Code of Sound Administrative Practices


The CMVM's compliance with its financial supervisory duty, especially in the context of increasing internationalisation and globalisation of markets, the elevated diversity and complexity of the products traded therein and the agents involved,  the increasing transaction speed, the sophistication of practices that are detrimental to the integrity of the markets and the increased and legitimate demands for rigor and effectiveness in relation to the activities of the supervisory authority, requires that CMVM employees not only have a high degree of technical competence, but also respect the most demanding standards of professional ethics, whether amid themselves or with the exterior.

Considering the experience gained over the years of the functioning of this Commission and the example of Conduct Codes of other institutions, the challenges arising from relations with persons outside the CMVM, whether or not subject to its supervision, require unitary treatment, guided by three basic principles: simplification, transparency and accountability.

Thus, this Code of Sound Administrative Practices contains the principles and rules of professional ethics governing the relations of CMVM staff with persons, whether or not said are supervised by the CMVM, outside the Commission.

It should be noted that the principles and rules set forth in this Code already guide the CMVM's practice, so it constitutes a solution of material continuity. However, its specific and improved reference, coupled with the empowerment of some principles that are of significant relevance in the relations between the Commission and abroad, allows the CMVM interlocutors, greater understanding of the demanding standards by which the staff's conduct should be measured and providing increasingly responsible, transparent and efficient relationships.


Article 1

The CMVM employees comply with the present Code of Sound Administrative Practices, hereinafter abbreviated as CSAP, liaise with persons outside the CMVM with whom they have contact with whilst performing their duties.


Article 2
Subjective Scope

1 – The CSAP is applicable to all CMVM employees.

2 – Members of the Management Board are also subject to the principles stated in the CBPA. 


Article 3
Material scope

The CSAP contains the principles of professional ethics governing the employee working relationship with persons outside the CMVM, whether supervised or not, abbreviated as 'public', without prejudice to the legal rules to which CMVM staff, in the exercise of their activity, are subject to. 


Article 4
General Principles

The CMVM's staff are exclusively engaged in the public interest service that the CMVM has to pursue, and must observe the fundamental values and principles of the administrative activity, namely those of legality, justice and impartiality, competence, responsibility, proportionality, participation of interested parties in decision-making, transparency and good faith, in order to ensure integrity, independence, credibility and effectiveness in the exercise of its duties.


Article 5

1 - CMVM staff shall act solely and exclusively in accordance with the law and instructions and guidance received from the Commission.

2 - CMVM staff may not request, receive or accept benefits or gifts that exceed a purely symbolic value and that are not in accordance with the social uses, from an entity subject to the CMVM's supervision or an entity that is its supplier of goods and services.


Article 6
Professional Secrecy

1 - CMVM staff may not disclose or use for their own or anyone else's benefit, directly or through any person, any facts or information obtained during the performance of their duties.

2 - The duty of secrecy continues after the termination of duties.  


Article 7
Impartiality and Equality

1 - Workers may not favour or jeopardise anyone.

2 - Persons in the same situation should be treated similarly by CMVM staff. 



Article 8
Prohibition of misuse

1 - The powers conferred by the duties carried out at the CMVM, may only be used for the purposes envisaged and within the framework of those duties.

2 - The CMVM staff may not exploit or appear to abuse, for personal advantage, the mention of the duty or position at the CMVM.


Article 9

1 - Decisions shall be reasoned and contain elements essential for their possible appeal, in accordance with the law.

2 - Decisions adversely affecting the claims and interests of third parties may be appealed against under the terms and time limits set by Law.


Article 10
Impartiality and Conflicts of Interest

1 - CMVM workers shall avoid incurring any situation that may directly or indirectly give rise to conflicts of interest, or which may reasonably lead a third party to assume that a conflict of interest exists, even if this is not the case.

2 - Conflicts of interest may result from any situation wherein the CMVM employees have a personal or private interest in a particular matter that may influence, or appear to influence, the impartial and objective performance of their duties, including:

(a) non-negligible financial interest held directly or indirectly in an entity subject to the CMVM's supervision or in an entity that is its provider of goods and services;

b) Performing duties of administration, management, in an entity subject to the CMVM's supervision or in an entity that is its provider of goods and services by a spouse or person with whom he/she lives in the common economy, first degree relative or first-degree descendent lineage;

c) Business relations with an entity subject to the CMVM's supervision or with an entity that is its supplier of goods and services, namely when there is any preferential treatment or conflict situation;

d) Recent exercise of duties in an entity subject to the CMVM's supervision or in an entity that is its supplier of goods and services;

e) Negotiations regarding prospects for employment or acceptance of positions in an entity subject to the CMVM's supervision or in an entity that is its supplier of goods and services;

f) Any other personal situation that may casuistically result in, either directly or indirectly, the benefit to self and that conflicts with the professional duties.

3 - CMVM staff shall refrain from dealing with any issues related to a situation of potential conflict of interest, unless expressly authorised by their hierarchical superior or by the Management Board.


Article 11
Liaison Principles

CMVM employees shall, in their relationship with persons outside the CMVM, supervised or not, demonstrate availability, efficiency, openness to innovation, technical rigour and personal correctness.


Article 12
Institutional Positioning

1 - In any contact, including with other authorities or entities, the institutional position of the CMVM shall always be reflected, if it is already defined. If this is not the case and to the extent absolutely necessary, the CMVM employee may provide a personal professional opinion, but always preserving any subsequent CMVM position on the matter.

2 – The CMVM staff shall be consistent in their actions with the public by respecting the current administrative practices of the CMVM.

3 – The CMVM staff shall respect the legitimate and reasonable expectations that people may have as a result of their previous actions.

4 – The CMVM staff shall state that they are solely responsible for the contents of any public intervention they make, when duly authorised for that purpose, on an individual capacity.


Article 13
Conduct when seeking possible employment outside the CMVM

1 - Any process leading to the possible termination of the employee's employment relationship with the CMVM must be discrete and must scrupulously preserve the professional secrecy regime.

2 - As soon as the staff envisages or enters into negotiations for positions or functions to be performed in an entity subject to CMVM supervision or in an entity that is its supplier of goods and services, they shall refrain from dealing with any questions that may relate to potential employers. 


Article 14
Liaison with other entities

The relationship between the staff of the CMVM staff, of the Banco de Portugal, the Insurance and Pension Funds Supervisory Authority, other Portuguese public entities, similar or equivalent institution in other States, or institutions with which the CMVM interacts as a result of the its participation in international organisations, shall be governed by a spirit of close cooperation.


Article 15
Liaison with the Media

1 - The relationship with the media is solely the responsibility of the Management Board and the Department wherein said competence is mentioned in the Internal Regulation.

2 - Any contacts with the media other than those provided for in the preceding paragraph may only take place with the permission or at the request of the Management Board.


Article 16

1- The proper application of this CSAP depends on the professionalism, integrity and discernment of the staff.

2 - The hierarchical management must act in an exemplary fashion, abiding by the established principles and criteria, as well as ensuring their compliance.


Article 17

The CSAP is part of the CMVM Internal Regulation and is disclosed on the CMVM's​ website.