by the Lisbon Court of Appeal on 28 September 2011 dismissing the appeal and upholding the CMVM's final decision

 -

23/03/2011
Sentence passed by the Bench of the Petty Criminal Court of Lisbon (2nd Division/1st Section) on 30 November 2010 confirming the CMVM's condemnatory decision

The
defendant
filed an
appeal
Banco Comercial Português, SA
Information
Disclosure

19/05/2008
Decision 30 Kb

Fine: € 75,000

No

 -

-
Armindo Rodrigo
Vieira Leite
Information
Disclosure

16/04/2008
Decision  30 Kb
Fine: €100,000

 Yes

07/01/2009
Sentence passed by the Bench of the Petty Criminal Court at Lisbon (1st Division/1st Section), partially confirming the  CMVM's condemnatory decision

-

António José da
Silva Veiga

Qualifying
Holdings 

19/03/2008
Decision 15 Kb
Fine: €30,000

 Yes

05/05/2010
Judgment by the Lisbon Court of Appeal (9th Section) partially confirming the CMVM's decision

22/04/2009
Sentence passed by the Bench of the Petty Criminal Court at Lisbon (1st Division/3rd Section), partially confirming the  CMVM's decision

The
defendant
has filed an
appeal with
the Court of
Appeal 

Banco Espírito
Santo de
Investimento, SA

Information
Disclosure

19/11/2007 
Decision  12 Kb

Fine: €75,000

Yes

30/07/2010
Sentence passed by the Bench of the Petty Criminal Court of Lisbon (1st Division/2nd Section), partially confirming the CMVM's condemnatory decision

-

Miguel Maria de
Sá Pais do
Amaral

Information
Disclosure

15/11/2007
Decision 24Kb

Fine: €75,000

 Yes

16/03/2011 
Judgment by the Constitutional Court on 16/02/2011 confirming the previous summary decision, whereby it can not consider the appeal filed by the defendant against the Judgement of the Lisbon Court of Appeal

16/09/2010
Summary decision of the Constitutional Court held that it can not consider the appeal filed by  the defendant against the Judgement of the Lisbon Court of Appeal

The
defendant
lodged an
objection

26/01/2010
Judgment by the Lisbon Court of Appeal (3rd Section) upholding the CMVM's appeal and confirming the defendant's conviction

Yes

06/03/2009
Sentence passed by the Bench of the Petty Criminal Court at Lisbon (1st Division/1st Section), upholding the appeal and acquitting the defendant 

The
CMVM and
the defendant have filed an appeal with
the Court of
Appeal 

Intermoney
Portugal –
Sociedade
Financeira de
Corretagem, S.A. (anterior Crédito
Agrícola Dealer – Sociedade
Financeira de
Corretagem, S.A.)

 

Financial
Intermediation Duties

13/09/2007
Decision15Kb
Fine: €100,000

 Yes

18/09/2012
Decision by the Vice-Chair of the Lisbon Court of Appeal dated 27/06/2012, that rejected the complaint filed by the CMVM and maintaining rejection of the appeal

-

18/09/2012
Decision of the Petty Criminal Court of Lisbon (1st Division/1st Section) of 22/05/2012 that rejected the CMVM's appeal due to legal inadmissibility

The CMVM
filed objection to the Chair of the Lisbon
Court of
Appeal 
concerning
the appeal
rejection

18/09/2012
Judgment passed by the Petty Criminal Court of Lisbon (1st Division/1st Section) on 27/03/2012 that it partially upheld the appeal filed by the defendant thereby amending CMVM's decision which imposed a sole fine of €100,000.00 and overturning said fine to a warning

The CMVM
filed an
appeal to the Lisbon
Appeal Court

21/09/2011
Judgment passed by the Lisbon Court of Appeal (9th Section) dated 30th June 2011 annulling the contested sentence and referred the case back for a re-trial, due to irreconcilable contradiction based on the decision to charge for the negligent practice of illegal conduct

-

19/01/2011
Sentence passed by the Bench of the Petty Criminal Court of Lisbon (1st Division/2nd Section), partially confirming the CMVM's condemnatory decision

