​What is the CMVM​​​​​?


The CMVM - Comissão do Mercado de Valores Mobiliários (Portuguese Securities Market Commission) was established in May 1991 (Decree-Law No. 142-A/91 of 10 April) and is tasked with supervising and regulating the financial instruments markets as well as the agents operating within those markets and promoting investor protection. The CMVM also has the following responsibilities:
  • Sanction breaches of the Securities Code and of supplementary legislation;
  • Ensure the stability of financial markets by contributing to the identifying and preventing systemic risk; 
  • Contribute to the development of financial instrument markets;
  • Provide information and handle complaints from retail investors; 
  • Mediate conflicts between entities subject to its supervision and between them and investors;
  • Assist the Government and its member responsible for ​​Finance; 
  • ​​Perform any other duties assigned to it by law.

​​​The CMVM is a public legal entity, with administrative and financial autonomy and its own assets.

The CMVM carries out its duties autonomously having the following at its disposal for said purpose:
  • Management, administrative, financial and asset autonomy;
  • Structural, functional and technical independence;
  • Own bodies, services, personnel and assets;
  • Regulation, regulatory, supervisory, oversight and infraction sanctioning powers.
The CMVM is part of the European System of Financial Supervision and the National Council of Financial Supervisors.

CMVM Bodies 

  • ​Management Board​;
  • Oversight Committee;
  • Advisory Board;
  • Ethics Committee.​​
The Management Board is responsible for defining the CMVM's performance including the management of the respetive services. It is comprised of five members - Chair, Vice-Chair and three Board Members - who are appointed by the member of the Government responsible for finance for a six-year term and in non-renewable​. It exercises the necessary competence for carrying out the CMVM’s duties, namely in:
  • defining the general CMVM policy and manage the respective activity;
  • drawing-up plans and budget to be submitted annually to the Assembly of the Republic and to the Government and ensure its execution;
  • preparing a report on the activity developed by the CMVM for each financial year, including the situation of the markets in financial instruments and disclose it to the Government member responsible for the finance by 30 June of each year;
  • preparing the report and accounts for the financial year and submit it by 31 March of the following year with​ the opinion of the oversight committee for approval of the Government member ​responsible for the finance;
  • ensuring the necessary conditions for the exercise of financial and budgetary control by legally competent entities;
  • assigning its members posts corresponding to one or more CMVM services,​ at the Chair's proposal​; 
  • appointing the secondment of holders of management positions or equivalent, in accordance with the internal regulations;
  • organising the services and managing the human resources of the CMVM, exercising managerial and management powers and employee discipline and carrying out acts regarding personnel that are provided for in the general law and current statutes;
  • appointing representatives of the CMVM with other entities and representatives of the regulatory entity, in and out of court, incluiding the power to substitute;
  • managing the CMVM's financial and asset resources;
  • systematic monitoring and assessment of the activity carried out, namely making the different services responsible for the efficient use of the me​ans put at their disposal and the results achieved;
  • resolving on the acquisition, disposal and leasing or rental of movable assets and the rental of immovable assets intended for the facility, equipment and functioning of the CMVM;
  • resolving on the acquisition, disposal and leasing real estate for the same purposes with prior authorisation of the Government member responsible for finance;​
  • contracting services and authorising execution of expenses;
  • ​collecting and managing revenues; 
  • accepting donations, inheritances and legacies ​for benefit of inventory with prior authorisation of the government member responsible for finance; 
  • passing resolutions on the facility, relocation and closing of delegations ​and other forms of representation;​
  • approving regulations and other normative acts whose competence the law assigns to the CMVM;
  • ​​approving generic recommendations addressed to the entities subject to the CMVM's supervision and generic advice on relevant issues that may arise; 
  • prosecuting or practicing any similar act that imputes facts to the accused, imposes fines and ancillary sanctions in an administrative proceeding and carry out the respective collection;
  • determining the opening of a preliminary investigations concerning crimes against the markets and its closure;​​
  • ​​​​issuing, at the request of the Assembly of the Republic, opinions on legislative projects in the area of ​​its competence and providing information and clarifications on its activity;
  • assisting the Government through technical support, drafting of opinion, studies, information and draft legislation; 
  • ​​ensuring the CMVM's representation and, at the request of the Government, of the State at bodies and national and international fora within the scope of liaising with national entities and international counterparts or with relevance to the respective activity; 
  • carry out any other supervisory acts of the CMVM defined by law and any other management acts arising from applying the law and of the current statutes that are required for the proper functioning of the services; 
  • pass resolutions on any other matters that are assigned to the CMVM by law.
The Oversight Committee ​is responsible for checking the legality, regularity and sound financial and asset management of the CMVM and for consulting its management board in these areas. It comprises a Chair and two members, appointed by the government member responsible for finance and one of the members is a statutory auditor with a non-renewable four-year office term. This committee: 
  • Monitors and controls the financial management of the CMVM;
  • Gives its opinion on the budget as well as on the business plan concerning its budget coverage;
  • Gives its opinion on the annual report and accounts;
  • Gives advice on acquisition, lease, disposal and encumbrance of real estate;
  • Gives advice on accepting donations, inheritances and legacies;
  • Gives advice on borrowing;
  • Keeps the management board informed of the results of its verifications and examinations;
  • Draws up reports of its oversight action;
  • Proposes to the management board to carry out external audits, when deemed necessary or convenient;
  • Has an opinion on matters submitted to it by the Management Board, the Court of Auditors or public entities responsible for the inspection and audit of State services;
  • Reports irregularities to the competent authorities.​
The Advisory Board is an advisory body of the Management Board on matters covered by the CMVM's responsibilities. 

