Portuguese Securities Market Commission
|Comissão do Mercado de Valores Mobiliários|
Coat of Arms of Portugal
The Portuguese Securities Market Commission (Portuguese: Comissão do Mercado de Valores Mobiliários), also known by its initials CMVM, was established in April 1991 with the task of supervising and regulating securities and other financial instruments markets (traditionally known as stock markets), as well as the activity of all those who operate within said markets. The CMVM regulates the functioning of the securities markets, public offerings, actions of all the market operators and, in general, all matters pertaining to this area of activity. It is a member of both the International Organization of Securities Commissions (IOSCO) and the Committee of European Securities Regulators (CESR) and is actively involved in both organisations and its working groups. They bring together the banking, securities and insurance sectors worldwide and within Europe respectively.
The CMVM is an independent public institution, with administrative and financial autonomy. The CMVM derives its income from supervision fees charged for services and not the General State Budget. It serves a similar role to the U.S. Securities and Exchange Commission.