During a parliamentary hearing at the Committee on Budget, Finance, and Public Administration, Laginha de Sousa stated that while the Portuguese Securities Market Commission (CMVM) is not required to supervise ‘influencers’, as there is no regulated category for influencers, it does monitor market trends.
The CMVM’s actions aim to detect instances where financial intermediation is conducted without authorization, against established rules.
These control actions by the CMVM focus on identifying individuals promoting investments on social media, to understand who is active and examine their public behavior, explained Luís Laginha de Sousa.
“We sanction behaviors that are inappropriate according to existing market regulations, irrespective of whether the actions are performed by someone labeled as an ‘influencer’ or not,” he stated.
If the CMVM identifies any potentially sanctionable matter, it is ultimately reported to the Attorney General’s Office, which has the authority to act, he said.
The 2024 annual activity report, discussed during the parliamentary hearing, highlighted that last year, for the first time, the CMVM implemented precautionary measures to seize and freeze assets linked to illegal financial intermediation activities carried out by so-called ‘finfluencers’, a term used for individuals providing financial instrument information on social media.
Last year, the CMVM reviewed over 150 pieces of content and videos produced by 33 influencers, identifying 32 instances of non-compliance in the advertising disseminated and 28 cases of client solicitation activities. Inquiries were made to the financial institutions that hired these digital agents to verify compliance with legal requirements, the annual report states.
In parliament, the president of the CMVM clarified that identifying 33 individuals does not imply all are engaged in improper conduct.
“The term ‘influencers’ does not inherently carry a negative connotation—they can play a vital role in enhancing financial literacy,” he emphasized, stressing the need to “separate the wheat from the chaff.”
As the head of the CMVM, Laginha de Sousa noted participating in meetings with many contributing to financial literacy promotion, who should not be “confused with those exhibiting inappropriate behaviors.”
