The Portuguese Securities Market Commission (CMVM) has published Wednesday four decisions regarding administrative offense proceedings, three of which are anonymized.
According to the market regulator, the CMVM’s decisions were based on:
- “Two cases for violations related to duties in preventing money laundering and terrorist financing. This includes the duty of identification, establishing the quality of actual beneficiaries, implementing enhanced identification measures, and examining duties. A fine of 25,000 euros was imposed, fully suspended, along with a warning”;
- “One case involving the breach of financial intermediaries’ duties, specifically the failure to meet prudential requirements. A fine of 25,000 euros was imposed, fully suspended for two years”;
- “One case concerning the violation of information dissemination duties, involving the failure to disclose privileged information and the necessity of providing true, clear, complete, and objective market information. Two fines were imposed: one of 60,000 euros, partially suspended by 45,000 euros for two years, and another of 25,000 euros, partially suspended by 12,500 euros for two years”.
The latter was imposed on FC Porto’s SAD for “Information Dissemination”.
The CMVM also published a Constitutional Court ruling related to administrative offense process No. 14/2017, which dismissed the appeals by Defendants and did not address certain constitutional questions raised by them.
