The Portuguese Securities Commission published its 2025 annual report, covering the first year of its 2025-2028 Strategic Plan. Regulatory priorities included preparing legislative proposals to implement European measures, including revisions to the Securities Code reflecting the Listing Act, and beginning work on the Asset Management Regime. The commission also advanced rules on anti-money laundering and countering the financing of terrorism reporting, central securities depositories, audit quality indicators and crowdfunding reporting obligations. Supervision increasingly relied on integrated data and enhanced risk models. Activity included scrutiny of venture capital undertakings managed by 10 firms, more than 400 financial advertisements, corporate governance reviews at 16 issuers, 47 issuer-monitoring actions and 16 on-site inspections. The commission also opened 42 audit supervisory actions and closed 37, while active collective investment undertakings reached 1,000 for the first time. Enforcement produced 31 final decisions, including 24 fines totaling EUR 656,000. A court also upheld the seizure and forfeiture of EUR 416,284.95 following an asset-freezing decision. Investor protection measures included extending alternative dispute resolution to collective investment undertaking management companies, while digital modernization included artificial intelligence tools for document compliance and a dedicated competence center. The commission recorded a net result of EUR 2.879 million, up 50% from 2024.

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