The current Securities Code celebrates 20 years. Over the last two decades, the European Union has expanded, globalisation has intensified cross-border movements of people and capital, companies have grown far beyond the borders where they are headquartered in and one has witnessed a true digital revolution, which has accelerated processes and has questioned the traditional forms of organisation and interaction between economic agents.

The existing Securities Code has faced these and other challenges - from investor protection through to market integrity and promotion - that reality has imposed on supervision and regulation. After 20 years, it is necessary to reflect, especially at a time when the Securities Market Commission (CMVM) has begun a process of revising the Code to better adapt Portugal to national and international challenges.

Thus, at the end of May, a few days after the elections for the European Parliament, the CMVM will bring together in Lisbon, national and international experts to discuss the future of the capital markets in Portugal and Europe.
Aware that a growing part of corporate finance should be secured through capital markets and that international competitiveness in also gained in regulatory terms, the conference will be organised around four key themes: 1) market promotion and financing of the economy; 2) power and control in 21st century companies; 3) the protection and accountability of investors; and 4) the challenges of regulation and supervision in the context of the Capital Markets Union.

This is a contribution to the debate on the role of regulation and supervision in the development of a modern financial system capable of responding to the technological and organisational demands of the advanced economies and the needs of their businesses and families.

Programme
8:30 Registration
9:00 - 9:15 Opening remarks
Gabriela Figueiredo Dias, Chair of the Portuguese Securities Market Commission (CMVM)
9:15 - 9:45 Keynote speaker: Pedro Siza Vieira, Minister in the Cabinet of the Prime Minister and of Economy
(Session in Portuguese with simultaneous interpretation to English)
9:45 - 11:00 Roundtable: Promoting the market and financing the economy
(Session in Portuguese with simultaneous interpretation to English)

The first panel of the day will discuss the financing of companies through traditional products or new instruments and projects, such as cryptoassets or crowdfunding. Alternatives and barriers to market development will be explored, as will the consequences for regulation and supervision of financial and regulatory integration. The importance of the roles of institutional investors and the banking system, the relevance of the quality of information provided to the market, the risks and opportunities of the various alternatives will also be addressed as defining elements of a financing culture via capital markets.

Moderator: Rui Peres Jorge – Director of the Communication Office of the CMVM

Henrique Cruz, CEO of IFD – Instituição Financeira de Desenvolvimento
Paulo Lameiras Martins, Administrator of Haitong Bank 
Paulo Câmara, Managing Partner at Sérvulo & Associados (Law Firm)
Clara Raposo, Chair of ISEG – Instituto Superior de Economia e Gestão
11:00 - 11:15 José Luís Sapateiro 2018 Award Ceremony
11:15 - 11:45 Coffee-break
11:45 - 13:00 Roundtable: Power and control in 21st century companies
(Session in English with simultaneous interpretation to Portuguese)

The second panel will analyse the power and the various powers that define the life of public companies, the manager's authority and function, the governance structure of the company, the shareholder voting power and issues related to its attribution. The session will invite reflection on topics such as the role of minority and institutional investors, the protection of retail investors and the negative effects of minority abuses, the consequences of creditors’ control over the long-term alignment management and the current meaning of the ‘one share one vote’ principal, inter alia.
 
Moderator
: Juliano Ferreira – Director of the Issuers Department of the CMVM

Luca Enriques, Allen & Overy Professor of Corporate Law at the University of Oxford
Jorge Bleck, Senior Partner and Head of M&A of Vieira de Almeida (Law Firm)
Duarte Pitta Ferraz, Full Professor of Governance and Banking at the Nova SBE Executive Education
Stilpon Nestor, Managing Director of Nestor Advisors
13:00 - 14:30 Lunch
14:30 - 15:00 Keynote speaker: Niamh Moloney, Member of the Management Board of the  Central Bank of Ireland and Director of the Law Department of the London School of Economics and Political Science
(Session in English with simultaneous interpretation to Portuguese)
15:00 -16:15 Roundtable: Protection and accountability of the investor
(Session in Portuguese with simultaneous interpretation to English)

The third panel of the day will question the limits of investor protection and accountability in the market. One year after the entry into force of MiFID II, the duties of transparency and market information, the prevention of conflicts of interest and the verification of suitability, and the promotion of good corporate governance practices will be analysed. The management of complaints and disputes, including the effectiveness of sanctions and agreements between the parties, will also be under consideration.
 
