CMVM
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Press releases
(Article 422 Securities Code, amended by Decree-Law No. 52/2006 and Law No. 28/2009 of 19 June)

​Serious and very serious administrative infractions and crimes against the markets


​Serious and very serious administrative infractions 

 

Recent decisions:

​​Agent​Type of Offence​

CMVM Decision
and Sanction (contents In Portuguese)

Judicial Review​Court DecisionAppeal
[Anonymous Disclosure]​Auditors

​23/07/2019

Decision 

100kb

Fine: €25.000

​​No
[Anonymous Disclosure]Information Disclosure​

​12/06/2019

Decision 

100kb

Fine: €75.000

​​No
​Orey Financial – Instituição Financeira de Crédito, S.A​Financial
Intermediation
Duties

​03/06/2019

Decision 

147kb

Fine: €150.000

(partially suspended)

​Yes
[Anonymous Disclosure]

Supervision of CIUs

​29/05/2019

Decision 

120kb

Fine:€50.000 

(suspended)             

​​No
[Anonymous Disclosure]​Supervision of CIUs

​24/05/2019

Decision

70kb

warning

​No
[Anonymous Disclosure]
Financial
Intermediation
Duties
​21/05/2019

Decision 

69kb

warning

​No
[Anonymous Disclosure]
Financial
Intermediation
Duties
​21/05/2019

Decision 

70kb

warning

​No
[Anonymous Disclosure]​Financial
Intermediation
Duties
​21/05/2019

Decision 

69kb

warning

​No
[Anonymous Disclosure]​Financial
Intermediation
Duties

​21/05/2019

Decision 

66kb

warning

​No
[Anonymous Disclosure]
Financial
Intermediation
Duties
​​​07/05/2019

Decision 

109kb

Fine: €75.000
(partially suspended)

​No
[Anonymous Disclosure]​Financial
Intermediation
Duties
​​22/04/2019

Decision 

69kb

Fine: €75.000
(partially suspended)

​​No
[Anonymous Disclosure]
Financial
Intermediation
Duties
​​19/03/2019

Decision 

66kb

warning

​​No
[Anonymous Disclosure]​Financial
Intermediation
Duties
​19/03/2019

Decision 

67kb

warning

​​No
[Anonymous Disclosure]​Financial
Intermediation
Duties

​19/03/2019

Decision 

67kb

warning

​No
[Anonymous Disclosure]​Financial
Intermediation
Duties

​12/02/2019

Decision 159kb

warning

​No
[Anonymous Disclosure]​​Financial
Intermediation
Duties

24/01/2019

Decision 161kb

warning

​No
[Anonymous Disclosure]​Financial
Intermediation
Duties

​24/01/2019

Decision 125kb 

warning

​No
[Anonymous Disclosure]​Financial
Intermediation
Duties

​24/01/2019

Decision  118kb

warning

​No
[Anonymous Disclosure]​Supevision of CIUs

​24/01/2019

Decision 208kb

Fine: €25.000
(suspended)

​No
[Anonymous Disclosure]
Financial
Intermediation
Duties

​24/01/2019

Decision 119 kb

warning

​No
[Anonymous Disclosure]
Financial
Intermediation
Duties

​24/01/2019

Decision208kb

Fine: €25.000
(suspended)

​No

Caixa Económica Montepio Geral, Caixa Económica Bancária, S.A.

Financial
Intermediation
Duties; Money Laundering and Terrorism Financing

​27/12/2018

Decision 120kb

Fine: €150.000
(partially suspended)

​No
[Anonymous Disclosure]
Supervision of CIUs            ​​​27/12/2018

Decision122kb warning

No
[Anonymous Disclosure]Financial Intermediation Duties​​19/12/2018

Decision119kb warning

No​
[Anonymous Disclosure]Financial Intermediation Duties19/12/2018

Decision160kb warning

No
[Anonymous Disclosure]Financial Intermediation Duties19/12/2018

Decision119kb warning

No
[Anonymous Disclosure]Financial Intermediation Duties           

 

​​​19/12/2018

Decision119kb warning

No
[Anonymous Disclosure]Financial Intermediation Duties​​19/12/2018

Decision119kb warning

No
[Anonymous Disclosure]Financial Intermediation Duties​19/12/2018

Decision160kb warning

No
[Anonymous Disclosure]Financial Intermediation Duties​19/12/2018

Decision119kb warning

No
[Anonymous Disclosure]Financial Intermediation Duties​19/12/2018

Decision161kb warning

No
[Anonymous Disclosure]Financial Intermediation Duties​19/12/2018

Decision118kb warning

No​
[Anonymous Disclosure]Financial Intermediation Duties​​10/12/2018
Decision 214kb

Fine: €75.000
(partially suspended)

​No
[Anonymous Disclosure]Financial Intermediation Duties04/12/2018
Decision211kb

