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CMVM publishes Regulations that reduce the duty to regularly report information by 29%


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Today, the CMVM published four Regulations that among other amendments, provide for a 29% reduction in the duties of regular reporting of information to the CMVM, affirming simplification as one of the guiding principles of its regulatory policy.

This initiative is the result of a work started in 2017 and will take effect on 1 July 2021, so that all duties whose reporting period is subsequent to 1 July of next year, will already be done under the new regime, except for the self-assessment reports of the governance and internal control systems.

This deadline will afford the entities concerned with an adaptation period that is appropriate to the new regime, namely at the technological level, and CMVM support is also foreseen during the transition period.

Within the scope of this concluded exercise, the regime of periodic reporting duties to the CMVM was fully revised, covering all activities and entities subject to the CMVM’s supervision. The amendments eliminate the provision of information considered as non-essential for the purposes of supervision, subject to double reporting or which already results from reporting duties at European level; allow the stabilisation of duties in the medium and long term and their transversal harmonisation, providing supervision with a stable and predictable framework; and introduce improvements and clarifications in light of market developments and of the best supervisory practices.

In all, 19 CMVM Instructions are repealed and 7 CMVM Regulations amended resulting in the elimination of 19 duties of regular reporting of information to the CMVM and changes to 34 duties, aiming at matters related to financial intermediation, collective investment undertakings, venture capital, securitisation, packages of retail investment products and insurance-based investment products (PRIIPs) and real estate valuers.

For the purposes of processing and disclosure in the cost simulator available on the CMVM website, seeking its improvement, the Regulation that promotes an adjustment regarding the duties to report information to the CMVM on pricing for retail investors, marketing and costs of collective investment undertakings, was published. This measure aims to reinforce investor protection, thus increasing levels of transparency, comparability and competition in the costs of services offered by the various entities, namely on the commission fees applicable for the subscription of shares and bonds in the primary market and brokerage commission fees in the secondary market.

Additionally, within the scope of increasing investor protection, a Regulation was also published that creates the duty to report half-yearly complaints submitted by retail investors to entities regarding financial intermediation, management of collective investment undertakings and management of electronic platforms of crowdfunding that have been resolved without the need for CMVM intervention.

The Regulation that replaces the current internal control report applicable to financial intermediaries, management companies of collective investment undertakings and self-managed collective investment companies, with a self-assessment report of government and internal control systems, was also published.

The regulatory simplification is integrated in the CMVM priorities defined for 2020 and aims to adapt the duties imposed on entities to the supervisory needs of this Commission, reduce costs for supervisees and for the CMVM, and adopt a proportional supervisory perspective.

Following the planned revision of the Securities Code, the CVMVM further aims to promote simplification and reduction of other reporting duties, provided for in laws and regulations, namely those that apply to issuers.

Additional information:

  • CMVM Regulation No. 6/2020
  • CMVM Regulation No. 7/2020
  • CMVM Regulation No. 8/2020
  • CMVM Regulation No. 9/2020

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Regulator Information

Abbreviation: CMVM
Jurisdiction: Portugal

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