Overview
The Comissão do Mercado de Valores Mobiliários supervises Portugal's securities markets, investment firms, asset managers, collective investment undertakings, auditors, property valuers and listed issuers, and is the conduct supervisor for crypto-asset service providers under Portugal's MiCA implementing law. It supervises 763 entities under covered financial-services frameworks — 229 licensed firms and 534 retail collective investment undertakings — and oversees a far wider population of roughly 4,300 supervised entities, including 902 funds, 1,708 property valuers and 1,346 auditors; 2025 was the first year in which more than 1,000 collective investment undertakings were active in the Portuguese market. Its sanctioning work produced 31 final decisions and 24 fines totalling €656,000, and its conduct supervision focused on digital channels, screening more than 400 advertisements by financial intermediaries. Everything below is the CMVM's own data, from its Relatório Anual 2025 and its Chair's reporting to the Portuguese Parliament.
Regulated sectors
6Investment firmsAsset managersSecurities marketsCrypto-asset service providersListed companiesMarket infrastructure
Figures as published by Comissão do Mercado de Valores Mobiliários for FY2025. Source: CMVM Relatório Anual 2025 (Published 30 June 2026 (Portuguese)). Data as of 31 December 2025.
Leadership
2Luís Laginha de SousaChair of the Board of Directorssince 2022
Inês DrumondVice-Chair of the Board of Directorssince 2022
Full board
Organisation (FY2025)
Staff216Headcount at 31 December 2025
Revenue from taxes and supervision fees€29.4mBasis: operating income, not budget and not total expenditure. Up almost 10% on 2024
Staff costs€16.9mUp 5% on 2024, reflecting career progression and pay updates
External supplies and services€4.5mUp 22.9%, attributed by the CMVM to higher technology spending
Net result€2.879mUp 50% on 2024 (€1.913m); sixth consecutive profitable year
Supervised entities (end-2025)
Entities licensed under covered frameworks763Derived. 229 licensed firms (61 fund management companies · 77 venture capital companies · 47 financial intermediaries · 35 investment firms · 5 crowdfunding providers · 2 market operators · 1 CCP · 1 CSD) + 534 collective investment undertakings (retail products carrying disclosure, conduct and distribution obligations)
— of which licensed firms229
— of which retail collective investment undertakings534First year more than 1,000 CIUs were active in the Portuguese market on the CMVM's wider count
Wider CMVM perimeter — for reference4,267 published headlineChair to Parliament, July 2025. Reconciles: 763 + 368 professional-investor funds + 3,054 auditors & property valuers (1,708 + 1,346) + 82 securities issuers = 4,267. Do NOT use in comparisons — mixed scopes
Enforcement 2025
Final sanctioning decisions31
Fines imposed24 fines · €656,000 totalCalendar year 2025
Asset forfeiture confirmed€416,284.95A CMVM freezing decision validated by the Competition, Regulation and Supervision Court, resulting in seizure and forfeiture
Supervisory activity 2025
Advertising reviewedMore than 400Advertisements by financial intermediaries, screened using technology as part of digital-channel conduct supervision
Staff trainingMore than 12,200 hours
Crypto / MiCA
FY2025Conduct supervisor from 27 December 2025Under Law No 69/2025 the CMVM supervises public offerings of crypto-assets other than asset-referenced and e-money tokens, compliance with obligations applicable to all CASPs, and obligations attaching to specific crypto-asset services.Issues a reasoned opinion during the authorisation process but does not itself issue the licence
Notable 2025
Wider perimeter than the name suggestsThe CMVM supervises roughly 4,300 entities — including 1,708 property valuers and 1,346 auditors alongside the securities firms and funds.
First year >1,000 CIUsFirst year in which more than 1,000 collective investment undertakings were active in the Portuguese market.
First year of the 2025–2028 strategic planBuilt on the stated vision of a capital market that creates value and wellbeing.
BES universeDefinitive closure of the administrative proceedings connected to the "BES universe" during the year.
SupTech + CSIRTExecuted a SupTech strategic plan including AI for document compliance checks and joined the national CSIRT network.
Consumer toolsExtended the alternative dispute resolution mechanism to collective investment management companies and launched a financial instrument comparison tool, initially covering retirement savings products.
2026 supervisory priorityStepped up on-site and off-site supervision in the highest-risk areas — crypto-asset service providers named first.
Key legislation
4Código dos Valores Mobiliários (DL 486/99, as amended)Securities Code — foundational
Regime Geral dos Organismos de Investimento ColectivoCollective investment undertakings
Estatuto da CMVM (DL 5/2015)CMVM statute
Law No 69/2025 of 22 December 2025MiCA implementation — CMVM as conduct supervisor for CASPs and public offerings of other crypto-assets
Registers, portals and publications