The Securities Market Commission (CMVM) has issued five judgments in cases of administrative offenses, four of which are “for violation of the obligations of auditors” and one “for violation of the obligations of financial intermediaries” before the SRC.
In a note posted on its website, CMVM indicated that “five rulings in cases of administrative offenses were published this Wednesday, four of which were anonymous.”
According to the regulator, four of these processes “for violation of the duties of auditors, namely the obligation to document, the obligation to conduct a legal audit of accounts in accordance with international auditing standards, the obligation to express an opinion with a reservation due to limitation of scope, the obligation to emphasize the rendered conclusion, the duty to obtain adequate and sufficient evidence, the duty to provide quality information to the CMVM, the duty to sign the legal certification of accounts by the verifying consulting partner or executor, the duty to enter into a service contract in writing and the duty not to provide services, other than audit and tax advice, to a legal to a person controlled by a public interest entity to whom legal audit services are provided.
According to CMVM, “three fines totaling €25,000 were imposed, one of which was suspended for €10,000, another for €15,000 and another completely suspended, all for two years”, he was still “applied with a fine of 10,000 euros”.
In addition, the regulator published a “claim for breach of the obligations of financial intermediaries, namely the obligation to provide customers with appropriate information”, in this case against Caixa Geral de Depósitos, according to information published on the CMVM website.
Thus, the bank “was fined in the amount of 25,000 euros with a full deferral of execution for a period of two years.”
The CMVM also published “two judgments of the Competition, Regulations and Supervisory Court, one of them in the case of administrative offenses no.
Author: Portuguese
Source: CM Jornal
I’m Dave Martin, and I’m an experienced journalist working in the news industry. As a part of my work, I write for 24 News Reporters, covering mostly sports-related topics. With more than 5 years of experience as a journalist, I have written numerous articles on various topics to provide accurate information to readers.