In a note published on its website, the CMVM said that it had on Wednesday posted "five decisions on administrative infraction proceedings, four of which were anonymous."
Portugal’s Securities Markets Commission (CMVM) on Wednesday said that it had issued five decisions on administrative offence proceedings, four of which are for “violating the duties of auditors” and the other, against state bank Caixa Geral de Depósitos (CGD) for “violating the duties of financial intermediaries”.
In a note published on its website, the CMVM said that it had on Wednesday posted “five decisions on administrative infraction proceedings, four of which were anonymous.”
According to the regulator, of these cases, four are “for violation of the duties of the auditors, namely the duty to document, the duty to carry out a statutory audit in accordance with international auditing standards, the duty to express a qualified opinion by limiting the scope, the duty to include emphasis in the opinion issued, the duty to obtain appropriate and sufficient evidence, the duty to provide quality information to the CMVM, the duty of signature of the legal certification of accounts by the supervising or performing partner, the duty to reduce to writing the service provision agreement and the duty not to provide non-audit services of tax advice to an entity controlled by a public interest entity to which legal auditing services are provided.”
According to the CMVM, “three fines amounting to €25,000 were imposed, one suspended in execution, for €10,000, another for €15,000 and another suspended in execution, all for a period of two years.”
In addition, the regulator gave notice of proceedings “for violation of duties of financial intermediaries, namely the duty to provide clients with due information” – in this case involving CGD, according to the information on the CMVM website.
There it is stated that “a fine of €25,000 was applied to the bank, which was suspended for a period of two years.”
The CMVM also published “two Sentences of the Competition, Regulation and Supervision Court, one of them concerning the administrative offence proceeding no. 20/2017, which confirms the CMVM’s decision and another concerning the administrative offence proceeding no. 14/2017, which partially confirms the CMVM’s decision, modifying the sanctions applied”.