Moderator: Celina Carrigy – Secretary of the Management Board of the CMVM
 
Vinay Pranjivan, Consultant at DECO and member of the Stakeholders Group of EBA
Nuno Gracias Fernandes, Full Professor of Finance and Fundação Amélia de Mello Chair. President of the Board of Auditors of Banco de Portugal
Paula Costa e Silva, Full Professor of Legal Sciences at Faculdade de Direito da Universidade de Lisboa
Luís Miguel Henrique, Consultant at Macedo Vitorino & Associados (Law firm)
Pedro Maia, Assistant Professor at FDUC and Chair of the Commission for Monitorisation of IPCG- Instituto Português de Corporate Governance
16:15 - 16:45 Coffee-break
16:45 - 18:00 Roundtable: Regulation and Supervision Challenges in the Capital Markets Union

The last panel will look at the challenges facing regulation and supervision in 2019, within a context of economic slowdown in Europe and the beginning of a new policy cycle. Topics discussed include the integration of artificial intelligence and distributed ledger technology into current business models, without unprotecting investors or financial stability; the promotion of environmental and social balance, and corporate governance, without disregarding competition, prices and profitability as fundamental signals of the market; or the management of the bilateral relationship with the United Kingdom without jeopardizing European unity.
 
Speech:
Carlos Ferreira de Almeida, Full Professor of Private Law at the Faculty of Law of the Universidade Nova de Lisboa
(Speech in Portuguese with simultaneous interpretation to English)

Panel:
 
Moderator: Paulo Câmara - Managing Partner at Sérvulo & Associados (Law Firm)
(Panel in English with simultaneous interpretation to Portuguese)
 
Gabriela Figueiredo Dias, Chair of the Portuguese Securities Market Commission (CMVM)
Karel Lannoo, CEO of the Centre for European Policy Studies (CEPS)
Luís Morais, Associate Professor at the Faculty of Law of the University of Lisbon
Jean-Paul Servais, Chairman of the Financial Services and Markets Authority (FSMA)
Speakers

Keynote Speaker
Pedro Siza Vieira
Pedro Siza Vieira is Deputy Minister and Minister of Economy of Portugal. He graduated in Law from the Universidade de Lisboa, where he taught as a visiting professor. His activity as a lecturer also includes institutions such as the Universidade Autónoma de Lisboa, the Law Faculty of the Universidade Católica Portuguesa and the Universidade Nova de Lisboa. As a lawyer, he was a partner of Morais Leitão and J. Galvão Teles e Associados Law firm. He was a partner of Liklaters LLP, where he was managing partner from 2006 to 2016. He was involved in several working groups responsible for drafting legislative bills and was a member of the Board of Directors of the Association of Portuguese Law Firms and of the Higher Council of Administrative and Tax Courts. He presided over the Portuguese Arbitration Association and was a board member of the Executive Committee of the Mission Structure for Corporate Capitalisation.
Roundtable: Promoting the market and financing the economy
Henrique Cruz
Henrique Cruz is Chair of the Executive Committee of the Development Finance Institution (IFD) since August 2018, a position he held after serving as an administrator at Banco Fomento. Between 1999 and 2013 he was Vice-Chair of the Social Security Funds Management Institute (Instituto de Gestão de Fundos – Segurança Social). Throughout his career he has held various positions in the banking and financial markets area, including the Deputy Director of Caixa Geral de Depósitos in the North of Portugal.
Paulo Lameiras Martins