Fine: €25.000
(suspended)

No
[Anonymous Disclosure]​Auditors

27/11/2018
Decision209kb

Fine: €50.000
(partially suspended)

No
[Anonymous Disclosure]Financial Intermediation Duties 27/11/2018

Decision121kb
warning

No
[Anonymous Disclosure]Financial Intermediation Duties 27/11/2018
Decision119kb

warning

No
[Anonymous Disclosure]Financial Intermediation Duties 27/11/2018
Decision121kb

warning

No
[Anonymous Disclosure]Market Integrity, Transparency and Equity; Qualified Holdings

​20/11/2018

Decision 106kb

Fine: €25.000
(suspended) 

​No
[Anonymous Disclosure]Supervision of CIUs 20/11/2018
Decision208kb

Fine: €12.500
(suspended)

No
[[Anonymous Disclosure]Supervision of CIUs 20/11/2018
Decision208kb

Fine: €25.000
(suspended)

No

 

 

 

Other decisions: 

AgentType Of
Offence
CMVM Decision
(contents In Portuguese)
And Sanction Imposed
Judicial
Review
Court DecisionAppeal
  • Finertec - Serviços de Consultoria e Participações Financeiras, S.A.

  • Joaquim Adelino Pereira da Mota
Market Integrity, Transparency & Fairness14/01/2015
Decision


Fines:

  • Finertec - Serviços de Consultoria e Participações Financeiras, S.A. - €75,000
  • Joaquim, Adelino Pereira Mota - €25,000 (Suspended)
​Yes
(only Finertec - Serviços de Consultoria e Participações Financeiras, S.A.)
24/11/2014
Ruling by the Santarém Court of Competition, Regulation and Supervision, (1st Division) dated 24 November 2014, confirming the CMVM decision relating to the defendant Finertec - Serviços de Consultoria e Participações Financeiras, S.A., amending the amount of fine imposed
The defendant, Finertec - Serviços de Consultoria e Participações Financeiras, S.A., filed an appeal with the Lisbon Appeal Court.
  • Caixagest - Técnicas e Gestão de Fundos, S.A.
  • Caixa - Banco de Investimento, S.A. (Caixa BI)

Market Integrity, Transparency & Fairness

31/03/2014
Decision 95 Kb 

Fines:

  • Caixagest -€150,000
  • Caixa BI - €150,000
​No​-​-
  • Fund Box -
    Sociedades Gestora de
    Fundos de
    Investimento Imobiliário, S.A.
  • Rui Manuel
    Meireles
    Anjos
    Alpalhão
  • João Paulo
    Batista
    Safara
  • Banco
    Invest, S.A.

Supervision of CIUs

09/10/2013
Decision 148 Kb

Fines:

  • Fund Box -
    €60.000
  • Rui Manuel
    Meireles Anjos
    Alpalhão - €25.000
  • João Paulo Batista
    Safara - €25.000
  • Banco Invest -€25.000

​28/10/2014
Judgments by the Lisbon Court of Appeal (3rd Section) of 04/06/2014 and 08/10/2014 that partially confirm the CMVM's condemnatory decision

Yes-
-
  • Fincor -
    Sociedade
    Corretora,
    S.A.
  • Manuel João
    Moutinho
    Vilela
  • António
    Eduardo dos
    Santos
    Sardo
  • Emanuel
    Filipe Borges
    Rodrigues
    Gonçalves
Market
Integrity,
Transparency & Fairness

27/04/2012
Decision  137 Kb

Fines:   

  • Fincor - €50,000 with partial suspension of the €40.000 execution of the fine for a two-year period
  • Manuel João Moutinho Vilela- €25,000
  • António Eduardo dos Santos Sardo - €25,000
  • Emanuel Filipe Borges Rodrigues Gonçalves - €25.000 with a two-year partial suspension of €20,000
No--

Lisbon Brokers-
Sociedade
Corretora, SA

Paulo Campião
Grade 

Pedro Ilídio
Gomes

 

Financial
Intermediation
Duties

15/09/2011
Decision 170 Kb

Fines:

  • Lisbon Brokers- €50,000
  • Paulo Campião Grade - €60,000
  • Pedro Ilídio Gomes - €25,000
  • Lisbon Brokers- No
- -
  • Paulo Campião Grade - Yes

04/04/2013
Judgment by the Lisbon Court of Appeal (5th Section) on 09/10/2012 that dismisses the appeal and upheld the sentence





-


 

29/03/2012
Decision by the Bench of the Petty Criminal Court of Lisbon (2nd Judgement, 2nd Section) dated 09/01/2012 acquitting the defendant of the fine imposed by the CMVM

The CMVM appealed to the Lisbon's Court of
Appeal
  • Pedro Ilídio Gomes - No
--
Sporting Clube de Portugal –
Futebol, SAD
Information
Disclosure

14/09/2011
Decision 135 Kb
Fine: €25,000

No--

José de Oliveira
Costa

Market
Integrity,
Transparency & Fairness

27/07/2011
Decision 223 Kb
Fine: €75,000

Yes--
Banco Invest, SA Market
Integrity,
Transparency & Fairness

27/04/2011
Decision 128 Kb

Fine: €25,000

No--

Companhia
Gestora do
Fundo Imobiliário Urbifundo, S.A.

