CMVM
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International activity


CMVM International activity


In the era of the financial globalisation, harmonised regulation and supervisory convergence are essential to promote the integrity, transparency, and efficiency of the markets.

Contributing to the process at different levels and with various scopes, the international activity of the Portuguese Securities Market Commission is guided by its two main roles. On one hand, as a regulatory authority, the CMVM participates in the formation of the European regulatory landscape as well as in the global standard setting process, on the other hand, as a supervisory authority, the CMVM is responsible for the oversight and supervision of entities with cross-border business lines. The CMVM takes also part both at management and expert level in the work of the relevant organisations.

From an international perspective, the Commission is present in the key international organisations, participating in various policy committees and permanent groups of IOSCO (International Organization of Securities Commissions), the relevant working units of OECD (Organisation for Economic Co-operation and Development), the Financial Stability Board Regional Consultative Group for Europe and as well as in the Financial Action Task Force (GAFI). The CMVM also plays a key role in international supervisory and enforcement cooperation.

In the European arena, the CMVM takes part in the work of all the standing committees and selected technical support groups of ESMA (European Securities and Markets Authority), as well as provides its expertise to support the legislative processes taking place in the European Council on issues falling into its competence.

The CMVM also participates in smaller scale organisations (such as the Mediterranean Partnership of Securities Regulators or the Ibero-American Securities Institute).

With regards to its supervisory function, the CMVM is a member of regulatory colleges responsible for the oversight of trading venues (such as Euronext or MIBEL) and central counterparty clearing houses (such as LCH.Clearnet or OMIClear).