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

Administrative infractions and crimes against the markets


​Serious and very serious administrative infractions 

 (to be updated in due course)

Recent decisions:

​​Agent​Type of Offence​

CMVM Decision
and Sanction (contents In Portuguese) ​

Judicial ReviewCourt DecisionAppeal
​[Anonymous Disclosure]​Information Disclosure

​01/10/2020
Decision
Fine: €100.000 (suspended)

​No​​
[Anonymous Disclosure]​Financial
Intermediation
Duties

30/07/2020
Decision
Warning

No
​​
[Anonymous Disclosure]Auditors

09/07/2020
Decision
Warning

No​
​
[Anonymous Disclosure]​Auditors

​02/07/2020
Decision
Warning

No​​
[Anonymous Disclosure]​Auditors

​25/06/2020
Decision
Warning

No​​
[Anonymous Disclosure]​Auditors

25/06/2020
Decision
Warning

No​​
[Anonymous Disclosure]​Auditors

​25/06/2020
Decision
Warning

​No​​
[Anonymous Disclosure]​Auditors

​04/06/2020
Decision
Fine: €50.000

​No​​
​CDSPSBACFD – Consultoria e Serviços, Unipessoal, Lda.Supervision of CIS

​21/05/2020
Decision
Fine: €100.000 (suspended)

​No​​
[Anonymous Disclosure]​Auditors

14/05/2020
Decision
Warning

No​​
[Anonymous Disclosure]

​Auditors

23/04/2020
Decision
Warning

No​​
[Anonymous Disclosure]​Auditors

​16/04/2020
Decision
Warning

​No​​
​[Anonymous Disclosure]​Auditors

​16/04/2020
Decisiion
Warning

​No​​
​[Anonymous Disclosure]​Auditors

​02/04/2020
Decision
Warning

​No​​
[Anonymous Disclosure]​Financial
Intermediation
Duties

19/03/2020
Decision
FIne: €25.000

No​​
​CDSPSBACFD – Consultoria e Serviços, Unipessoal, Lda.​Supervision of CIS,
Financial
Intermediation
Duties

​23/01/2020

Decision

Fine: €100.000 (suspended)

​No​​
​Profile – Sociedade Gestora de Fundos de Investimento Mobiliário, S.A.​Supervision of CIS

​09/01/2020
Decision
Fine: €75.000
(partially suspended)

​No​​
​Orey Financial - Instituição Financeira de Crédito, S.A.Supervision of CIS

​06/12/2019
Decision
Fine: €75.000 (suspended)

​No​​
​Holdimo – Participações e Investimentos, S.A. e Álvaro de Oliveira Madaleno Sobrinho​Qualifying Holdings

​06/12/2019
Decision
Fines:

- Holdimo – Participações e Investimentos, S.A: €25.000;

- Álvaro de Oliveira Madaleno Sobrinho: €25.000

​Yes

​17/07/2020

Judgment by the Santarém Competition, Regualtion and Supervision Court (1st Court) dated 17/07/2020 confirming CMVM's decision

​No
[Anonymous Disclosure]​Financial
Intermediation
Duties

02/07/2019
Decision
Warning

No​​
[Anonymous Disclosure]​​Financial
Intermediation
Duties

02/07/2019
Decision
Warning

No​​
[Anonymous Disclosure]Supervision of CIS,
Financial
Intermediation
Duties

27/11/2018
Decision
Fines:

- Defendant A: €75.000 (suspended),

- Defendant B: €12.500 (suspended)

- Defendants C, D and E: €40.000 (suspended)

​No​


Other decisions:

​​Agent ​Type of Offence​

CMVM Decision
and Sanction
(contents In Portuguese) ​

 Judicial Review​Court DecisionAppeal
​KPMG & Associados - Sociedade de Revisores Oficiais de Contas, S.A.​Auditors​17/09/2020

Decison 

Fine: €1.000.000

​Yes​​
​Profile – Sociedade Gestora de Organismos de Investimento Coletivo, S.A.​Supervision of CIS​28/05/2020

Decision 

Fine: € 40.000

(suspended)

​No​​
[Anonymous Disclosure]Unauthorised financial intermediation​28/05/2020

Decision 

Fine: €25.000

(suspended)

​No​​
​[Anonymous Disclosure]​Auditors​23/04/2020

Decision 

warning

​No​​
​[Anonymous Disclosure]​Auditors​​23/04/2020

Decision 

warning

​No​​
​[Anonymous Disclosure]​Financial
Intermediation
Duties
​​07/04/2020

Decision 

warning

​No​​
​[Anonymous Disclosure]​Financial
Intermediation
Duties
​19/03/2020

Decisão 

Fines: €25.000

(suspended)

