CMVM
skip
Language
pageBackground
The CMVM

Case studies


Here you may find a list of practical examples of certain activities that may require some type of authorisation from the CMVM.


Example 1


An entity plans to provide a robo-advice service that uses criteria related to the integration of environmental, social, and corporate governance factors.

The intervention of robo-advisors generally implies the exercise of financial intermediation activities, namely portfolio management and investment advice.

The professional exercise of any financial intermediation activity is subject to authorisation granted by the competent authority and prior registration with the CMVM.

To obtain this authorisation, you must be aware of the registration requirements, which are contained in the respective registration dossier available on the CMVM website (contents only available in Portuguese).

In order to use ESG criteria, the entity must also take into account Regulation (EU) 2019/2088 and Regulation (EU) 2020/852, concerning sustainability‐related disclosures in the financial services sector and on the establishment of a framework to facilitate sustainable investment, respectively. 

Should you have any queries or you would like to share your project with us on this activity or any another, please contact us using the form available on the home page of the CMVM inov.


Example 2

An entity plans to establish a fund that directly invests in crypto-assets. 

The fund in question must be an investment undertaking in non-financial assets or a specialised alternative investment fund and the respective legal regimes are applicable and is also subject to authorisation and registration with the CMVM.

The need to adequately identify the investment policy, define valuation rules and the risk management associated with the investment are critical elements for authorisation and registration with the CMVM.

To know the registration requirements, you may consult the respective registration dossier (contents only available in Portuguese) that is available on the CMVM website.

Should you have any queries or you would like to share your project with us on this activity or any another, please contact us using the form available on the home page of the CMVM inov.



Example 3

An entity plans to finance itself through an initial coin offering.

The CMVM only has supervisory and regulatory powers on offers addressed to investors residing in Portugal and in cases wherein crypto-assets are financial instruments.

In such cases, relevant legislation at national and European Union level will apply, particularly, regarding rules on the marketing of financial instruments for the purposes of MiFID II. As regards other cases, for the time being, there is no European or national legal framework.

Entities involved in this type of offer should contact us in order to verify the legal nature of the crypto-assets they propose to issue or to obtain clarification on the regulatory developments expected in these situations.

To do so, please contact us by filling in the form available on the home page of the CMVM inov.