The Portuguese Securities Commission (CMVM) has issued its annual circular notes setting out supervisory priorities and expectations for 2026 across asset management, issuers, investment intermediation, crowdfunding service provision and crypto-asset service provision. The package sits within the CMVM Strategic Plan 2025–2028 and signals continued emphasis on outcome-based, risk-focused and increasingly data-driven supervision using both on-site and remote tools. For asset managers, priorities include supervisory work on the Digital Operational Resilience Regulation (DORA), an ESMA-coordinated common supervisory action on the risk-management function within management companies, costs charged to Venture Capital Alternative Investment Funds, corporate governance, AML/CFT compliance focused on risk areas identified in the 2024 National Risk Assessment, and firms’ business models and prudential performance. DORA, corporate governance, and business model and economic performance frameworks are also central to prudential supervision of investment intermediaries and crowdfunding service providers, while conduct supervision extends to crypto-asset service providers and an ESMA-led coordinated action on MiFID II conflict-of-interest requirements in the marketing of financial instruments. On issuers, supervision will prioritise completion, development and implementation of an integrated risk model combining corporate governance, financial condition and sustainability-related factors, alongside scrutiny of governance, decision-making processes and the management of inside information, including reinforcement of the role of the Market Relations Representative. The CMVM also points to the phased entry into application of the Listing Act, the entry into operation of the European Single Access Point, expansion of its Financial Instruments Comparison Tool to cover UCITS and specified alternative investment funds, development of an “Investor App”, and submission to the Government of a proposal to establish a Savings and Investment Account (CPI), alongside continued market-development initiatives via Via the Market and the Sandbox Market4Growth programme.
Portuguese Securities Commission (CMVM) 2026-02-25
Portuguese Securities Commission publishes 2026 supervisory priorities for asset management, intermediaries, crowdfunding, crypto-asset services and issuers
The Portuguese Securities Commission (CMVM) has outlined its 2026 supervisory priorities in its Strategic Plan 2025–2028, focusing on asset management, issuers, investment intermediation, crowdfunding, and crypto-asset services. Key areas include Digital Operational Resilience Regulation (DORA), corporate governance, AML/CFT compliance, and MiFID II conflict-of-interest requirements. The CMVM also emphasizes developing an integrated risk model for issuers and market-development initiatives, including the phased application of the Listing Act and launching an "Investor App."