Press releases

CMVM 2020 Priorities with the context of the Covid-19 pandemic

CMVM's approach to the first impacts of the crisis caused by the Covid-19 pandemic sought to ensure the maintenance of open markets, functioning efficiently, with adequate information and adequate risk management, seeking to maintaining the stability of the financial system and investor protection.

Thus, among other actions, the CMVM issued a wide range of recommendations, guidelines and decisions addressed to issuers, market structures, asset managers and financial intermediaries, auditors, real estate valuers and investors, valuing, particularly, the following dimensions:
  • the quality of information to be provided to the market and, in general, the protection and support to investors in the face of a particularly volatile and uncertain context;

  • the monitoring and weighting of short and medium term operational and financial risks for the various entities under the supervision of the CMVM and for the functioning of the market as a whole;

  • the careful assessment of regulatory duties, including reporting, given the current context, making it flexible whenever possible and appropriate, and intensifying control whenever necessary for an adequate risk assessment, namely liquidity; and

  • issuing guidelines and recommendations for good practices in a context of a crisis, valuing principles of sustainability and good corporate governance.
In view of the severity of the health, social and economic shock, it is important to reconsider priorities and actions, considering the risks to the stability of the financial system and investor protection that we will continue to face in the coming months, but working, at the same time, and now, to enhance the role that the capitals market can and should offer in a robust medium and long term recovery strategy. 

In this context, the CMVM's action priorities announced at the beginning of the year were subject to some adjustments that take into account the most adverse budgetary conditions, the main challenges arising from the effects of the crisis, namely with regard to liquidity management, credit risk and asset valuation practices and commercial practices, the recommendations issued by ESMA and ESRB, as well as transversal dimensions to the entire system, which were already included in the 2020 priorities, but which are reinforced, such as financial information, the adoption of principles of good corporate governance and sustainability and investor protection and support.


  • Publishing of the revised Securities Code, with the purpose of updating it and reducing regulatory costs, clarifying the legislative solutions and the alignment with the best international practices
  • Revision of the General Framework for Collective Investment Undertakings, favouring its clarification and the elimination of regulatory costs, namely as regards the managers of collective investment undertakings with managed amounts below the relevant thresholds set out in the Alternative Investment Fund Managers Directive (Public Consultation)

  • Response time for registration requests for new entities 25% swifter than the applicable legal deadline
  • Commitment to swift reaction times in the context of the analysis of prospectuses and addenda, particularly with regard to the reaction to the first versions submitted for approval, in line with the average reaction time to the first versions of prospectuses and addenda of 6 business days (in 2018) and 4 business days (in 2019) and with all cases, without exceeding a reaction time greater than 7 business days.

  • Publishing of 44 record files of authorisations and simple communications, completing the publishing of a total of 117 files that facilitate swiftness in preparing and completing requests and consequently, quicker response time

  • Commitment to maximum deadlines of 35 business days for the 1st reaction for authorisation transferred to the CMVM in light of the transitional norm concerning the new prudential supervision duties of entities that manage collective investment undertakings

  • Publishing the Issuers Handbook, consolidating rules and understandings applicable to access and permanence in the market

  • Issuing guidelines, clarifications and recommendations in the prevention of money laundering and financing of terrorism, namely concerning indicators of suspicious transactions linked to money laundering or financing of terrorism 

  • Implementing the Audit Quality Indicators (AQI) system

New features and adjustments identified in blue: 

  • Simplification of reporting duties to the CMVM, including the elimination of 20% of current duties, enabling a reduction of costs of reporting and information management (Implementation of new duties in 2021)

  • Cooperation, collaboration and exchange of information for permanent monitoring of the impacts resulting from the pandemic on the financial sector and the capitals market, in the national context, through the CNSF (National Council of Financial Supervisors) and internationally, in the various bodies in which the CMVM is represented at the highest level (with emphasis on ESMA and IOSCO), in particular with regard to ESMA's Investment Management Standing Committee (IMSC) and ESMA's Risk Model

  • Conducting an exercise to implement the ESRB Recommendation of 6 May, coordinated by ESMA, with a view to assessing the ability of collective investment funds to react in the event of a new episode of liquidity stress.


  • Implementation of the CMVM's new duties concerning prudential supervision of management entities of collective investment undertakings and of securitisation funds

  • Focus on assessing suitability and particularly the reputation of the managers and other personnel with crucial roles in the entities under the CMVM's supervision, auditors and real estate valuers, including issuing guidelines on the subject

  • Common Supervisory Action promoted by ESMA on the liquidity risk management in investment funds (UCITS)

  • Supervision of duties to prevent money laundering and terrorist financing, with greater focus on activities related to the real estate sector and non-financial entities

  • Active participation and leadership in projects in the OECD Corporate Governance Committee 

  • Strengthening and deepening of global supervision of corporate governance in coordination with responsibilities in the current self-regulation model 

New features and adjustments identified in blue:
  • Focus on supervisory activities and market sectors identified as areas with increased risk:

    • Investor suitability assessment by financial intermediaries (risk profiles, knowledge, etc)

    • Financial situation of the entities subject to CMVM's supervision and its impact on the stability of the national financial system, with a special focus on prudential supervision, aiming at monitoring financial strength and business models taking into account the challenges posed by the Covid 19 pandemic crisis

    • Governance of supervised entities namely as regards the adequate compliance with internal control mechanisms (compliance), global supervision and external audit by the bodies and its members who are legally assigned to such control duties.

