11 May 2020
The 2019 José Luís Sapateiro Prize was awarded,
ex-aequo, to research works of a legal nature “Non-voting preferred shares /
The critical aspects of an imperative-rigid framework”, by Diogo Pessoa, and
“The extraterritorial scope of product governance standards”, by Válter
Gouveia.
The Jury comprised of Professors Alexandre
Soveral Martins (FDUC), Diogo da Costa Gonçalves (FDUL) and Professor Frederico
de Lacerda da Costa Pinto (CMVM and FDUNL), distinguished Diogo Pessoa's work
for the “depth of the investigation and the dialogue of national and foreign
doctrine” and that of Válter Gouveia's research on “language clarity and the
relevance of the topic for the securities market in a context of globalisation”, stated the jury.
“In its 20th edition, the José Luís Sapateiro
Prize once again distinguishes academic contributions that are particularly
relevant to the challenges of boosting the national capitals market and the
instruments available to issuers and investors”, says Gabriela Figueiredo Dias,
Chair of the CMVM Management Board, and congratulates the two authors for
"the quality and timeliness of the researches they submitted, and for the
contribution that the research and knowledge make to the smooth functioning,
competitiveness and development of the Portuguese market".
Diogo Pessoa's dissertation, a PhD student in
Law and an Assistant Lecturer at Universidade Católica Portuguesa,
focuses on non-voting preferred shares and explores the “main aspects and framework
features of this theme, and attempts to identify the critical aspects that may
be jeopardising the appetence for this type of shares and that on other stock
exchanges , contribute to a greater dynamic of stock markets overall”, explains
the author.
For Diogo Pessoa, “winning the José Luís
Sapateiro Prize represents the acknowledgement of the research work on
non-voting preferred shares that we have developed, and we also hope that it
will represent as opportunity to attract the attention of the community (and
the legislator) on an issue that does not have sufficient appreciation among
us”, he says.
Válter Gouveia, a lawyer on capital markets and
financial regulation and a graduate in Law from the Faculty of Law of the Universidade
Nova de Lisboa signs the other distinguished research work, that focuses on
“the application, and the extent of application, of European product governance
standards”, provided for in the Markets in Financial Instruments Directive
(MiFID II), for entities that are not directly subject to these standards”.
The José Luís Sapateiro Prize “represents the
relevance of the theme in the Portuguese and European context and mirrors the
unavoidable global interconnection of the financial markets. It is very
rewarding for me to be able to contribute to the development of themes that the
CMVM closely monitors and rewards”, he stresses.
The José Luís Sapateiro Prize annually distinguishes, alternately, works of a legal and
economic nature that have been completed in the year prior to the application
and that have not been previously published, with a monetary prize of 5,000
euros. A shortened version of the award-winning works will be published in this
year’s 65th edition of the Securities Market Editorials.
The disclosure of the award is associated with
the celebration of the 29th anniversary of the CMVM. The CMVM was created on 10
May 1991 and its mission is to regulate and supervise the Portuguese financial
instruments market and the entities that operate therein to benefit investors
and for the smooth functioning of the market.