​No​​
​[Anonymous Disclosure]​​Financial
Intermediation
Duties
​19/03/2020

Decision 

warning

​​No​​
​[Anonymous Disclosure]Market integrity, transparency and equity

​30/01/2020

Decision 

Fine: €50.000

​No​​
​[Anonymous Disclosure]​Financial
Intermediation
Duties
​27/12/2019

Decision 

Fine: €50.000

​No​​
​[Anonymous Disclosure]​​Supervision of CIS; Money laundering and terrorism financing​​17/10/2019

Decision 

Fine: €400.000

​No​​
​[Anonymous Disclosure]​​Financial
Intermediation
Duties
​05/09/2019

Decision

Fine: €25.000

(suspended)

​No​​
​[Anonymous Disclosure]​​​Financial
Intermediation
Duties
​09/07/2019  

Decision 

warning

​​No​​
​[Anonymous Disclosure]​Financial
Intermediation
Duties
​09/07/2019

Decision 

warning

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

Decision 

warning

​No​​
​[Anonymous Disclosure]Financial                   
Intermediation
Duties
​02/07/2019

Decision 

warning

​No​​
​[Anonymous Disclosure]​Financial
Intermediation
Duties
​18/06/2019

Decision 

warning

​No​​
​[Anonymous Disclosure]​​Financial
Intermediation
Duties
​12/06/2019

Decision

warning

​No​​
​[Anonymous Disclosure]​​Market integrity, transparency and equity​06/12/2019

Decision 

Fine: €75.000

(suspended)

​No​​
​[Anonymous Disclosure]​Market integrity, transparency and equity​​​​05/09/2019

Decision

Fine: €150.000
(partially suspended)

​No​​
​[Anonymous Disclosure]​Financial
Intermediation
Duties
​07/08/2019

Decison

Fine: €25.000      

​No​​
​[Anonymous Disclosure]​Financial
Intermediation
Duties
​25/06/2019

Decisons

warning

​No​​
​[Anonymous Disclosure]​Financial
Intermediation
Duties
​25/06/2019

Decison

warning

​No​​
​[Anonymous Disclosure]​Financial
Intermediation
Duties
​18/06/2019

Decison

warning

​No​​
​[Anonymous Disclosure]​Financial
Intermediation
Duties
​12/06/2019

Decison

warning

​No​​
​[Anonymous Disclosure]​Financial
Intermediation
Duties
​12/06/2019
Decison           

warning 

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

warning

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

warning

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

Decison

warning

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

warning

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

warning

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

warning

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

warning

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

warning

​​​​No​​
​Banque Privée Espírito Santo, S.A. – Sucursal em Portugal – Em liquidação ​​Financial
Intermediation
Duties
​

07/08/2019
Decison 

Fine:€150.000(suspended)

​​​No​​
​Banif – Banco Internacional do Funchal, S.A. - Em liquidação ​Financial
Intermediation
Duties
​17/10/2019
Decison 

Fine: €250.000(suspended)

​​​No​​
​[Anonymous Disclosure]​Auditors

​23/07/2019

Decision 

Fine: €25.000

​​No​​
[Anonymous Disclosure]Information Disclosure​

​12/06/2019

Decision 

Fine: €75.000

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

​03/06/2019

Decision 

Fine: €150.000

(partially suspended)

​Yes​​
[Anonymous Disclosure]

Supervision of CIUs

​29/05/2019

Decision 

Fine:€50.000

(suspended

​​No​​
[Anonymous Disclosure]​Supervision of CIUs

​24/05/2019

Decision

warning

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

Decision 

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​
​Banque Privée Espírito Santo, S.A. – Sucursal em Portugal – Em liquidação ​​Financial Intermediation Duties​​07/08/2019
Decision 


Fine: €150.000

(suspended)

​No​​
​Banif – Banco Internacional do Funchal, S.A. - Em liquidação​Financial Intermediation Duties​​17/10/2019
Decision 


Fine: €250.000

(suspended)

​​No​​
​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​31/05/2013
Sentence passed by the Bench of the Petty Criminal Court in Lisbon (2nd Division 2nd Section) on 18 January 2013 dismissing the defendants' appeal and confirms the CMVM's condemnatory decision		​The
defendants
filed an
appeal
with the
Court of
Appeal