Portuguese Securities Market Commission

Portuguese Securities Market Commission

Comissão do Mercado de Valores Mobiliários
Agency overview
Formed	May 10, 1991;33 years ago (1991 -05-10)
Type	Legal entity governed by public law
Jurisdiction	Portugal
Headquarters	Rua Laura Alves, n.º 4 - 1050-138 Lisbon
Agency executive	Gabriel Bernardino, Chair of the Management Board
Key document	Decree-Law No. 142-A/91, of 10 April (inception of CMVM in portuguese)
Website	www.cmvm.pt

The Portuguese Securities Market Commission, also known by its initials as "CMVM", is the Portuguese financial regulator that supervises and regulates securities and other financial instruments and activities of all those who operate within said markets. ^[1]

The CMVM is an independent public agency endowed with administrative and financial autonomy. It derives its income from supervision fees charged for services and not the General State Budget.

Whereas it is governed under a national framework of accountability, the CMVM increasingly implements policies set at the European Union level. It is a voting member of the Board of Supervisors of the European Securities and Markets Authority (ESMA). ^[2] It is also a member of the European Systemic Risk Board (ESRB). ^[3]

History

CMVM was incepted via Decree-Law No. 142-A/91, of 10 April, and established on 10 May 1991 following 30 days after its publication.

Mission

It is CMVM's mission to:

• Sanction infractions to the Securities Code and other national legislation;
• Ensure the stability of the financial markets, by contributing to identify and prevent systemic risk;
• Contribute to the development of financial instruments markets;
• Provide information and handle complaints of non-qualified investors;
• Mediate conflicts between entities that are subject to its supervision and between said and individual investors;
• Assist the Government and the Finance Minister;
• Perform any other tasks that may be assigned by law.

Structure

CMVM structure:

• Management Board
• Supervisory Board;
• Advisory Board;
• Ethics Committee

The CMVM integrates the National Council of Financial Supervisors.

See also

• List of financial supervisory authorities by country

References

1. "Securities Market Commission (Comissão do Mercado de Valores Mobiliários) (CMVM) (Portugal)". Thomson Reuters. Retrieved February 23, 2024.
2. "Board of Supervisors". ESMA. Retrieved 19 November 2025.
3. "List of ESRB Members and National Macroprudential Authorities". European Systemic Risk Board. 21 November 2025.

External links

• Official website