The Portuguese Securities Commission (CMVM) published its 2025 annual circular notes, setting out supervisory priorities and expectations for asset management, financial intermediation, issuers and crowdfunding service providers. The 2025 priorities are the first to be aligned with the CMVM Strategic Plan 2025–2028 and flag supervisory adaptations linked to European rules including the Digital Operational Resilience Act (DORA) and the Markets in Crypto-Assets Regulation (MiCA). In asset management, planned supervision targets governance (including an ESMA-coordinated common action), prudential and conduct oversight of Alternative Investment Fund Managers, depositaries of collective investment undertakings, cybersecurity, anti-money laundering and counter-terrorist financing controls, and the quality of information reported to the CMVM, alongside necessary adaptations following changes to the AIFM and UCITS Directives. Priorities for financial intermediation and crowdfunding include prudential supervision of investment firms and crowdfunding service providers, governance and business model robustness, CIU depositaries, disclosure of profitability and risk measures in promotional communications, information duties for registered crowdfunding service providers, digital marketing of financial instruments, cybersecurity, AML/CFT, and reporting quality. For issuers, the CMVM prioritises risk models based on high-quality information, taking account of governance, financial situation evolution and social and environmental risk factors, with specific focus on implementing the Corporate Sustainability Reporting Directive and sustainability disclosures under the European Sustainability Reporting Standards. Cross-cutting work includes starting 2025 initiatives under the CMVM SupTech Strategic Plan, engagement with the European regulatory agenda including the Saving and Investments Union, and restructuring the scope of Via Mercado and CMVM Inov. The circular notes were preceded by sessions with supervised entities.
Portuguese Securities Commission (CMVM) 2025-02-21
Portuguese Securities Commission publishes 2025 supervisory expectations for asset management, intermediaries, issuers and crowdfunding
The Portuguese Securities Commission (CMVM) released its 2025 annual circular notes, outlining supervisory priorities for asset management, financial intermediation, issuers, and crowdfunding service providers. These priorities align with the CMVM Strategic Plan 2025–2028 and adapt to European regulations like the Digital Operational Resilience Act (DORA) and the Markets in Crypto-Assets Regulation (MiCA). Key focus areas include governance, cybersecurity, anti-money laundering, and sustainability disclosures.