The CMVM
and Public
Prosecutor
filed an
appeal with
the Court of
Appeal 

BPN Imofundos - SGFII, SA

Market
Integrity,
Transparency & Fairness
and
Supervision of CIUs

17/08/2007
Decision 13Kb

Fine: €100,000

 Yes

02/02/2009
Sentence passed by the Bench of the Petty Criminal Court at Lisbon (2nd Division/2nd Section), partially confirming the  CMVM's condemnatory decision
- Pags. 1 to 20  
- Pags. 21 to 36

 -

Banco Millennium BCP
Investimento, SA

Market
Integrity,
Transparency & Fairness

25/07/2007

Decision 14Kb

Fine: €300,000

No

-

-
Finanser -
Sociedade
Financeira de
Corretagem, SA
Unauthorised Financial
Intermediation & Financial
Intermediation
Duties

23/04/2007
Decision12Kb

Fine: €200,000

 Yes

05/06/2009
Sentence passed by the Bench of the Petty Criminal Court at Lisbon (2nd Division/1st Section), dismissing the case.

-

ACS, Actividades de Construcción y Servicios, S.A.

Market
Integrity,
Transparency & Fairness

05/12/2006
Decision 23Kb

Fine: €50,000

No

-

 -
Lisgráfica -
Impressão e Artes Gráficas, S.A.
Quarterly
Report &
Financial
Statements

30/11/2006

Decision 12Kb

Fine: €25,000

No --

Conserve Italia -
Consorzio Italiano fra Cooperative
Agricole – Società cooperativa
agrícola (ex Círio
de Rica, S.p.A.)

Market
Integrity,
Transparency & Fairness

28/11/2006

Decision 23Kb

Fine: €50,000

 Yes

01/07/2010 
Judgment by the Lisbon Court of Appeal (5th Section) partially confirming the CMVM's decision

-

25/06/2010 
Sentence passed by the Bench of the Petty Criminal Court of Lisbon (1st Division/1st Section), partially confirming the CMVM's condemnatory decision

The
defendant
has filed an
appeal with
the Court of
Appeal 

Banif - Banco
Internacional do
Funchal, SA

Financial
Intermediation Duties

25/10/2006
Decision 13Kb

Fine: €50,000

No - -
L. J. Carregosa -
Sociedade
Financeira de
Corretagem, SA
Unauthorised Financial
Intermediation

17/07/2006
Decision12Kb

Fine: €60,000

 Yes

14/08/2009 
Order by the Lisbon Court of Appeal granting the defendant's motion for withdrawal of the appeal

-

08/04/2009
Sentence passed by the Bench of the Petty Criminal Court at Lisbon (1st Division/2nd Section), that found the defendant guilty of breaching the duty of asset segregation

The
defendant
has filed an
appeal with
the Court of
Appeal 

04/12/2008
Judgment by the Lisbon Court of Appeal (9th Section) revoking the Judgement passed by the District Court and determining the hearing in question 

-

21/01/2008
Sentence passed by the Bench of the Petty Criminal Court at Lisbon (1st Division/2nd Section), rendering the CMVM's condemnatory decision invalid due to issues related to the burden of proof thus disfavouring the merit review appeal 

The
CMVM has
filed an
appeal with
the Court of
Appeal 
PT Multimedia -
Serviços de
Telecomunicações e Multimédia,
SGPS, SA
Information
Disclosure

11/07/2006
Decision  22Kb

Fine: €200,000

 Yes

20/12/2007 
Judgment by the Lisbon Court of Appeal denies granting the appeal and confirms the sentence in the conviction against the defendant concerning the payment of a €200,000.00

-

24/07/2007
Sentence passed by the Bench of the Magistrates Criminal Court in Lisbon (2nd Division/2nd Section), in the administrative infraction proceeding, which confirmed the CMVM's decision rendered in the Administrative Infraction Proceeding No. 18/2005, of imposing on the defendant a fine in an amount of € 200,000.00 for the breach of Article 7 Securities Code (CdVM). Disclosure of the verbatim judicial decision, pursuant to Article 422/1 & /2 CdVM. The current decision did not become res judicata 
- Pgs 1-26

