Fund Distribution Alert 2023-09

The CMVM has issued Circular Note No. 010/2023 - Financial Intermediaries on Advertising. The circular note was prompted by financial intermediation activities observed by the financial supervisory authority which lacked full and clear identification of the financial intermediary responsible for the content.

Financial intermediaries registered with the CMVM and financial intermediaries carrying out financial intermediation activities in Portugal under the freedom to provide services must ensure that the advertising they carry out includes their “entity identification”, irrespective of the channel used.

The CMVM recommends that the following information be included to identify financial intermediaries in advertisements for financial intermediation activities and/or financial instruments:

i:     For financial intermediaries authorised by the CMVM, their registration number with the CMVM, and;

ii:    For financial intermediaries qualified to carry out financial intermediation activities in Portugal under the freedom to provide services, a reference to the fact that they are qualified to provide financial intermediation services in Portugal and the identification of the supervisory authority of the European Union Member State in which they are registered.

The Circular Note can be accessed here (in English) and here (in Portuguese).

Please feel free to contact us should you require any additional information.

Partner
+352 22 51 51 7892
said.fihri@kpmg.lu

Director
+352 22 51 51 7271
stephanie.zedda@kpmg.lu

Senior Manager
+352 22 51 51 7417
henrik.olsson@kpmg.lu