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CMVM presents Strategy Plan for the 2022-2024 period


21 February 2022

 
Today, the Securities Market Commission (CMVM) released the Strategic Plan for the 2022-2024 period and the main activities that will support it in 2022.

The plan is based on five Strategies that will guide the CMVM's choices, decisions, and actions over the next three years and takes into account, the current context of post-pandemic economic recovery, strongly marked by the challenges and opportunities resulting from digitalisation, the transition to a more sustainable economy and the development of the Capital Markets Union.

Apropos the presentation of the Strategy Plan for 2022-2024 and the key activities for 2022, CMVM Chair, Gabriel Bernardino said:

"Fostering trust, innovation, and agility, the CMVM will, over the next three years, be a change catalyst, focusing on fair treatment of investors and the promoting of a more developed and sustainable capital market. We will be closer to investors and supervised entities, working towards financial stability, market integrity and a more dynamic and well-being economy."

The plan is based on five strategies: 
  • Prioritise fair treatment of investors
  • Foster investment and long-term savings via the capital market
  • Simplify regulation and increase preventive, proportionate and risk-based supervision
  • Adopt a positive attitude towards financial innovation and promote transitioning to a more sustainable economy
  • Develop our human capital and information management capacity 
The document that contains the Strategic Plan characterises each of the five strategies and the key activities that will support it in 2022.

In short:
 

Strategy 1: Prioritise fair treatment of investors

It is part of the CMVM's DNA to protect investors and promotes inclusion culture and the conscious participation in the market, raising awareness of opportunities and risks.

The CMVM, via proportional and assertive supervision that privileges business models knowledge, the operators' culture and the information provided to investors, promotes best practices, and seeks to identify and mitigate risk situations for the fair treatment of investors. The CMVM seeks to ensure that investors are provided with clear and accurate information to make appropriate, informed, and responsible investment decisions and seeks to interact with new investors who preferentially use new digital media.

The following are highlighted among the key activities for 2022 within this scope:
  • Providing standardised, clear, and accurate information on the costs, risks and returns of financial instruments;
  • Increasing the CMVM's social media presence, focussing on the risks and opportunities of the capital market;
  • Launching the Investor Report concerning the most relevant aspects of the investor's relationship with the market.


Strategy 2: Foster investment and long-term savings via the capital market

The CMVM's action contributes to the dynamism and credibility of the financing ecosystem via the capital market and for promoting family long-term savings.

Through an active role in the development of financing, investment, and savings alternatives by market operators, the CMVM contributes to creating conditions that enable effective financing of companies using the capital market and reinforces the confidence of families in the market as a long-term savings vehicle.

The following are highlighted among the key activities for 2022 within this scope:

  • Launching the "Issuer Guide", a website for supporting companies in accessing the capital market;
  • Promoting a National Market Financing Roadmap wherein meetings with representatives of the national business sector are held to present and discuss the "Issuer Guide";
  • Promoting combining efforts of different stakeholders in the capital market's ecosystem by way of a common ground aimed at promoting the development of a sustainable capital market;
  • Promoting market efficiency by adopting speedier reaction time;
  • Holding the Annual CMVM Conference on long-term savings through the capital market.

 
Strategy 3: Simplify regulation and increase preventive, proportionate and risk-based supervision 

The CMVM continues to focus on regulatory simplification and in increasing supervision by prioritising proportional and practical treatment, depending on the materiality of the problems and the risks it monitors.

By eliminating undue regulatory burdens and costs, the CMVM promotes the competitiveness of the market and of the entities that operate or intend to operate therein, ensuring investor protection. The CMVM participates in the convergence process of supervisory practices at ESMA level and monitors trends in the market, maximising data use to identify emerging risks that allow for preventive action. 

The following are highlighted among the key activities for 2022 within this scope:
  • Promoting the adoption of the new Asset Management Framework and ensure that further regulation is proportionate and that it eliminates undue regulatory burdens and costs;
  • Reinforcing supervision with a focus on providing information to investors, preventing money laundering and terrorism financing, in the business model assessment, of the suitability and quality of investment company governance and actions that may be a risk to market integrity and stability;
  • Participating in the supervisory convergence process via ESMA supervisory actions, namely a mystery shopper and the valuation of assets in investment fund portfolios and information for investors on burdens and costs.


Strategy 4: Adopt a positive attitude towards financial innovation and promote transitioning to a more sustainable economy 

The CMVM monitors technological innovation and values innovative approaches that ensure investor protection and focus on providing information on the products sustainability, including the impact of ESG factors on the risks, returns and value of investments.

By taking a proactive, critical and constructive role in promoting financial innovation and best practices, the CMVM seeks to monitor trends, mitigate risks and contribute to an efficient and sustainable digital economy and markets.

The following are highlighted among the key activities for 2022 within this scope:
  • Creating external expert groups to support the CMVM in monitoring the latest trends in innovation and in developing its approach on these topics (Artificial Intelligence and Big Data, ESG Innovation, DLT and blockchain);
  • Launching the "CMVM Inov - Capital Market Innovation Hub" as a point of contact and assessment of innovative projects in the capital market;
  • Disclosing to the market the best practices observed in the national market as regards sustainability and make recommendations in line with developments at European level. 


Strategy 5: Develop our human capital and information management capacity 

The CMVM adapts to the evolution of markets and risks by recruiting and retaining young talents, training current staff, and developing an adequate information management system.

By also increasing performance and productivity, the CMVM seeks to reduce reaction and decision times, without damaging the quality and depth of its action. 

The following are highlighted among the key activities for 2022 within this scope:
  • Implementing a training programme and adjusting the recruitment policy to the profiles and skills that are necessary for implementing the Strategic Plan for the 2022-2024 period, namely in technological areas, including those pertaining to sustainability and financial innovation;
  • Implementing measures identified in the CMVM "Staff Suggestion Scheme". This is an initiative that annually gathers, analyses, and selects suggestions from staff to improve the functioning of the organisation;
  • Implementing a programme to verify the quality of information received from operators and complete the automation of risk reports and warning signs.
The Strategic Plan seeks to reinforce the CMVM's position as a credible and competent benchmark in its area of activity, promoting investor and company confidence, and financial stability, highlighting its importance as a driving authority for change and innovation, modern, agile, and efficient, capable of responding to the constant transformation of the financial system.

 

Additional information: