Securities Code – 2022 Update

In this area you will find a set of explanatory contents, press releases and other relevant publications by the CMVM on the amendments to the Securities Code, the Legal Framework of Audit Supervision and the CMVM Statutes. The purpose of this area is to enable supervised entities and all investors, access to information in a simple and clear way, in accordance with the transparency principle by which the CMVM is governed and fulfilling its mission of providing information and support for investors.

The amendments to the Securities Code were published on 31 December 2021 and come into force 30 days after this date. The transversal revision of the diploma aimed to respond to the needs of companies and investors by strengthening competitiveness and the development of the Portuguese capital market, simplifying and reducing regulatory burdens and barriers and aligning the national legal framework with that of the European Union and promoting a more effective intervention of shareholders in the companies' affairs.

At the same time, the Legal Framework for the Audit Supervision (LFAS) and the CMVM's Statutes were also revised.

The revision of the LFAS which will come into force 30 days after its publication occurring on 31 December 2021, except for the text provided in Article 3 of the LFAS which comes into force on 1 January 2022, was guided by principles of simplification and efficiency, providing, providing for a reduction in the number of public interest entity categories and allowing for more focused supervision on more complex entities with greater systemic risk. As regards the amendments to the CMVM's statutes which will also come into force on the same date, greater compliance with the framework of the Law on Regulatory Entities and the diversification of the CMVM's revenues is foreseen which is in line with the financing models in force of other national regulators and foreign counterparts.

Below you can consult all the relevant documents explaining these amendments to the legal frameworks in question. This page will continue to be updated with relevant information until after the aforementioned amendments come into force.


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