Consultation papers


CMVM’s public consultation procedures

Comissão do Mercado de Valores Mobiliários (CMVM – the Portuguese Securities Market Regulator) has, with a view to:

  • Making the regulation applicable to financial markets more compatible with that governing entities intervening in the markets, namely investors, issuers, financial intermediaries, auditors and operators of markets and systems,
  • Facilitating the reaching of consensus through the active participation of the aforementioned parties in reflections and dialogue on the establishment or amendment of rules, and
  • Valuing the positive contribution made to regulation by the technical expertise and experience of professionals working in the markets,

reinforced the mechanisms for transparency as regards the regulatory process, through public consultations, for which the following internal procedures have been approved:

The Target of Public Consultations

In the exercise of its powers of regulation and cooperation, CMVM can hold public consultations on the following matters:

  • Draft legislative acts to be adopted in relation to the financial markets;
  • Draft CMVM Regulations, or
  • Documents issued by international organisations in which CMVM is represented or with which it collaborates, such as the Committee of European Securities Regulators (CESR) or the International Organisation of Securities Commissions (IOSCO/OICV).
Stages in the Public Consultation Process

Each public consultation process may involve the following stages:

  • The disclosure of a summary in which the chief ideas of the text which is the object of the consultation are summarised, as well as the aspects of these ideas which are innovative and the implications they could have for the securities market;
  • The posting on CMVM’s website of the documents which are the object of the public consultation;
  • Direct communication, through meetings or conferences, with persons or entities interested in or to whom the matters dealt with in the text submitted to consultation apply;
  • Receipt, analysis and consolidation of responses submitted and
  • Public disclosure of responses submitted and the analysis thereof.

Responses to Public Consultations

Responses to public consultations can be submitted as follows:

  • In person, at meetings with all or some interested parties, if such meetings are held;
  • In writing, by means of a letter addressed or delivered to CMVM at Rua Laura Alves, n.º 4 - Apartado 14258 - 1064-003 Lisboa, by fax or telephone to 213 527 077 and by email, to;

Deadline for Responses to Public Consultations

The deadline for submitting responses to public consultations is generally 30 working days, but this period may be increased or reduced, according to the urgency or complexity of the matter in question or the documents which are the object of the consultation process.

Disclosure of Responses and the Results of Consultations

Responses submitted and the results of the consultation process may be disclosed to the public, in a press release or through the incorporation of references to these responses and results in an act or document which is approved subsequent to the public consultation.

The public disclosure of responses submitted and the results of the public consultation must respect the privacy of the persons or entities consulted, and CMVM must keep their identity a secret whenever requested to do so.

Direct Targets of Public Consultations

The following entities and persons may be consulted directly:
  • Banco de Portugal (BP – the Portuguese Central Bank);
  • Instituto de Seguros de Portugal (ISP – the Portuguese Institute of Insurance)
  • Instituto de Gestão do Crédito Público (IGCP – the Institute of Public Debt Management);
  • Euronext Lisbon - Sociedade Gestora de Mercados Regulamentados, S.A.;
  • MTS, Portugal, Sociedade Gestora do Mercado Especial de Dívida Pública, SGMR, S.A.;
  • Interbolsa - Sociedade Gestora de Sistemas de Liquidação e de Sistemas Centralizados de Valores (Interbolsa);
  • Associação Portuguesa de Bancos (APB - the Portuguese Banking Association);
  • Associação das Sociedades Corretoras e Financeiras de Corretagem (APC - the Portguese Association of Brokerage Firms and Broker-Dealers);
  • Associação Portuguesa de Fundos de Investimento, Pensões e Patrimónios (APFIPP – Portuguese Association of Investment and Pension Funds and Asset Management Firms);
  • Associação Empresarial de Portugal (AEP – the Portuguese Enterprise Association);
  • Associação Industrial Portuguesa (AIP – the Portuguese Industrial Association);
  • Confederação do Comércio e Indústria (CCI – Confederation of Commerce and Industry);
  • Confederação da Indústria Portuguesa (CIP – Portuguese Confederation of Industry);
  • Individual issuers admitted to listing on a regulated market;
  • Ordem dos Revisores Oficiais de Contas (OROC – the Order of Statutory Auditors);
  • Câmara dos Técnicos Oficiais de Contas (CTOC – Chamber of Chartered Accountants);
  • Associação Portuguesa dos Analistas Financeiros (APAF – Portuguese Association of Financial Analysts);
  • Associação Portuguesa para a Defesa do Consumidor (DECO – Portuguese Association of Consumer Protection) and other associations representing the interests of consumers or aimed at protecting investors;
  • Instituto do Consumidor (IC – the Institute of the Consumer);
  • The Ombudsman;
  • Higher education establishments;
  • Other entities of recognised competence in the matter(s) in question.