The Portuguese Securities Commission (CMVM) published its 2026 action priorities, setting out planned supervisory, regulatory and internal workstreams under the five objectives of its 2025–2028 Strategic Plan: outcome-oriented supervision, regulatory stability and proportionality, stronger investor confidence, capital market development, and organisational streamlining. Supervisory activity will be strengthened on-site and off-site with an emphasis on high-risk areas, including crypto-asset service providers and implementation of the Digital Operational Resilience Act (DORA). Reviews will also deepen on corporate governance, supervised entities’ business models, auditor performance indicators, Markets in Financial Instruments Directive (MiFID II) conflicts of interest, and the risk management function in asset management, while AML/CFT supervision will focus on risk areas identified in the 2024 National Risk Assessment. The programme also includes further development of risk models and the SupTech Strategic Plan, registration and monitoring of auditors under the Corporate Sustainability Reporting Directive (CSRD) assuming the relevant transposition enters into force, and measures to streamline complaint handling and preliminary investigations into market abuse and improve the timeliness of sanctioning actions. On investor protection, the CMVM will intensify prevention of digital financial fraud and scams, expand its Financial Instruments Comparison Tool to include Undertakings for Collective Investment in Transferable Securities (UCITS), Alternative Investment Funds (AIFs) and Real Estate AIFs, and develop an investor app. For market development, it plans to present the Government with a proposal for an Individual Savings and Investment Account and, through the National Council of Financial Supervisors, develop a capital-markets “Technology Free Zone” regulatory sandbox, alongside continued work on the Via the Market initiative and the CMVM Inov Plan.

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