The president of the Securities Market Commission (CMVM), Laginha de Sousa, defended today that the capital markets regulator needs flexibility in managing its revenues, which come from fees charged to operators.
“Flexibility in resource management is necessary to better execute the mandate”, stated Luís Laginha de Sousa, at a press conference in Lisbon, at the launch of the Comparator of Retirement Savings Plans in the form of Investment Funds.
According to the manager, the CMVM needs not only adequate revenue to fulfill its mission but also flexibility in rules “to use resources in the most efficient way possible”, taking into account the complexity of its functions as regulator and supervisor of financial markets.
The CMVM’s revenues come from fees charged to companies operating in the market, and for years the presidents of the capital market regulator have complained about the lack of autonomy in the management of these revenues, starting with the hiring of more and better paid workers and in longer-term investments (in the case of technology, defending multi-annual investment plans). Despite only having its own revenue, it is subject to annual budgetary rules.
Laginha de Sousa said that the difficulties and constraints that the CMVM faces do not jeopardize its functions, so these criticisms cannot “help to undermine the confidence of agents”, but it would be essential to have greater flexibility in the use of its financial resources.
The CMVM had profits of 2.18 million euros in 2024 (up from 1.96 million euros in 2023), having recorded a value of 26.7 million euros in taxes and fees that year.