Press releases

CMVM Annual Conference 2019

"From Investor Protection to Market Promotion - 20 years. The Securities Code"

   Message from the Chair of CMVM on the subject "From Investor Protection to Market Promotion - 20 Years.The Securities Code" which preceded the Conference


The current Securities Code celebrates 20 years. Over the last two decades, the European Union has expanded, globalisation has intensified cross-border movements of people and capital, companies have grown far beyond the borders where they are headquartered in and one has witnessed a true digital revolution, which has accelerated processes and has questioned the traditional forms of organisation and interaction between economic agents.

The existing Securities Code has faced these and other challenges - from investor protection through to market integrity and promotion - that reality has imposed on supervision and regulation.

After 20 years, it is necessary to reflect, especially at a time when the Portuguese Securities Market Commission (CMVM) has begun a process of revising the Code to better adapt Portugal to national and international challenges.

Aware that a growing part of corporate finance should be secured through capital markets and that international competitiveness in also gained in regulatory terms, the conference will be organised around four key themes: 1) market promotion and financing of the economy; 2) power and control in 21st century companies; 3) the protection and accountability of investors; and 4) the challenges of regulation and supervision in the context of the Capital Markets Union.

This is a contribution to the debate on the role of regulation and supervision in the development of a modern financial system capable of responding to the technological and organisational demands of the advanced economies and the needs of their businesses and families.

Thalia Theatre

31 May 2019



8:30 - Registration

9:00 - Opening remarks: Gabriela Figueiredo Dias (speech), Chair of CMVM

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9:15 - Keynote speaker:  Pedro Siza Vieira, Minister in the Cabinet of the Prime Minister and of Economy

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9:45-11:00 -
Roundtable: Promoting the market and financing the economy     

The first panel of the day discussed the financing of companies through traditional products or new instruments and projects, such as cryptoassets or crowdfunding. Alternatives and barriers to market development were explored, as well as the consequences for regulation and supervision of financial and regulatory integration. The importance of the roles of institutional investors and the banking system, the relevance of the quality of information provided to the market, the risks and opportunities of the various alternatives were also addressed as defining elements of a financing culture via capital markets.
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  • Henrique Cruz, CEO of IFD – Instituição Financeira de Desenvolvimento
  • Paulo Lameiras Martins, Administrator of Haitong Bank 
  • Paulo Câmara, Managing Partner da Sérvulo & Associados (Law firm)
  • Clara Raposo, Chair of ISEG – Instituto Superior de Economia e Gestão

    • Moderator: Rui Peres Jorge, Director of Communication Office of CMVM

11:00-11:15 - José Luís Sapateiro 2018 Award Ceremony (speech of the award winner, Ana Luísa Silva)

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11:15-11:45 - 

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11:45-13:00 - Roundtable: Power and control in the XXI century companies

The second panel analysed the power and the various powers that define the life of public companies, the manager's authority and function, the governance structure of the company, the shareholder voting power and issues related to its attribution. The also session invited reflection on topics such as the role of minority and institutional investors, the protection of retail investors and the negative effects of minority abuses, the consequences of creditors’ control over the long-term alignment management and the current meaning of the ‘one share one vote’ principal, inter alia.  
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  • Luca Enriques, Allen & Overy Professor of Corporate Law at the University of Oxford
  • Jorge Bleck, Senior Partner and Head of M&A at Vieira de Almeida (Law firm)
  • Duarte Pitta Ferraz, Full Professor of Governance and Banking at Nova SBE Executive Education
  • Stilpon Nestor, Managing Director of Nestor Advisors

    • Moderator: Juliano Ferreira, Director of the Issuers Department of CMVM

13:00-14:30 - Lunch 

14:30-15:00 - Keynote speaker: Niamh Moloney (presentation), Member of the Management Board of the Central Bank of Ireland and Director of the Law Department of the London School od Economics and Political Science

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15:00-16:15 -
Roundtable: Protection and accountability of the investor

The third panel of the day questioned the limits of investor protection and accountability in the market. One year after the entry into force of MiFID II, the duties of transparency and market information, the prevention of conflicts of interest and the verification of suitability, and the promotion of good corporate governance practices were also analysed. The management of complaints and disputes, including the effectiveness of sanctions and agreements between the parties, were other topics under consideration.
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  • Vinay Pranjivan, Consultant at DECO and member of the Stakeholders Group of EBA
  • Nuno Gracias Fernandes, Full Professor of Finance and Fundação Amélia de Mello Chair. President of the Board of Auditors of Banco de Portugal
  • Paula Costa e Silva, Full Professor of Legal Sciences at the Faculty of Law of the Universidade de Lisboa
  • Luís Miguel Henrique, Consultant at Macedo Vitorino & Associados
  • Pedro Maia, Assistant Professor at FDUC and Chair of the Comission for Monitorisation of IPCG- Instituto Português de Corporate Governance

    • Moderator: Celina Carrigy, Secretary of the Management Board of CMVM

16:15-16:45 - Coffee-break

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17:00-18:00 - 
Roundtable: Regulation and supervision challenges in the Capital Markets Union

The last panel looked at the challenges facing regulation and supervision in 2019, within a context of economic slowdown in Europe and the beginning of a new policy cycle. Topics discussed included the integration of artificial intelligence and distributed ledger technology into current business models, without unprotecting investors or financial stability; the promotion of environmental and social balance, and corporate governance, without disregarding competition, prices and profitability as fundamental signals of the market; or the management of the bilateral relationship with the United Kingdom without jeopardizing European unity.  
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    • Intervenção: Carlos Ferreira de Almeida (speech), Full Professor of Private Law at the Faculty of Law of the Universidade Nova de Lisboa

  • Gabriela Figueiredo Dias, Chair of CMVM
  • Karel Lannoo, CEO of the Centre for European Policy Studies (CEPS)
  • Luís Morais, Associate Professor at the Faculty of Law of the Universidade de Lisboa
  • Jean-Paul Servais, Chairman of the Financial Services and Markets Authority (FSMA)
    • Moderator: Paulo Câmara, Managing Partner of Sérvulo & Associados (Law firm)


Nota: More detailed information is available on the conference website