    • Risk management, particularly liquidity risk, market risk and risk of asset valuation criteria and practices, within the scope of asset management (securities and real estate) and specifically, in the context of the Covid 19 pandemic crisis.

  • Common Supervisory Action promoted by ESMA on the adequacy of the product to the investor's profile based on investment recommendations or discretionary portfolio management (suitability)




  • Increasing the publication of periodic information on sanctions, administrative infractions and CMVM's sanction framework

  • Thematic reflection session on audit and audit supervision 

  • Implementing a new integrated supervision and enforcement model by strengthening the preventive role of supervision and the deterring effect of timelier enforcement

  • Implementing a reporting model for all complaints made at first instance with the financial entities, allowing a better follow-up of all the complaints

  • Improving the alternative instruments for resolution of disputes 

New features and adjustments identified in blue:

  • Strengthening the detection of suspected unauthorised financial intermediation and other parallel situations and their swift reaction to same, namely by adopting deterrent measures, issuing warnings or transmitting information to other relevant competent authorities including enhanced collaboration and exchange of information with other financial system supervisory authorities and judicial authorities

  • Performing supervisory actions following complaints (widening of scope)

  • Performing supervisory actions in order to analyse the systems which detect transactions of suspected market abuse (widening of scope)


  • Design and implement a supervisory model for non-financial information disclosed by issuers, including guidelines for reporting information regarding environmental, social and corporate governance factors

  • Organisation of a thematic session with market agents about the challenges posed by the integration of sustainability factors in supervision and in business models 
  • Organisation of a thematic session about impacts of artificial intelligence in the capitals markets adapted to the current pandemic context, within the scope of the works of the National Council of Financial Supervisors (CNSF)

  • Co-organising two application rounds for the Portugal FinLab, a communication and relation platform between the national financial regulators and the FinTech ecosystem

New features and Adjustments identified in blue: 

  • Publish reflection and consultation document on technological developments in the securities market (1st quarter 2021) 

  • Implementation of CMVM's new financing model based on principles of sustainability for the regulator and for the market, of proportionality and justice (submitted to the Ministry of Finance and implementation postponed for 2021)
  • Identification of special supervisory requirements concerning the disclosure of information on sustainability, namely focussing on practices of potential greenwashing (adjustment of methodology to accommodate issuing guidelines: see next point)
  • Issuance of guidelines on sustainability information, within the scope of asset management and the marketing of financial instruments


  • Relevant contribution by CMVM for reintroducing the Capital Markets Union, and converging to European supervision through:

    • Active commitment in European discussions on the issue, ensuring the continuity of the leadership of Committees and projects on ESMA, IOSCO and OECD;

    • Promoting the Capital Markets Union project within the scope of the Portuguese Presidency of the European Union;

    • Committed leadership and participation in ESMA initiatives for the convergence of supervision (common supervisory actions, discussing specific cases of national supervision at international forums, critical contribution for ESMA's Supervisory Handbook)

  • Strengthening of cooperation mechanisms with its counterparts (consultations, sharing and discussing the cases with transborder impact)

  • Influential participation on the transition project for the new European supervisory design through the active participation in ESMA bodies and its committees, namely through the Supervisory Convergence Standing Committee and the Asset Management Standing Committee

  • Preparing the 2021 Annual IOSCO Conference

  • Annual meetings with representative associations of the market about investor risk, the proper functioning of the market and CMVM's effectiveness

  • Organising the World Investor Week (WIW)

  • Increase the transparency, accountability and service to the community by redoing CMVM's annual report, risk report, report on venture capital activity and CMVM's thematic brochures

  • Implementation of a sustainable practices programme at CMVM

  • Implementation of systems and processes to receive electronic invoicing from suppliers

  • Reduction of variable operational and hiring costs of 2.5% apropos 2019

New features and Adjustments identified in blue:

  • Development a new CMVM website and an electronic one-stop shop for supervised entities (reformulated due to budgetary restrictions and with completion date for 2021)

  • Implementation of a programme to promote the balance between professional, family and personal life and well-being and commitment with the organisation, particularly in a remote work environment in the current pandemic context 

  • Increasing investor communication, particularly concerning attention paid to making investment decisions

  • CMVM's Annual Conference dedicated to the Role of the Markets in Supporting Recovery 

  • In articulation with the OECD, boosting the draft analysis and recommendations for enhancing the Portuguese capitals market