Capital Markets

The Spanish National Securities Market Commission (CNMV) informed on January 13, 2020 of its decision to render ineffective the criteria addressed to issuers of securities for their discretionary treasury stock transactions, published in 2013. These criteria consisted of a number of recommendations on trading conditions and transparency when carrying out discretionary treasury stock transactions (not performed within buy-back programs or under liquidity contracts).
It was published on 24 September 2019 Decree-Law no 144/2019 which transfers from the Bank of Portugal to the Securities Market Committee (CMVM) the powers of prudential supervision of investment fund management companies and credit securitisation fund management companies (SGFTC).
As already adopted by other EU member states, on 12 September 2019 contingency measures were approved by the Portuguese Council of Ministers and should be applied to credit institutions, investment companies and management entities with head office in the United Kingdom in the event of Brexit without a deal.