Principais Deliberações do Conselho de Administração da CMVM

The Portuguese securities regulator authorized Westforge Partners as a new investment firm, signaling continued market entry. A listed company's 2026-2028 board appointments were declared provisional due to failure to meet gender diversity thresholds. CMVM also rejected an auditor's exceptional mandate extension because statutory conditions were not met.

In enforcement, the regulator moved against unauthorized advertising and prospecting for financial intermediation contracts, ordering a legal person to remove offending website content within five days. For compliance teams, key takeaways are clear. Listed companies must embed gender diversity requirements into board succession planning to avoid provisional designations.

Auditors should not assume extensions will be granted absent clear legal grounds and must maintain rotation readiness. Investment firms must secure authorization before commencing regulated activities. Firms engaged in financial intermediation should review all online advertising and lead generation to ensure they are not conducting unauthorized prospecting.

The five-day removal deadline underscores the need for rapid response capability. The new investment firm authorization presents competitive opportunities for authorized entities, while the crackdown on unauthorized activity may level the playing field. Compliance functions should audit board composition, statutory audit tenure, and marketing practices.

Monitor CMVM communications for further guidance and be prepared for potential follow-up supervisory action. Overall, these decisions reflect CMVM's focus on governance standards, market integrity, and investor protection.