José Luís Sapateiro Prize

Prize for thesis or research work concerning the Portuguese securities markets​

20th edition​​​​​

[submission deadline: 31.12.2019]


The Securities Market Commission (CMVM) will hold the 20th edition of the award, which annually distinguishes an academic dissertation or other original research work that focuses on a topic of relevance and interest for the Portuguese Capitals Market. This year's edition will reward legal nature works.

The José Luís Sapateiro Prize, for the amount of five thousand euros, was created to distinguish, alternately, works of a legal and economic nature that were completed, at most, in the year prior to the submission and that had not been previously published. Thus, the 20th edition of the Prize may be awarded for works of a legal nature, concluded between January 2018 and 31 December 2019.

All elements concerning the competition must be enclosed in a single envelope addressed to:

José Luís Sapateiro Prize
CMVM - Comissão do Mercado de Valores Mobiliários
Rua Laura Alves, 4
1050-138 Lisboa
and must also be sent by email to with the same mention. The deadline for the submission of works for this edition of the José Luís Sapateiro Prize is 31 December 2019.


1. Yearly, the CMVM awards a prize for the author(s) of a thesis or an original research work that focuses on a topic of significance and interest for the Portuguese Capitals Market.
2. The prize will be awarded on an alternating basis for legal (odd years) or economic (even years) work. 
3. The works must be completed during the year of the application or during the year preceding the application.  

1. Papers must be written in Portuguese and English and can be prepared by more than one author. 
2. Each author or group of co-authors may only submit one paper. 
3. The paper may be theoretical, theoretical and empirical or merely empirical and must not have been previously published in its entirety or partially. 
4. The size of the paper may not exceed 150 A4 pages, including the preface, bibliography and any annexes. 
5. Papers are to be printed on white A4 paper, in Times New Roman font, 12 point and 1.5 line spacing.  The top and bottom margins must have 3 cm. The left margin is 3.5 cm and the right 2.5 cm.
6. Papers authored by CMVM employees will not be accepted. 
1. Candidates must submit to the CMVM or by post, four printed copies and email one copy of the paper in digital format by 31 December of each year.
2. The candidate's personal and scientific résumé, address and other means of contact or, if the work is of collective authorship, from each competitor, shall also be sent in digital format.
3. The documents referred to in the previous two paragraphs shall be submitted to the CMVM head office, located at Rua Laura Alves, 4, 1050-138 Lisboa, within the period indicated in number one, with the mention "José Luís Sapateiro Prize", and shall be sent by e-mail to within the same time limit and containing the same information.

1. The Awarding Jury, composed of at least three personalities, will be appointed by the CMVM Management Board. One of the members of the jury will be appointed Chair.
2. Each member of the Jury is entitled to one vote, with the respective Chair having the casting vote.
3. Minutes shall be kept at each meeting of the Jury. The final act will express the result of the resolutions and may be made known to the candidates who request it with justified reason; All documents containing the grounds for the decisions of each member of the Jury are an integral part of the minutes whenever there is no unanimity in the awarding of the Prize or Honourable Mentions.

1. The Chair of the Jury shall make a preliminary selection of the works submitted for appraisal, and will propose excluding works which, without prejudice to their scientific merit, do not fulfil the above-mentioned requirement of relevance and thematic interest. The Chair of the Jury will also assess whether all works meet other admissibility requirements.
2. The Jury will decide on the final list of works admitted to the competition based on the proposal of the Chair.
3. In assessing the works, the jury will consider the following aspects:
a) originality and scientific quality;
b) academism and methodological consistency;
c) clarity and quality of the writing.
4. Preference will be given, in the Jury's decision, to works that have relevant implications concerning regulatory and supervisory subject matters. 

1. The Prize may not be awarded or shared by more than one work. In the latter case, the value of the prize will be equally divided by the awarded works and, within each of them, by the respective authors. Honourable mentions may also be awarded, without monetary value.
2. The CMVM will publicly disclose the Jury's decision and will award the prize at a public ceremony.
3. There will be no appeal against the Jury decision.
4. The monetary value of the prize is five thousand euros.
5. The CMVM has the right to publish the winning work(s) up to one year after the date of disclosure of the Jury's decision.

1. The rules of the Prize may be amended at the initiative of the CMVM.
2. For each edition of the prize, the rules that are in effect on the commencement date of the deadline for the application, will apply.​