CMVM will receive regular information about financial transactions to increase monitoring

  • ECO News
  • 5 January 2018

The Portuguese regulator headed by Gabriela Figueiredo Dias will start receiving more information about banks and brokers to reinforce its control and monitoring mechanisms on financial markets.

Financial intermediates and entities that manage negotiation platforms will have to provide daily information to the Portuguese Securities Market Commission (CMVM) in order for the regulator to monitor them, according to the regulations published this Friday in the Portuguese Official Gazette.

Under discussion are three regulations from CMVM that apply rules from the new European legislation on financial markets to Portugal. The goal of this reinforcement in providing information is to allow CMVM to increase its ability to supervise and monitor the financial markets and also to simplify the exchange of information between other regulators and ESMA, the European Securities and Markets Authority.

The regulation concerning entities that manage financial instruments’ negotiation platforms states that it is mandatory to give regular information about offers and people involved in the operations and also to make it available for five years. That regulation also states the goal is to “allow CMVM to investigate, in an efficient manner, anomalous situations or potentially abusive behaviors in negotiating activities”, is stated in the diploma that will be enforced and be applied retroactively to January 3rd.