CMVM Regulation No. 5/2025, published on 8 August, amends Regulation No. 2/2020 under Law No. 83/2017, imposing on providers of collaborative capital or loan financing services the obligation to report annually to the CMVM by 31 March, with the first report (for 2025) due by 30 June 2026. Failure to comply constitutes a particularly serious administrative offence, and the regulation comes into force on 7 September.
On August 8th, Regulation No. 5/2025 of the Portuguese Securities Market Commission (Comissão do Mercado dos Valores Mobiliários, “CMVM”) was published, amending Regulation No. 2/2020 of March 17th, concerning the prevention of money laundering and terrorist financing, in the context of the powers conferred by Law No. 83/2017, of August 18th (“Law No. 83/2017”).
The recently approved Regulation introduces significant changes for equity-based and loan-based crowdfunding services operating within the national territory. These entities, which were already regarded as equivalent entities to those falling within the scope of Law No. 83/2017 (cf. Article 5(b)(i)), are now also subject to the provisions of Regulation No. 2/2020 and, consequently, obliged to submit periodic reports (cf. Article 2 of Regulation No. 5/2025).
The information to be reported to CMVM by providers of equity-based or loan-based crowdfunding services is outlined in Annex I of Regulation No. 2/2020. The aforementioned report must be submitted by March 31st, with reference to the preceding calendar year (cf. Article 18 of Regulation No. 2/2020, in its amended version). It should be noted, however, that the first report to the CMVM, containing information concerning the year 2025, may be submitted by 30th June 2026 (cf. Article 3 of Regulation No. 5/2025).
Failure to submit mandatory information to the competent authorities within the established deadlines constitutes an especially serious administrative offence, pursuant to Article 169-A(ttt) of Law No. 83/2017.
The newly approved Regulation will enter into force on September 7th.
