Investor area

Warning Notices

​Warnings on unauthorised entities

The CMVM issues warnings concerning entities that are not qualified to carry out financial intermediation activities in Portugal, or other activities subject to the CMVM's authorisation.  The disclosed list of unauthorised entities is not exhaustive, given that it only includes situations that have become know to or were detected by the CMVM in Portugal.

Carrying out any financial intermediation activity in financial instruments in Portugal or the management and commercialisation of collective investment undertakings, is reserved for entities qualified for this purpose with the CMVM. Securitisation, venture capital and equity or loan-based crowdfunding, are also activities subject to authorisation or registration with the CMVM.

Advertising and prospecting of investors for financial intermediation contracts can only be carried out by financial intermediaries qualified to provide services in Portugal or by tied agents.

We also publish warnings issued by counterpart authorities that are members of ESMA and IOSCO, regarding unauthorised entities in those jurisdictions.
See the list of warnings issued by the CMVM and by supervisory authorities of other countries:


Confirm whether the entity is authorised

Before investing in financial instruments - such as shares, bonds, futures and options or CFDs - the investor should always check whether the entity is qualified to carry out the activity in question. This preventive action is relevant, especially when the service is offered by an entity unknown to the investor.

You can do so by consulting the following entities and professionals qualified to provide the these services in Portugal:
The entities that contact you with a view to providing services related to the markets for financial instruments or with which you plan to contract and that are not included in the lists of mentioned authorised entities, are not qualified to carry out activities in Portugal, and are not subject to CMVM supervision.

In this case or when in doubt, please contact the CMVM by calling 800 205 339 (Toll-free number) or by email to

Consequences of investing via unauthorised entities

Monetary funds delivered and invested through unqualified entities are not covered by compensation systems that protect deposits or investor compensation, meaning that they may represent serious losses that do not benefit in this situation from any protection afforded to investors. Therefore, services related to financial instrument markets should never be contracted or monetary funds delivered to entities that are not included in the mentioned lists of authorised or qualified entities.

Carrying out financial intermediation activity by an unqualified entity constitutes a very serious administrative infraction, punishable, among other sanctions, with a fine of up to € 5,000,000, in accordance with the Securities Code.

Furthermore, caution is advised concerning financial investment fraud. Said is a phenomenon with a global dimension that can cause investors to suffer serious losses. Find out more about this, here.