Disclosure Requirements - Portugal


Disclosure Category: 1

Local law and regulations may require BNP Paribas S.A., upon request and at least on a monthly basis, to disclose to the Comissão de Mercado de Valores Mobiliários (CMVM - the Portuguese Stock Exchange regulator) information relating to holdings of Portuguese equities.


Customers receiving Portuguese equities on their account consent and are hereby deemed to authorise CBL to forward to its depository, BNP Paribas S.A., for disclosure to the Securities Market Commission (Comissão do Mercado de Valores Mobiliários (CMVM), such information as is required to be disclosed to the CMVM under Portuguese legislation or regulations.

Disclosure requirements

Article 86 of the Securities Market Code requires custodians to disclose the identity and holdings of customers holding applicable positions, at least on a monthly basis, to the CMVM.

Article 85 of the Securities Market Code states that the issuer can request information regarding aspects of nominal securities accounts.

  • The issuer must submit the disclosure request to the CSD.
  • The CSD can then ask the participants (in this case, CBL’s depositories, BNP Paribas S.A. or CBF) to provide the information.
  • BNP Paribas S.A. or CBF will provide the CSD with the names of the holders of the shares in its books.

Background and legal basis

The obligation to disclose derives from Article 86 of the Securities Market Code, approved by Decree Law 486/99 of 13 November 1999 and subsequently amended.

Clearstream Banking has identified no legal obligation that would require it to disclose customer holdings directly to the issuer.

Obligation to report threshold crossings

Under Article 16 of the Securities Code (Código de Valores Mobiliários), approved by Decree Law 486/99 of 13 November 1999 and subsequently amended on 31 December 2021 with the Decree Law 99-A/2021, reviewing the Portuguese Securities Market Code with effect 30 January 2021, both shareholders and custodians are requested to disclose the beneficial owner, whether a legal or physical person, to the issuer and to the CMVM within four trading days, when reaching or crossing 5%, 10%, 20%, 33⅓%, 40%, 45% 50%, 55%, 60%, 66⅔%, 70%, 75%, 80%, 85% and 90% thresholds.


Sanctions are complex but extend to disenfranchisement.