The Portuguese Securities Commission has published its 2024 Annual Report, outlining a year’s regulatory, supervisory and enforcement activity focused on market integrity, financial stability, investor protection and capital market development, alongside increased attention to digital channels and technology-enabled supervision. Five public consultations were launched, centred on drafting national implementation measures for European rules on digital operational resilience (DORA) and the crypto-assets market (MiCA) through the National Council of Financial Supervisors, alongside priorities including transposing the Corporate Sustainability Reporting Directive (CSRD), developing audit quality indicator regulation and issuing guidance on compliance functions. Risk-based supervision continued through thematic reviews of audit firms, asset managers and financial intermediaries, with work on liquidity risk, asset valuation and conflicts of interest, while behavioural supervision targeted digital marketing of financial instruments, intermediaries’ use of “finfluencers” and “value for money”. Issuer oversight covered nine public debt offerings, the first complete takeover bid under the 2021 Securities Code amendments and 15 interventions to ensure timely disclosure of privileged information; audit supervision initiated 52 actions and completed 59, focusing on governance, ISQM implementation and audit file quality. Enforcement activity resulted in 24 condemnations, including 18 fines totalling EUR 527,500, and included the first use of court-approved precautionary measures to seize and freeze assets of individuals acting as “finfluencers”. The report also notes the extension of alternative dispute resolution to investment firms, the rollout of financial literacy initiatives, completion of 85% of the 2022–2024 Strategic Plan objectives, preparation of the 2025–2028 Strategic Plan, and a positive net result of EUR 2.179 million.

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