News Draft CMVM Regulation 4/2022 on Prevention of Money Laundering and Terrorist Financing (BCFT) 04/04/2022

The Securities Market Commission (CMVM) submitted today, for public consultation and until the 17th of May, the Draft CMVM Regulation 4/2020 on Prevention of Money Laundering and Financing of Terrorism (BCFT), which amends CMVM Regulation 2/2020 (on the same topic). According to the public consultation document, the proposed changes are as follows, related to the activity of real estate investment and management companies (SIGI):

1. Addition of an article (18-A) to Regulation 2/2020, which provides that SIGIs communicate their constitution to the CMVM, within a period of 30 days from that date. The communication of the establishment of a SIGI in Portugal will be accompanied by the sending to the CMVM of certain information, which includes, among other elements provided for in the rule, (i) information on the shareholder structure of the SIGI, including the identification of the holders of qualifying holdings; and (ii) a brief description of the main activities planned by the company and identification of existing BCFT risks, including the risks associated with the characteristics of potential customers and counterparties, the establishment of business relationships or occasional transactions in person or at a distance, and to the planned geographic areas of activity. Furthermore, it is expressly determined that holders of qualifying holdings in SIGIs provide the CMVM, at its request, with information on the origin of the funds used in the acquisition or reinforcement of that holding, as a result of the duty provided for in paragraph 5 of art. 95 of the BCFT Law.

2. Provision of a transitional provision which determines that SIGIs created on the date of entry into force of the regulation send to the CMVM, within 30 days from that date, the information regarding their constitution, provided for in paragraph 2 of article 18- A of the draft Regulation;

3. Amendment of paragraph 1 of article 16 of Regulation 2/2020, providing that SIGIs adopt the procedures provided for in the BCFT Law and in Regulation 2/2020 in operations carried out within the scope of their corporate purpose.

You can consult the text of the Draft Regulations here, or click on the link to the respective CMVM page.