Supervision of CIUs

17/03/2011
Decision 26 Kb

Fine: €50,000

No

-

-

BBVA Gest –
Sociedade
Gestora de
Fundos de
Investimento
Mobiliário, S.A.

Supervision of CIUs

28/02/2011
Decision 18 Kb

Fine: €50,000

No--
Armando Esteves
 Information
Disclosure

22/02/2011
Decision 16 Kb

Fine: €25,000

Yes

17/07/2012
Judgment by the Lisbon Court of Appeal (3rd Section) on 30th May 2012 that dismissed the appeal and upheld the condemnatory sentence  1160 Kb

 -

14/03/2012
Sentence passed by the Bench of the Petty Criminal Court of Lisbon (2nd Division/1st Section) on 5 January 2012 wholly confirming the CMVM's condemnatory decision 
1147 Kb

The
defendant
filed an
appeal
with
Lisbon's
Court of
Appeal

Lisbon Brokers,
Sociedade
Corretora, S.A.

Financial
Intermediation Duties

11/02/2011
Decision 15 Kb

Fine: €25,000

No--

Vítor Manuel
d’Almeida e Silva

 

 

Banco Português de Gestão, S.A.
(BPG)

Unauthorised Financial
Intermediation

13/01/2011
Decision 18 Kb

Fines:

  • Vítor Manuel d’Almeida e Silva - €30,000
  • BPG - €40,000
  • Vítor Manuel d’Almeida e Silva - No
--
  • BPG - Yes

06/11/2012
Judgment by the Lisbon Court of Appeal (3rd Section) on 30th May 2012 that dismissed the appeal and upheld the condemnatory sentence

-

28/03/2012
Sentence passed by the Bench of the Petty Criminal Court of Lisbon (2nd Division/3rd Section) on 27 January 2012 wholly confirming the CMVM's condemnatory decision

The
defendant
filed an
appeal
with
Lisbon's
Court of
Appeal

EDP – Energias
de Portugal, S.A.

Information
Disclosure

Decision169 Kb

Fine: €100,000

Yes

Judgment by the Lisbon Court of Appeal (5th Section) on 17 February 2013 that repealed the contested sentence and upheld the conviction of the defendant EDP - Energias de Portugal, SA, in accordance with the CMVM decision  2363 Kb

        -        

Judgment passed by the Bench of the Petty Criminal Court of Lisbon (2nd Division/2nd Section) on 31 July 2012 that acquits the defendant 959Kb

The
CMVM
and Public
Prosecutor
filed an
appeal with
the Court of
Appeal

Judgment by the Lisbon Court of Appeal (5th Section) on 15 November 2011 that upheld the appeals by the CMVM and Public Prosecutor, and ordered a retrial pursuant to Article 426 Criminal Procedure Code 1409 Kb

   -       

Judgment passed by the Bench of the Petty Criminal Court of Lisbon (2nd Division/1st Section) on 29 April 2011 that repeals the CMVM's condemnatory decision and acquits the defendant 1428 Kb

The CMVM
and Public
Prosecutor
filed an
appeal with
the Court of
Appeal

Alípio Barrosa
Pereira Dias

António Manuel
Pereira Caldas de Castro Henriques

António Manuel
de Seabra de
Melo
Rodrigues

Christopher de
Beck

Filipe de Jesus
Pinhal

Jorge Manuel
Jardim Gonçalves

Luís Manuel Neto Gomes

Miguel Pedro
Lourenço
Magalhães Duarte

Paulo Jorge de
Assunção
Rodrigues
Teixeira Pinto

Information
Disclosure

09/12/2010

Fines:

  • Alípio Barrosa Pereira Dias - €200,000
  • António Manuel Pereira Caldas de Castro Henriques - €250,000
  • António Manuel de Seabra de Melo Rodrigues - €900,000
  • Christopher de Beck - €650,00 
  • Filipe de Jesus Pinhal - €800,000
  • Jorge Manuel Jardim Gonçalves - €1,000,000
  • Luís Manuel Neto Gomes - €200,000
  • Miguel Pedro Lourenço Magalhães Duarte - €75,000
  • Paulo Jorge de Assunção Rodrigues Teixeira Pinto - €200,000
                      
Yes The
defendants
filed an
appeal
with the
Court of
Appeal














 


 




 


 

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