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CMVM launches new simulators and comparative tables of financial intermediation costs


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Today, the CMVM launches updated versions of four cost simulators and five comparative tables (only available in Portuguese) in the Investor Area of its website. These costs are applicable to brokerage and registration and deposit services provided by financial intermediaries registered with the CMVM and to investment in CIUs.

The simulators are based on information reported by financial intermediaries and management companies of collective investment undertakings pursuant to CMVM Regulation No. 8/2020. Resulting from the regulatory simplification project implemented by the CMVM, this regulation which entered into force on 1 July 2021, condensed the reporting duties to the CMVM on pricing for retail investors, marketing, and fees of CIUs into a sole regulation.

Highlighted in these versions of the simulators released today, is the creation of a new profitability and costs simulator on the trading of bonds on the secondary market, as well as the possibility, for all simulators, to make comparisons with the costs practiced by other financial intermediaries or, in the case of CIUs, with other funds of the same type.

On the CMVM website, investors have tools that allow them to calculate and compare the costs associated with the subscription of bonds on the primary market, with the trading of shares and bonds on the secondary market and with investment CIUs (securities and real estate funds).

For the trading of shares on the secondary market, the investor will be able to calculate the costs of safekeeping (custody), brokerage and those resulting from the payment of dividends.

When placing bonds on the primary market and trading them on the secondary market, the tools calculate the net annual internal rate of return, the total interest (gross and net) to be received and the total taxes (IRS – personal income tax) to be paid. Commissions for receiving and transmitting orders, capital reimbursement, coupon payment and safekeeping (custody) are also calculated for the simulated operations.

As for collective investment schemes, the simulator allows you to calculate, based on the initial subscription amount and the estimated duration of the investment, the percentage and value that the costs represent in the amount invested, determined according to subscription and redemption fees (borne by the investor) and the current charge rate (supported by the fund).

These tools provide access to useful information on costs so that current or potential investors can make informed investment decisions based on reliable information tailored to their needs and comparison based.

This initiative is part of the CMVM’s priorities in reinforcing investor protection and support in a context of high uncertainty by way of reinforcing information channels and the disclosure of data on the financial intermediation activity in Portugal

This news item was originally published by the Portuguese Securities Market Commission (CMVM PT). For more information, please see the Source Link.

Regulator Information

Abbreviation: CMVM
Jurisdiction: Portugal

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