The Portuguese financial supervision model, in both its conduct and prudential aspects, consists of three authorities with different sectoral competences, namely: Banco de Portugal, the Securities Market Commission (CMVM) and the Insurance and Pension Funds Authority (ASF).

Banco de Portugal is entrusted with the microprudential and conduct supervision of credit institutions. Its competences in the field of conduct supervision have been exercised since 4 November 2014 in the context of the Single Supervisory Mechanism.

With the establishment of a resolution framework in the national legal system in 2012, Banco de Portugal also took on the functions as the National Resolution Authority.

Since 2013, Banco de Portugal has also been acting as the national macroprudential authority and is responsible for defining and implementing the macroprudential policy applicable to the entire Portuguese financial system.

For its part, the CMVM is responsible for overseeing the markets in financial instruments and the entities acting in them.

Finally, the ASF's mission is to carry out microprudential and conduct supervision for insurance, reinsurance, insurance brokerage and pension funds.

The current supervisory model for the Portuguese financial system is therefore structured as follows:

Supervisory Authority Banco de Portugal
Portuguese Securities Market Commission Insurance and Pension Funds Supervisory Authority
Scope of supervision Microprudential and Conduct Supervision of Credit institutions. National Resolution Authority and National Macroprudential Authority Securities and financial derivatives markets and the activity of agents acting in them

Insurance, reinsurance, insurance and pension fund brokerage
Microprudential and Conduct Supervision

Market segment Banks Financial Instrument Markets Insurance and Pension Funds

The three national supervisory authorities are part of the National Council of Financial Supervisors (CNSF), set up in September 2000 with the aim of promoting coordination of the actions of the three authorities, given the increasing integration and interdependence of the various areas of financial activity.