Portuguese Securities Commission publishes five anonymised enforcement decisions with EUR 25,000 fines and a reprimand for closed-period share trading

The Portuguese Securities Commission (CMVM) published five anonymised decisions in administrative infraction proceedings, imposing four fines of EUR 25,000 and issuing one reprimand. Two cases concerned breaches of disclosure duties, specifically failure to publish a prospectus for a public offering of securities, with fines of EUR 25,000 each and EUR 12,500 of each fine suspended for two years. Another case addressed breaches of anti-money laundering and counter-terrorist financing duties, including client identification and verification, information on the source and destination of funds, enhanced measures and beneficial owner checks, resulting in a EUR 25,000 fine fully suspended for two years. A further decision fined EUR 25,000 for breaches of financial intermediary duties, including policies for approving distribution of financial instruments, order-taking recordkeeping and communicating suitability test results, while the market integrity case resulted in a reprimand for an issuer’s director buying the issuer’s shares during the restricted period of 30 business days before the announcement of a financial report.