New CMVM guidelines strengthen the role of compliance within organizations
As of January 1st, 2025, new guidelines issued by the Portuguese Securities Market Commission (CMVM) have come into effect, aiming to strengthen the effectiveness of compliance systems within supervised entities. These measures respond to the increasing complexity of the regulatory landscape and are intended to ensure that institutions have robust mechanisms in place to prevent legal, reputational, and operational risks. More than just a regulatory obligation, these changes represent a cultural shift that demands greater accountability, transparency, and integration of critical control functions.
Key highlights of the new directives include:
- Autonomy of the compliance function: It must operate as an independent line of defense, with its own resources, direct access to the board, and full functional independence;
- Compliance officer profile: Must have relevant technical experience, report directly to top management, and have access to all relevant areas of the organization;
- Cross-functional integration: Compliance must work in coordination with internal audit, risk management, and internal control, fostering a collaborative compliance culture;
- Planning and monitoring: Implementation of an annual compliance plan based on risk assessment, with clear goals, indicators, and periodic reporting is now mandatory;
- Training and integrity culture: Increased focus on continuous training for staff and the development of a strong ethical and preventive organizational culture.
Although these guidelines are primarily aimed at financial institutions, they clearly signal a broader regulatory shift that affects all sectors, requiring more mature governance and internal control models. Effective implementation of these requirements demands not only structural adjustments, but also strong leadership commitment.
At Pontes, Baptista & Associados (PBA), we closely follow these regulatory developments and support our clients in assessing, designing, and reinforcing their compliance structures. We ensure they are aligned with current requirements and best practices. For us, an effective compliance system is more than a legal obligation — it is a strategic tool for building trust, credibility, and long-term business sustainability.
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