The Portuguese Securities Commission (CMVM) has launched a consultation on extending regular investment advice reporting to all financial intermediaries and other persons and entities authorized to provide the service. The proposed quarterly requirement would cover credit institutions, autonomous investment advisers, collective investment undertaking management companies, venture capital companies and branches operating in Portugal, alongside investment firms already subject to reporting. Reports would be due by the 10th business day of the month following each quarter. A dedicated reporting template would require data on whether advice is recurring or ad hoc and independent or non-independent, as well as client categories, client and investment proposal numbers, and advised amounts. The CMVM also proposes removing investment advice sections from existing prudential reporting templates for investment firms as the information moves to the dedicated framework.

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