Organisational structure​​​​​​​​

Management Board

Chair: Luís Laginha de Sousa
Vice-Chair Inês Drumond
Board Member: José Miguel Almeida
Board Member: Juliano Ferreira
Board Member: Teresa Maria Gil

Secretary of the Management Board

Celina Carrigy

Internal Control Office

The Internal Control Office audits the CMVM’s services, systems and management, receives and assesses complaints filed against the CMVM and issues recommendations and warnings to the Management Board on the decisions of the audit work.

Director: Jorge Fernandes


Strategic Analysis, Innovation and Communication Department 

The Strategic Analysis, Innovation and Communication Department is responsible for ensuring the production of statistical information, the analysis of economic, social, and reputational risks and trends that may impact investors and the market, or that affect the CMVM's performance. It is also responsible for coordinating the implementation of the CMVM's financial innovation policies, including planning and strategy of internal and external communication, the CMVM's image and repute, designing and transmitting institutional messages, disseminating regulated information, organising events, public relations, press office and the definition of harmonised communication formats.

Co-directors (interim): Célia Claudino and Maria João Paixão

Office for Organisational Planning and Development

The Office for Organisational Planning and Development advises the Management Board on the strategic planning of activities, ensures the management of organisational development and performance, including the coordination of transformation and innovation programmes.

Director: Manuel Luz

Director General - Manuel Monteiro


Prudential Supervision and Authorisations Department

The Prudential Supervision and Authorisations Department conducts procedures for authorisation, registration, non-opposition and handling of communications from entities within the scope of the CMVM's duties. It is also responsible for the prudential supervision entities ‘activity that fall within the competence of the CMVM, except those related to market structures.

Director: Carla Rodrigues Mãe

Market Supervision Department

The Market Supervision Department monitors and supervises the regularity of market trading and trading venues subject to the supervision of the CMVM, as well as identifying and analysing suspicious market abuse transactions. It is also responsible for behavioural and prudential market structures under the CMVM's supervision.

Director: José Manuel Barros

Issuers Department

The Issuers Department supervises transactions linked to issuers of securities, publicly-traded companies, and issues concerning corporate governance. It is also responsible for supervising the financial information disclosed by issuers, monitoring the supervision of credit rating agencies and supervising the activity of financial analysts.

Interim Director: Sandra Cardoso

On-site Supervision and Investigation Department

The On-Site Supervision and Investigation Department is responsible for planning, organising and developing on-site supervision, identifying situations of possible non-compliance with the current regulatory framework and with best practices regarding market entities and structures under CMVM supervision. It is also responsible for investigating evidence of crimes against the market and non-compliance with the applicable regime for preventing money laundering and financing of terrorism, as well as conducting investigations in cases of unauthorised exercise of activities subject to authorisation/ registration with the CMVM.

Director: Florbela Razina

Regulatory Policy and International Affairs Department

The Regulatory Policy and International Affairs Department is responsible for advising the Management Board in the definition and implementation of regulatory and international policy guidelines and ensuring the international representation of the CMVM, ensuring the consistent application of the policies and guidelines defined by the Management Board on such issues.

Director: Tiago Matias

Audit Supervision Department

The Audit Supervision Department exercises supervision over all auditors, audit firms and chartered accountants and so too, auditors and audit entities of Member States and third-countries that perform statutory audits of public interest entities, and that verify the compliance with applicable standards by same and assess the performance of the supervisory body of public interest entities.

Director: Tiago Ferreira 

Legal Department

The Legal Department charges and decides on administrative issues within the competence of the CMVM and to proposes complaints to the competent authorities on matters not included in the CMVM's duties. It also liaises with the Public Prosecutor's Office and the Courts, except in criminal matters. It represents the CMVM in judicial proceedings and prepares responses to complaints about administrative acts practiced by the CMVM. It analyses transversal legal matters, provides the necessary collaboration with external lawyers and with the ICS (Investor Compensation Scheme) and ensures information exchange with other supervisory authorities concerning the assessment of fitness and propriety.

Director: Tiago Marques

Market Conduct Supervision and Investor Department

The Market Conduct Supervision and Investor Department carries out behavioural supervision by verifying compliance with the applicable regulatory framework and detecting and analysing the conduct risk of the entities under the CMVM's supervision. It is also responsible for responding to requests for clarification, handling complaints, certificates and managing mechanisms for out-of-court conflict resolution.

Director: Maria João Teixeira

Human Resources

The Human Resources Department advises the Management Board on the development and implementation of management policies, procedures and strategies, developing and enabling human resources, and assessing the relevant results. It is also responsible for contributing towards the organizational development by promoting the alignment of its ​co-workers with the CMVM’s strategic values, culture and objectives.

Director: Luís Miguel Pereira

IT Department

The IT Department advises​ the Management Board on the definition of the strategy and objectives of information and technology management and also ensures the proper functioning and availability of the supporting design of the defined operating model. It is also responsible for designing and implementing information management models and tools, ensuring their relevance, sufficiency, reliability, consistency, quality and safety.

Director: Susana Pereira Barbosa

Financial, Assets and Administration Department

The Financial, Assets and Administration Department ensures the management of the financial, budgetary, treasury and accounting areas of the CMVM and the Investor Compensation System. It prepares the budget and provides information on its execution and collect the revenues of the CMVM. It ensures the management of general and infrastructural services and the reception and mailing of correspondence and the Document and Archive Center. It is also responsible for ensuring the safety of the CMVM's premises.

Director: Manuel Luz