• Regulation 1/2020 on information to POR CMVM for purposes of prudential supervision.
• Follows POR CMVM January 2020 circular on accounting for fund managers.

Overview

• As per transfer, from POR CB to POR CMVM, of powers of prudential supervision over management companies of collective investment undertakings and management companies of credit securitization funds as established by decree law 144/2019.
• It concentrated, in POR CMVM, prudential and behavioral supervision of these entities.
• Framework review guided by principles of certainty, adequacy, proportionality, takes account role of these management companies in market, risks their activities entail.
• Regulation sets rules for submission of information considered essential for purposes of prudential supervision, its scope could be extended later to cover other entities over which POR CMVM already has powers of prudential supervision.
• New rules circumscribed to information contained in the annexes plus annual accounts including profit and losses results.

Effectiveness

• The regulation enters into force on day post publication, its rules apply to information from 1 January 2020 onward.