Investor area


Financial innovation

New technologies and business models

FinTech business models and its technologies are varied and may be subject to legislation. Said legislation falls under the CMVM's supervision.


Robo-advice is an investment and/or portfolio management advisory service wherein human intervention is totally or partially substituted by automated systems. Said type of service which is provided by financial intermediaries​, combines ​​​​algorithms and large amounts of data when providing investment advice. ​ 

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Big data 

Big data refers to large-scale data that is generated and stored.  Said data is varied and ​​is obtained from various sources and processed ​​at high-speed and often, in real time. It allows for the possibility of aggregating and interpreting non-structured information to define strategies, identify rissk and tendencies, opportunities, problem-solving or in developing new products and services.

Distributed Ledger Technology / Blockchain 

Distributed ledger technology – blockchain being the model that stands out the most – is a type of technology that makes it possible to carry out and record electronic transactions very similar to accounting ledgers. Its uniqueness lies in the fact that sequential records ("blocks") are maintained and shared by a common database and not by an entity that centralizes these same records. Another distinguishing feature is the use of cryptography (encrypting data through algorithms) to store assets, record transactions and validate transactions.

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Digital representation of value or rights that can be transferred and stored electronically using distributed ledger technology or another similar technology. The term "crypto-assets" encompasses the nomenclatures that are normally associated with it, such as tokens, coins, crypto-currencies, or virtual currencies.

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Initial Coin Offering

An ICO is ​a method of raising investment from the public via the internet using crypto-assets. In this transaction, an issuer - individual or company - crypto-assets places said on sale in exchange for fiat money (the Euro or USA dollar) or, more commonly, the use of other crypto-assets, i.e. Bitcoin or Ether. The characteristics and the purpose of currency and tokens vary according to the ICOs and their information document - the white paper.  

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Crowdfunding is a form ​​of raising funds by entities or individuals for financing specific activities and/or projects via registration on electronic platforms from one or several individual investors. 

​The CMVM supervises two forms of crowdfunding:​​  

  • Equity crowdfunding - that the financed entity pays the obtained financing through a participation in the relevant share capital, distribution of dividends or sharing of profits 
  • Loan crowdfunding - that the financed entity pays the obtained financing through interest set at at the time of the capital raising. 

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RegTech is a portmanteau that combines the words "regulatory" e "technolog. It applies new technologies to comply with the legal and regulatory duties.  In this way, one seeks to respond to the needs generated by regulatory and compliance requirements in a more efficient and effective way. The abbreviation SupTech (supervisory technology) refers to the use of new technologies to facilitate and streamline the exercise of the supervisory function, in a context of accelerated innovation in the financial sector.

Areas with RegTech intervention:
  • Regulation monitoring;
  • Controling the fulfilment of compliance rules;
  • ​Report automation;
  • Monitoring of activities;
  • Web scraping;
  • Natural language processing.

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