Paulo Lameiras Martins is a Board Member of the Haitong Bank and, since February 2018, Chair of Haitong Capital. He has held positions since 2016 as Vice-Chair of the Portuguese-Chinese Chamber of Commerce and Industry (CCILC). Paulo Martins Ladeiras holds a degree in industrial engineering from Universidade Nova de Lisboa, where he taught at the beginning of his career, and a post-graduate degree in business management from ISCTE.
Paulo Câmara
Paulo Câmara is a managing partner at Sérvulo & Associados - Sociedade de Advogados Law Firm and a professor at the Faculty of Law of Universidade Católica Portuguesa since 2008. He is also coordinator of the Governance Lab, a Corporate Governance research group. Previously he was Director of the International Department and Regulatory Policy and the Department of Issuers of the CMVM. He was a member of the Coordination Committee of the National Council of Financial Supervisors, the European Securities Committee and the Revision Committee for the Securities Market Code.
Clara Raposo

Clara Raposo has been the Chair of ISEG - Lisbon School of Economics & Management since July 2018, an institution where, since 2010, she is a professor of Finance. She holds a PhD in Finance from the London Business School and has taught at institutions such as Säid Business School and ST., Edmund Hall, Oxford University and ISCTE. She has led several research teams and published articles in several international academic journals.
Moderator

Rui Peres Jorge

Rui Peres Jorge is director of the CMVM's Communications Office. He was a specialised reporter on economic issues between 2002 and 2018, namely in "Semanário Económico" and "Jornal de Negócios" newspapers. He holds a bachelor's degree in Economics and a post-graduate degree in Public Finance and Management and a Master’s Degree in Monetary and Financial Economics from ISEG /Universidade Técnica de Lisboa.


Roundtable: Power and control in 21st century companies
Luca Enriques
Luca Enriques is Allen & Overy Professor of Corporate Law at the Law Faculty of the University of Oxford and Fellow of the European Corporate Governance Institute (ECGI). He has been a consultant to the Italian Minister of Economy and Finance in various years between 2000 and 2018. He also worked at the Bank of Italy in the banking supervision department (1996-99). Between 2007 and 2012, he was commissioner of CONSOB (the Italian counterpart of the Portuguese Securities Market Commission). He has taught at several universities, including LUISS (Rome), Harvard Law School and the University of Bologna. He has published vastly in the areas of corporate law, corporate governance and financial regulation.
Jorge Bleck

Jorge Bleck has been a member of the VdA Vieira de Almeida (Law firm) since 2013. He is a senior partner in the financial group, M & A & Imobiliário and is a partner in the area of mergers and acquisitions. Between 2002 and 2013, he was a partner at Linklaters LLP, working in corporate finance, and was previously a partner at Morais Leitão, Galvão Teles & Associados (Law firm). He has over 30 years’ experience in mergers and acquisitions (M&A), advises on operations in Portugal and abroad, namely in mainstream M & A, private equity, joint ventures and privatisations.
Duarte Pitta Ferraz
Duarte Pitta Ferraz is a full professor of Governance & Banking at the New School of Business & Economics and a guest lecturer at Nottingham Business School, where he holds a doctorate in Business Administration. He chairs the Audit Committee of the European Investment Bank (EIB), is a non-executive member of the Infrastructure Supervisory Board of Portugal and of EuroBic and audit board member of The Manuel Champalimaud Group. He is a statutory auditor and has been a member of the TAP and CTT-Correios de Portugal privatization committees. He has held various positions in the financial sector and has also been auditing director of Philip Morris and Deloitte.
Stilpon Nestor

Stilpon Nestor is managing director of Nestor Advisors Ltd, a London-based consultancy company that he founded in 2003, specialising in corporate governance and organisation. In that capacity, he has advised the boards of some of the largest companies and financial institutions at a global scale, including the World Bank, European Bank for Reconstruction and Development (EBRD), central banks and stock exchanges. Stilpon Nestor also chairs Aktis, corporate governance and compliance data service. Until March 2002, he was Head of the Corporate Affairs Division at the OECD.
Moderator