It is chaired by a person designated by the Government member responsible for finance, on proposal of the Chair of the CMVM's Management Board. It comprises a member of the Management Board of the Banco de Portugal; a member of the Management Board of the Insurance and Pension Funds Supervisory Authority; a member of the Management Board of the Treasury and Public Debt Management Agency; a director of market management companies located or operating in Portugal; a management company director of a settlement system or centralised securities system; a central counterparty director located or operating in Portugal; two representatives of issuers of securities admitted to trading on a regulated market; three investor representatives, one at least, representing retail investors; two representatives of several financial intermediary categories; an entity representing the entity that manages the multilateral trading system; a representative of the Statutory Auditors Bar Association.
Each member has a four-year term of office and may be replaced, until the end of the term of office, by his/her designator.
The Advisory Board shall:
  • Comment on issues submitted by the Management Board;
  • Present to the Management Board, on own initiative, recommendations and suggestions within the scope of CMVM's duties.

The Ethics Committee comprises three members: a person appointed by the Government member responsible for the finance area, who presides, the chair of the advisory board and a member of the board appointed by said, who decides unanimously. It is a body which issues a statement of reasons relating to a conflict of interests, particularly regarding:
  • The suspension, for a limited period, of ties formed prior to the commencement of activity at the CMVM;
  • The teaching activity in higher education and research in conjunction with the activity developed at CMVM;
  • Performing any operations on financial instruments or entering into, modifying or terminating any financial intermediation agreement;
  • The establishment by service providers of any tie or contractual relationship with other entities, namely when providing services in the legal or economic-financial area;
  • The establishment of any tie or contractual relationship, paid or unpaid, with other entities whose activity may conflict with the tasks and powers after termination of office or duties.
The Ethics Committee meets at the request of the management board or of the person concerned in the mentioned situations and decides unanimously and its members are not remunerated.
The CMVM performs its duties within the scope of the European System of Financial Supervision and the National Council of Financial Supervisors, integrating the respective bodies.
It is a member of international organisations such as ESMA - European Securities and Markets Authority, IOSCO - International Organization of Securities Commissions and IIMV - Ibero-American Securities Institute, inter alia. 



