The Securities Market Commission (CMVM) published today four decisions relating to administrative offense proceedings, one of which on an anonymous basis.

The CMVM’s decisions are based on a lawsuit for violation of the auditors’ duties, namely the duty to provide quality information to the CMVM and the duty to write down amendments to audit service contracts relating to the review of accounts, and an admonition was applied.

Then there are two processes for violation of duties within the framework of the prevention of money laundering and terrorist financing, namely the duty to obtain proof of identification elements, the duty to examine, the duty to adopt complementary due diligence procedures, the duty to adopt reinforced measures, the duty to notify the CMVM of the termination of duties of the person responsible for regulatory compliance and the duty to proceed with the replacement of the person responsible for regulatory compliance. Here two admonitions were applied. The “defendant” companies in these proceedings are Lince Capital – Sociedade de Capital de Risco and ​Golden Monarque – Sociedade de Capital de Risco.

There is also a lawsuit for violation of the duties of financial intermediaries and management companies of collective investment undertakings, “namely the duty to provide information to the CMVM, the duty of quality of information, the duty to adopt organizational provisions to minimize the risk of loss or reduction of rights relating to the assets of customers, the duty to send the CMVM, within the legally stipulated period, the updated version of the management regulations of the venture capital funds managed by it, the duty to keep records and accounts organized , the duty to subject amendments to the management regulations to the approval of the general meeting of participants, the duty to observe the minimum thresholds relating to venture capital funds and the duty not to appoint managers of the management entity to the board of the meeting of participants ”.

The violation of duties in the context of preventing money laundering and terrorist financing is also at issue, “namely the duty of care, the duty of control, the duty to identify holders and representatives, the duty to verify the identity of beneficiaries effective and the duty of conservation”. The “accused” is Lynx Asset Managers and a fine of 50 thousand euros was applied, suspended in its execution in 25 thousand euros.

The CMVM also published a Judgment of the Court of Appeal of Lisbon (Section for Intellectual Property and Competition, Regulation and Supervision), relating to administrative offense procedure No. 14/2017, which fully confirms the decision of the Court of 1st Instance.

At issue are the fines imposed on Banco Espírito Santo – In Liquidation, Amílcar Morais Pires, Joaquim Goes, José Manuel Espírito Santo Silva, Ricardo Salgado and Rui da Silveira.

The decision results from an appeal filed by Amílcar Morais Pires, Joaquim Goes, Ricardo Salgado and Rui da Silveira.

The fines were then confirmed. That of one million euros to BES (which is suspended); that of Amílcar Morais Pires of 600 thousand euros; that of Joaquim Goes of 300 thousand euros; José Manuel Espírito Santo Silva’s €500,000; Ricardo Salgado’s one million euros and Rui da Silveira’s €400,000.


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