The Portuguese Securities Commission has published its Strategic Plan for 2025-2028, alongside a set of key initiatives planned for 2025. Built around the pillars of Knowledge, Trust, Development and Results, the plan sets five strategic objectives to guide the CMVM’s work: results-driven supervision, regulatory stability and proportionality, stronger investor confidence, mobilisation for a more developed capital market, and organisational streamlining. Priority actions include expanding data- and technology-enabled supervision through strengthened risk models, SupTech projects, and a continued preventive approach paired with more timely and deterrent sanctioning activity, including attention to unauthorised entities and money laundering and terrorist financing risks. On the regulatory side, the CMVM plans to enhance methodologies for impact analysis, propose transposition rules linked to European legislative changes affecting the Asset Management Regime and the Securities Code, monitor the European Commission agenda including Savings and Investments Union initiatives, and develop regulation associated with the entry into force of DORA and MiCA. Investor-focused measures include faster and more intuitive alerts to non-professional investors about digital fraud and delivery of the CMVM Financial Literacy Plan 2025, with emphasis on scams, crypto-assets and their new regulation, and the role of social media and fininfluencers. Market-development initiatives include restructuring the scope of Via the Market and CMVM Innov and identifying new development lines informed by an academic study, while internal changes centre on simplifying and automating processes to reduce response times and upskilling staff in digital, sustainability and new supervisory competencies. Implementation is planned through initiatives incorporated into the CMVM’s annual activity plans, starting with the 2025 work programme outlined alongside the strategy.

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