Juliano Ferreira

Juliano Ferreira is director of the CMVM's Issuer Department. Author and co-author of several specialised articles in securities, namely on takeover bids, prospectuses, the importance of law in public companies. He holds a degree from the Faculty of Law of the University of Coimbra and holds a Postgraduate Diploma in Securities Law from the Faculty of Law of the University of Lisbon and a Master of Laws from the Faculty of Law of the Universidade Nova de Lisboa.
Keynote Speaker
Niamh Moloney
Professor Niamh Moloney is a member of the Board of the Central Bank of Ireland and a member of the Board of Appeal of the European Supervisory Authorities (ESAs). She was also a special adviser to the 2014-2015 inquiry by the UK House of Lords on the EU’s regulatory response to the financial crisis and an expert witness for different UK Parliament Select Committee inquiries into financial market regulation and Brexit-related matters. She was also member of the Financial Services Consumer Panel of the FCA - the UK’s financial regulator.  Holding degrees from Harvard Law School and Trinity College Dublin, Niamh Moloney is Head of the Department of Law at the London School of Economics and Political Science where she teaches financial market regulation and is an expert on EU financial market regulation. She has authored several books on the topic of EU financial market regulation.


Roundtable: Protection and accountability of the investor
Vinay Pranjivan
Vinay Pranjivan is an economist and consumer advocate of financial services. He is currently an advisor at the Portuguese Consumer Protection Association (DECO) where he advises on the evaluation of legislation and policy initiatives with an impact on users of financial services at national and EU level. He is a member of the Banking Stakeholders Group of the European Banking Authority (EBA) and the expert group FSUG - Financial Services User Group, set up by the European Commission to engage financial services’ users in the development of their policies.
Nuno Fernandes
Nuno Gracias Fernandes is currently Chair of the Audit Board of Banco de Portugal. The former director of the Catholic Lisbon School of Business and Economics holds a PhD in Management from the IESE Business School in Spain and is Professor of Finance and holds professorship at the Amélia de Mello Foundation. For a decade he was Full Professor of Finance at IMD, in Lausanne, Switzerland. He was also a member of the Advisory Committee of the World Economic Forum and of the Council of the Portuguese Diaspora. His research work has been distinguished with several international prizes, namely, by the European Central Bank.
Paula Costa e Silva
Paula Costa e Silva is a Professor of Legal Sciences at the Faculty of Law of the University of Lisbon and regularly collaborates with several faculties and institutions related to Law in both Brazil and Portugal. She is also Chair of the Portuguese Capital Markets Institute and Chair of the Brazilian Law Institute, member of the panel of arbitrators of the Portuguese Arbitration Association, researcher at ProcNet - International Research Network on Civil Justice and Contemporary Proceeding and is also a legal consultant.  She is editorial board member of several scientific journals and has also authored numerous articles in national and international publications in Securities, Company and Arbitration Law.
Luis Miguel Henrique
Luis Miguel Henrique, lawyer and of counsel at the Macedo Vitorino & Associados Law Firm has assisted clients on matters concerning Commercial and Corporate Law, including Banking/Financial Law, focusing during the last years, on solutions for client dossiers of Banco Privado Português (BPP) and Banco Espírito Santo (commercial paper dossier). He is currently director of corporate mentoring at the Center for Applied Studies of the Catholic Lisbon School of Business & Economics in the ‘Promentor’ programme and visiting lecturer of this faculty for advertising law and linking & networking. He was also the Executive Chair of LIDE Portugal – Grupo de Líderes Empresariais, that he launched in 2011, and Vice-Chair of LIDE Internacional, as consultant for the creation of new international units of the organisation of Brazilian origin.
Pedro Maia
Pedro Maia holds a Ph.D. in legal and business sciences and is a professor and researcher at the Faculty of Law of the University of Coimbra. He was Deputy Director of this Faculty and is currently part of its Scientific Council. He presided over the Drafting Committee of the Corporate Governance Code and was a Board Member of the IPCG - Portuguese Institute of Corporate Governance and chairs the Commission for the Accompaniment and Monitoring (CAM) of the Corporate Governance Code 2018.  A jurisconsult, Pedro Maia also chairs the general meeting of several issuers, such as REN, Nos and Estoril-Sol, and has held a similar position in Media Capital. He is an independent non-executive member of EuroBic.
Moderator

Celina Carrigy
Celina Carrigy has been Secretary of the CMVM’s Management Board since September 2018, having held several management positions, such as the then Supervision Department of Collective Investment Management. She was Chief of Staff of the Secretary of State for Public Administration between April 2008 and October 2009. She holds a degree in Law from the Faculty of Law of the University of Lisbon.


