Press releases

CMVM Priorities for 2021

15 January 2021

​The CMVM selected four priority action areas for 2021 that seek to respond to the main risks and needs identified in the pursuit of its mission to protect investors and support the development of the Portuguese capital markets in an adverse social, economic and financial context and marked by high uncertainty.

The four action priorities supported by 43 key activities to be developed in 2021, are:

  • Strengthening prudential supervision, focusing on governance and risk identification, analysis, and prevention;

  • Regulatory simplification and promoting market development;

  • Strengthening investor protection and support within a context of high uncertainty;

  • Cooperation and improvement of the service provided to investors and the market.

The key activities are:

  • Consolidate the ongoing assessment of suitability requirements, including good repute, for officers of corporate bodies and holders of qualified shareholdings 
  • Ensure continuous monitoring of the main asset management risks, including credit risk in the economy and the supervision of the risk pertaining to valuation, liquidity, credit and market that impact asset management
  • Improve the corporate governance supervision model for issuers by adapting it to strengthen coordination of the CMVM's own powers with the sphere of action of the Portuguese Institute of Corporate Governance (IPCG)
  • Increase supervision of the activity of auditors of public interest entities arising from market circumstances and the COVID-19 pandemic
  • Issue guidelines on sustainability information in asset management and marketing of financial instruments and implementing supervision plans on information concerning sustainability by issuers and investment funds and marketing practices for ESG products
  • Submit proposals to the Ministry of Finance regarding a new Legal Regime for Asset Management and a new Legal Regime for Investment Companies
  • Hold the CMVM Annual Conference celebrating the CMVM's 30th anniversary and organise the 46th IOSCO Annual Meeting in Lisbon
  • Organise a session on the impacts of artificial intelligence on the capital markets and publication of a reflection and consultation document on technological developments in the securities market

  • Carry out a supervisory action on investment costs and commissions (coordinated at European level)
  • Carry out an initiative to promote financial literacy on investment in the capital markets
  • Create a point of access to relevant information for issuers and provide support to new issuers and entities expressing an intention to use the capital markets for the first time
  • Organise the CMVM 2021 Sustainability Meetings
  • Co-organise the 3rd Edition of Portugal Finlab
  • Chair ESMA’s Investment Management Standing Committee (IMSC) and support the Portuguese Presidency of the Council of the European Union

The priorities and activities respond to four CMVM objectives established for 2021 in order to improve our performance, particularly in the following aspects:

1. Effectiveness: identify and implement the regulatory, supervisory and litigation actions to best protect the investor and contribute to the stability and development of capital markets;

2. Efficiency: achieve the objectives set for these actions with shorter response times and appropriate consumption of resources;

3. Proximity: strengthen the relationship with stakeholders, as well as the scope, intensity, and depth of the supervision, by increasing technological capabilities, enhancing training, and attracting highly trained professionals;

4. Relevance: Contribute to strengthening the capital market as an alternative to financing companies.

The objectives and priorities take into account the main risks expected for this year by the CMVM - credit risk, market risk and environmental, social and corporate governance risks - which will be detailed in a specific report (Risk Outlook CMVM 2021) that will be published next Tuesday, 19 January.

Similarly to previous years, the publication of the priorities for this year includes a preliminary assessment of the activity carried out in the previous year, and allows us to conclude that, in 2020, despite the exceptional circumstances resulting from the health crisis, the CMVM registered an average total rate of execution of its priorities above 80%, resulting from the completion of 35 of the 53 identified initiatives and the high execution of most of the others.

Additional information: