CMVM Priorities for 2020

1.  Increasing the effectiveness of supervision, namely in its precautionary impacts, and intensify investor protection as to the suitability of investment products to that of the risk and knowledge profiles and in view of greenwashing risks;
2. Reinforcing mechanisms to deter malpractice and the sanctioning activity, including issues concerning the assessment of good repute, ensuring more timely and effective decisions concerning supervision and litigation and clearer communication of the main infractions and the respective sanctions with general and special objectives for preventing infractions and the effectiveness of the action for assisting the market and investors;
3.  Simplifying and clarify regulatory requirements including taking on new responsibilities, namely concerning Sustainable Finance;
4. Ensuring a swifter response to complaints, registration and authorisation requests and assessment of market operations;
5.  Adopting a transversal approach to promoting of good governance practices, in particular with regard to the suitability of the holders of relevant duties, compliance, external inspection and audit mechanisms, bearing in mind that sustainable creation of value depends on the consideration of ethical values ​​and principles in governance;
6. Monitoring the financial soundness of the entities subject to our prudential supervision and their impact on the stability of the national financial system.

1.  Promote simpler, more focused and more proportional regulation and supervision.
This will be achieved, for example, by eliminating overlaps and introducing greater clarity in regulatory requirements provided for in the Securities Code and in the General Framework for Collective Investment Undertakings; reducing CMVM's response time in entity registration; focussing supervision on higher risk areas, i.e. the marketing of financial instruments to retail investors and simplifying reporting duties by the supervised entities.

2. Strengthen supervision of the governance of supervised entities. This priority includes, inter alia, the implementation of the CMVM's new duties in matters of prudential supervision; focus on suitability assessment, particularly good repute of managers and holders of essential duties in entities subject to the CMVM's supervision; and the supervision of governance, risk management and internal control models and the financial situation of entities that may have an impact on the financial system's stability.

3.  Reinforce measures to deter malpractice and in the sanctioning activity.
The planned activities include reinforcing the detection of unauthorised financial intermediation; conducting on-site supervision to detect suspected market abuse operations; increase supervision in correcting irregular situations; supervisory actions in the follow-up of complaints unanswered by the complainant; improving alternative conflict resolution instruments.

4.  Contribute to reinforcing sustainable practices and monitor financial innovation. This priority will be achieved by designing and implementing a supervisory model of non-financial information disclosed by issuers, including reporting information on environmental, social and corporate governance factors; identifying specific supervisory needs that focus on possible greenwashing practices; implementing the new CMVM funding model following the sustainability principles of the regulator and of the market, proportionality and justice.

5. Improve the organisation and the public service provided to investors and the market.
By launching the groundworks for a new CMVM website and implementing an electronic one-stop shop for supervised entities; implementing systems and procedures for receiving electronic invoicing from suppliers, a measure that is part of the CMVM's effort for sustainability and reducing red tape; active and significant contribution for the relaunch of the Capital Markets Union and the transition to the new design of European supervision.