Roundtable: Regulation and Supervision Challenges in the Capital Markets Union
Carlos Ferreira de Almeida
Carlos Ferreira de Almeida, a full professor at the Faculty of Law of the Universidade Nova de Lisboa. He chaired the commission that drafted the Securities Code, promulgated in 1999 and was a member of the Commission that drafted the Principles of European Contract Law. He has published several books and a few dozen articles in general and specialised magazines, dealing with private law, namely securities law.
Gabriela Figueiredo Dias
Gabriela Figueiredo Dias is the Chair of the CMVM Management Board since July 2016. She holds a Master of Law from the University of Coimbra, where she also teaches.  She worked as a legal advisor and consultant in the private sector for over two decades. In 2007, she joined the CMVM, advising on international affairs and regulatory policy. Gabriela later became Director of the Department of Markets, Issuers and Information and in 2015, she took office as Vice-Chair of the CMVM.
Karel Lannoo
Karel Lannoo has been Chief Executive of CEPS since 2000, Europe’s leading independent European think tank, ranked among the top ten think tanks in the world. He is also member of the management board of the European Capital Markets Institute (ECMI) and a member of foundation boards and advisory councils. Karel was a member of the board of BME (Bolsas y Mercados Españolas). With an academic background in philosophy, modern history and European studies, he is a regular speaker at hearings of national and international institutions such as the European Commission and the European Parliament. He is the author of several books and opinion articles on financial markets and European politics. His latest report is 'Rebranding capital markets union', to be published in May 2019.
Luis Morais
Luís Silva Morais is Professor of Law at the Faculty of Law of the University of Lisbon, where he teaches subjects such as European Union, Competition, Economic Regulation and Financial Regulation Law, among others. He is the founder and President of the Research Center on Regulation and Supervision of the Financial Sector (CIRSF - Centro de Investigação em Regulação e Supervisão do Sector Financeiro) in scientific partnership with the national financial supervisory authorities. He is Vice-Chair of the Single Resolution Board’s Appeal Panel and co-founder of the Luis Silva Morais/Sérgio Gonçalves de Cabo & Associados, SP, RL Law firm. He regularly publishes on financial regulation, European and competition law.
Jean Paul Servais
Jean-Paul Servais is the chairman of the Financial Services and Markets Authority of Belgium (FSMA). Internationally, he holds mandates as vice chair of the IOSCO Board, as well as chairman of the IFRS Foundation Monitoring Board, the IOSCO European Regional Committee and the Audit Committee of IOSCO. He is also a board member of several international supervisory bodies for the financial sector: ESMA, ESRB, etc. Within ESMA, he currently chairs the Financial Innovation Standing Committee (FISC). He also chairs the Euribor and Eonia Benchmarks colleges and is member of the Euronext College of Supervision. He teaches at the Université Libre de Bruxelles (ULB, University of Brussels), where he is part-time professor in the LL.M in International Business Law and in the specialized Master of Tax Law. He is author or co-author of more than 300 contributions, in particular in areas of relevance to the European and international system of financial supervision, to the FSMA's activities and to the academic and scientific activities undertaken at the ULB. He obtained a Master of Law (Master en droit) from the ULB and a Master of Economics in Business Management (Master in de economie, bedrijfskunde) from the Vrije Universiteit Brussel (VUB).
Contacts




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  Luísa Ferreira
  luisaferreira@cmvm.pt
  21 112 9605
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