Code of Conduct and Ethics
In the exercise of its duties, particularly in
liaising with the other employees and with the CMVM, the CMVM employees comply
with the provisions of the CMVM Code of Conduct and Ethics for CMVM Employees,
hereinafter referred to as CCE.
The CEE is applicable to all CMVM employees,
irrespective of the nature of the tie.
contains the principles of professional ethics governing the exercise of
functions, in particular, the relations between employees and between these and
the CMVM, without prejudice to the legal norms to which they, in the exercise
of their activity, are subject in particular to:
a) The duties
resulting from the CMVM Statutes;
b) The duties that result from their quality as
employees, foreseen, essentially, in the Employment Code and complementary
c) The duties that result from their status as
employees of a public legal entity, namely those provided for in the Code of
Administrative Procedure and other legislation related to the exercise of
CMVM employees are exclusively assigned to serving
the public interest that the CMVM is responsible for pursuing, and shall
observe the fundamental values and principles of administrative activity,
namely legality, fairness and impartiality, competence, responsibility,
proportionality, decision-making, transparency and good faith in order to
ensure integrity, independence, credibility and efficiency in the exercise of
the powers vested thereon.
Legality and independence
1. The employees of the CMVM shall act solely
and exclusively in accordance with the law and with the legitimate instructions
and guidelines received from that Committee.
case of doubt regarding the legal framework applicable to their performance,
CMVM employees shall raise the need to resolve it with their hierarchical
CMVM employees’ performance shall be based on loyalty to the CMVM, honesty,
independence, exemption and not fall prone to personal interests.
2. The CMVM employees shall have high standards
of professional ethics.
CMVM employees shall identify and provide to their superiors and colleagues, in
a timely and complete and accurate manner, all information that may be relevant
to the smooth running of the works.
CMVM employees shall carry out their duties with care, efficiency and
accountability, ensuring compliance with instructions, respect for appropriate
hierarchical channels and transparency in dealing with all stakeholders, and
behaving in a way that maintains and enhances trust of the public in the CMVM
and contribute to the effective functioning and good repute and respectable
image of the CMVM.
5. The CMVM employees shall contribute to
keeping a safe working environment, while respecting the political, religious,
sexual or other orientations within their intimate sphere, refraining from
practicing any type of harassment, namely of disturbing or restricting other
employees, affect their dignity, or create an intimidating, hostile, degrading,
humiliating or destabilising working environment.
In addition to observing the duty of
professional secrecy, under the terms established by law and the Code of Good
Administrative Behaviour (CGAB), CMVM employees:
a) They shall not disclose the content of, in
particular, letters, packages, closed letters or telecommunications addressed
to them, with internal or external origin, by virtue of the exercise of their
functions at the CMVM, in addition to what is necessary for the same exercise;
b) They shall maintain confidential all
information that is classified as such including the liaison with other work
Use of resources
1. The CMVM employees shall:
a) Ensure the conservation and the adequate and
efficient functional use of the resources that are made available to them by
b) Respect, protect and not make improper use
of the CMVM's assets, and
c) Take all the appropriate and justified
measures to limit the costs and expenses of the CMVM in order to efficiently
manage the available resources;
use of equipment and materials, namely computer and telephone, for personal
purposes shall also comply with the principles of good faith and
proportionality and shall be prudent and parsimonious and not interfere with
the normal functioning of the CMVM nor with the diligent performance of the
for authorisation and communications
to the Management Board
request for the authorisation made to the Management Board for higher education
teaching or temporary collaboration with public entity, follows Internal
Regulation provisions approved by the Management Board.
2. The request for the authorisation made to
the Management Board, for carrying out either directly or indirectly as to any
transactions on securities or other financial instruments for own account or
otherwise, including the entering into, modification or extinction of any
financial intermediation contract, unless it its exclusive purpose is that of
public funds or retirement saving funds, complies with the Internal Regulation
provisions approved by the Management Board.
CMVM employees shall notify the Management Board of the list of securities and
other financial instruments they hold either directly or indirectly, and of the
financial intermediation contracts to which they are parties to, unless the
security, instrument or contract relates
to public funds, retirement saving funds or education-retirement savings or
treasury or money market funds, as per Internal Regulation provisions,
approved by the Management Board.
Disclosure duty concerning conflicts of
1. All CMVM employees are required to inform
their respective hierarchical superior when situation of conflict of interests
2. The information in the previous number is
provided on a confidential basis and shall only be used for managing potential
or current conflict of interests or for the purpose of any disciplinary
employees shall present themselves in a proper fashion akin to the performance
of their duties, with particular care for the professional practices and
customs in the financial sector, so that their good presentation, coupled with
their diligent performance, contributes to a sound working environment and a
good image and reputation of the CMVM.
the situation is deemed materially relevant by the respective hierarchical
superior or by the Management Board, the CMVM employee in a situation of
potential conflict of interests is prevented from dealing with any issues that
may relate to the entity potentially involved.
1. The proper application of this CCE relies on
the professionalism, integrity and insight of the employees.
hierarchical superiors shall have an exemplary role when acting out the
established principles and criteria, as well as ensuring compliance thereto.
The CCE is an integral part of the CMVM
Internal Regulation and a copy of same is handed to the employee.
Amendment approved at a Management Board
meeting of 21 September 2017.