The Securities Market Commission has published periodic statistics on administrative offenses. In the third quarter of 2020, the CMVM issued a decision in six administrative offenses, four of which for violating the duties of the auditors, two referring to financial intermediation duties.
The decisions taken between July and September concern a very serious administrative offense and five serious administrative offenses, with fines totaling 1.175.000 euros (1,175 million euros) and five admonitions.
In the same period, seven administrative offense proceedings were initiated, four for violations of the duties of the auditors, two related to violations of the duties of financial intermediation and one for violations of the duties relating to the activity of collective investment agencies.
The CMVM also reveals that in September 73 administrative offense proceedings were in progress. Of these, 24 are related to violations of financial intermediation duties, 18 are related to the performance of auditors, 11 are related to the activity of collective investment organizations, eight are related to breaches of market trading duties, seven are related to breaches of information duties. to the market, and five referring to anti-money laundering and terrorist financing duties.
In the third quarter, a court case was also decided regarding the breach of information duties to the market. At the end of September, a court decision was pending.
It was already in October that the Portuguese securities market supervisor condemned KPMG to a fine of one million euros for failures in the audit in the BES / BESA case. The CMVM imposed a fine of one million euros in the final sentence that was posted on the regulator's website. But "the judicial challenge of this decision was requested".
The fines imposed by the CMVM are not its own revenue - with the exception of those resulting from violations of the legal system of audit supervision - but rather revenue from the Investor Compensation System, under the terms of the legislation in force.