- Pgs 27-38 
- Pgs 39-53 

 Yes

Citigroup Global
Markets Limited
Market
Integrity,
Transparency & Fairness

28/06/2006
Decision12Kb

Fine: €950,000

 Yes

26/11/2012
Judgment by the Lisbon Courtof Appeal (5thSection)dismissingthe appeal andupheld the contested sentence 

-

30/12/2011
Sentence passed by the Bench of the Petty Criminal Court of Lisbon (1st Division/3rd Section) on 31 October 2011 repealing CMVM's decision by upholding the exception of breach of the ne bis in idem principle (considering that the facts had already been penalised in another legal system)

The CMVM
filed an
appeal with
the Court of
Appeal
Lisbon Brokers -
Sociedade
Corretora, SA
Financial
Intermediation Duties

25/05/2006
Decision
13Kb

Fine: €50,000

 Yes

10/02/2011
An appeal to the Court of Appeal was cancelled due to withdrawal by the defendant

-

04/11/2010
Sentence passed by the Bench of the Magistrates Criminal Court in Lisbon (2nd Division/2nd Section),on 15th October 2010 in the administrative infraction proceeding, which confirmed the CMVM's decision concerning seven of the nine administrative infractions (the procedure for the other two were declared to be prescribed) and upheld the EUR 50,000 fine imposed by the CMVM

Lisbon
Brokers
filed an
appeal with
the Appeal
Court 

07/01/2009
Order of the Judge of the Constitutional Court considers that the proceedings had lapsed due to appellants' waiver

-

26/11/2009
Judgment by the Lisbon Court of Appeal (3rd Section) which dismissed the invalidity raised by the defendant

Lisbon
Brokers filed an appeal
with the
High Court

26/11/2009
Judgment by the Lisbon Court of Appeal (3rd Section) which upheld the appeals of the CMVM and the Public Prosecutor and revoked the decision of the Magistrates Court, which should be replaced by another that proceeds to judgement, considering all the evidence gathered in the administrative infraction process as valid

Lisbon
Brokers
contradicted
the invalidity of the
judgment

03/12/2008
Sentence passed by the Bench of the Magistrates Criminal Court in Lisbon (2nd Division/2nd Section), upholding the appeal and determining the reformulation of the CMVM's decision

The CMVM
and the
Public
Prosecutor
filed an
appeal

09/10/2007
Petty Criminal Court - Timely acceptance of the application for appeal and the scheduling of the hearing

No

09/06/2006
Petty Criminal Court - Rejected Appeal

Yes
Inapa -
Investimentos,
Participações e
Gestão, SA
Information
Disclosure

25/05/2006
Decision 13Kb

Fine: €300,000

Yes

14/08/2009
Summary Decision by the Constitutional Court (3rd Section) denying the motion by the Lisbon Court of Appeal (05/05/2009) on the grounds of untimeliness

-

21/11/2008
Sentence passed by the Bench of the Petty Criminal Court at Lisbon (1st Division/3rd Section), dismissing the appeal and confirming the  CMVM's condemnatory decision

The
defendant
appealed the decision
EDP - Energias
de Portugal, SA
Information
Disclosure

25/05/2006
Decision 12Kb

Fine:
€550,000

 Yes

15/03/2011 
Judgment by the Lisbon Court of Appeal (5th Section) deemed the appeal to be unfounded and confirmed the contested sentence

06/05/2010
Sentence passed by the Bench of the Petty Criminal Court of Lisbon (1st Division/2nd Section) upholding the appeal and acquitting the defendant

The CMVM
and the
Public
Prosecutor
filed an
appeal
Pararede, SGPS, SA
Information
Disclosure

25/05/2006

 Decision 12Kb

Fine: €100,000

Yes 

15/2/2010 
Judgment passed by the Lisbon Court of Appeal dismissing the invalidity raised by the defendant

-

15/2/2010
Judgment passed by the Lisbon Court of Appeal revoking the decision passed by the Petty Criminal Court and upholding the CMVM's decision 

Pararede
contradicted
the invalidity of the
judgment

21/11/2008
Sentence passed by the Bench of the Petty Criminal Court at Lisbon (2nd Division/3rd Section), upholding the appeal and acquitting the defendant

The CMVM
filed an
appeal