The following persons and entities are subject to the CMVM’s supervision:

  • Securities issuers;
  • Financial intermediaries; 
  • Independent consultants; 
  • Management entities of markets, settlement systems and centralised securities systems and entities whose purpose is to clear transactions in commodity derivatives markets; 
  • Professional investors; 
  • Investment funds; 
  • Holders of qualifying holdings in public companies;
  • Guarantee funds, investor compensation schemes and their management entities;
  • Auditors and credit rating companies;
  • Funds and venture capital companies;
  • Funds and securitisation companies and securitisation fund management companies;
  • Other persons who carry out securities related activities in a professional or ancillary capacity.
Being subject to CMVM supervision, these entities must provide the CMVM with all requested collaboration.
To the extent permitted by law, the CMVM informs the public of detected law violations and sanctions imposed.
The CMVM performs on-sight supervision of financial intermediaries and managers of markets, centralised securities systems and settlement systems. This supervision is carried out by teams that routinely act, monitor the activities of these entities, either on their premises, as well as via the Internet or direct and continuous electronic means.
The CMVM regulates the functioning of the securities markets, the execution of public offerings, the performance of all entities operating in those markets and, in general, all matters related to this area of ​​activity.

​In its regulation activity, the CMVM approves:

  • Regulations; 
  • Instructions that define internal procedures for certain entity categories;
  • Recommendations addressed to one or more persons subject to its supervision;
  • Generic opinions on issues raised in writing by any of the supervised entities or their associations.


(a) essentially financial in nature

  •  Ministry of Finance (CMVM tutelage):

    • Approves CMVM's annual activity plan and budget;
    • Approves the activity report, the annual financial accounts of the CMVM (published in the Official Gazette), with the CMVM’s Oversight Committee’s opinion up to 30 days after its approval).
    • CMVM's report on the state of the securities markets is presented to it annually.
    • Appoints the members of the CMVM Oversight Committee.
    • Proposes to the Council of Ministers, the appointment of the members of the CMVM's Management Board.
    • Authorises the acquisition, sale and leasing of real estate intended for the facility, equipment and operation of the CMVM.
    • Authorises teaching in higher education by the members of the CMVM's Management Board during their term of office (provided that this does not jeopardise the exercise of their duties).
    • Authorises the disposal, during the term of office of the members of the CMVM's management Board, of shares held by them on the date of entering office.
    • Set by Order, the remuneration of the members of the Management Board and the Advisory Board of the CMVM.
  • Directorate-General for Budget: To whom the CMVM reports monthly, quarterly and annually.
  • External Auditor: Reviews and issues opinion on the CMVM's annual accounts.

  • Court of Auditors:
    • Oversees the legality and regularity of the CMVM's income and expenditure. 
    • Reviews the sound financial management of the CMVM.  

b) General in nature:

  • Assembly of the Republic:​
    • Reviews and approves the CMVM budget, included in the State Budget Bill;
    • Reviews and approves the CMVM accounts, integrated in the State's General Account;
    • May determine the attendance of the members of the CMVM's Management Board and any of its employees to provide information or discuss matters (including through its committees or in parliamentary inquiries).

  • Council of Ministers:
    • Appoints members of the CMVM’s Management Board at the proposal of the Minister of Finance.
    • The dismissal of members of the CMVM's Management Board is incumbent on the Council, in the event of a serious misconduct demonstrated by the holder during the performance of his/her duties or during the performance of any duty inherent to the position.
  • Administrative Courts on private individual initiative: Private individuals have the right to request judicial assessment of CMVM's administrative activity.

  • Lisbon Petty Criminal Court on private individual initiative: Private individuals have the right to request judicial assessment of decisions passed concerning the imposition of fines, orders and other measures taken by the CMVM in the context of administrative infraction proceedings​.
  • Private individuals, directly:  
    • Know the activity of the CMVM through public disclosure to which it is subject to.  
    • May acess CMVM files and documents (subject to legal restrictions).  ​