Overview: This law regulates the securities markets in Portugal and transposes EU law, including MAR, into Portuguese law. Comissão do Mercado de Valores Mobiliários (CMVM) is the national competent authority in Portugal.

Title I: General Provisions 
Chapter I: Scope 
Article 2: Material Scope 
4 - The prohibition of market manipulation and the provisions of Titles VII and VIII hereof shall also apply to benchmarks and spot commodity contracts.

Article 12-A: Investment Recommendations 
1 - Investment recommendations, including their content, presentation method, requirements and disclosure of interests, or the existence of conflicts of interest, shall be governed by European Union laws on market abuse.

Chapter IV: Issuers of Securities Admitted to Trading 
Section IV: Information on Financial Instruments Admitted to Trading 

Article 29-Q: Inside Information on Issuers (prohibits the disclosure of inside information)

Article 29-R: Managers’ Transactions 
1 - The reporting and disclosure of managers’ transactions and persons closely associated shall be governed by European Union legislation on market abuse.

Section V: Related Party Transactions 
Article 29-T: Public Disclosure of Related Party Transactions 
4 - This article shall not affect the rules on the disclosure of inside information provided for in European Union legislation on market abuse.

Title III: Public Offers 

Chapter III: Takeover Bids (page 81) 
Section I: Common Provisions 
Article 182-A: Voluntary Suspension of the Effectiveness of Restrictions on Transfers and Voting Rights  
6 - The approval of amendments to the articles of association for the purposes of paragraph 1 by companies subject to Portuguese personal law and by companies issuing securities admitted to trading on a national regulated market located or operating in Portugal shall be disclosed to the CMVM and, pursuant to European Union legislation on market abuse, to the public.

Title IV: Trading  
Chapter 1: Scope 
Article 197-A: Prohibition on Market Manipulation 
1 - Without prejudice to any criminal liability, market manipulation shall be prohibited under European Union law.  
2 - The prohibition provided for in the previous paragraph shall also apply to markets for spot commodity contracts and to financial instrument benchmarks.  

Article 201-A: Developing SME Multilateral Trading Facilities  
2 - The registration provided for in the previous paragraph shall be subject to verification of the following requirements, in accordance with European Union law: …  
e) Issuers, their directors and persons closely associated to them, as defined in European Union legislation on market abuse, comply with the applicable duties provided for in that legislation; … g) There are effective systems and controls aiming to prevent and detect market abuse.

Chapter I: Regulated Markets, Multilateral Trading Facilities and Organized Trading Facilities 
Section I: Common Provisions 

Article 211: Transaction Monitoring 
1 - The management entity shall implement effective mechanisms and procedures to monitor compliance, by its members or participants, with its rules and to control the transactions carried out in them, including: … c) Behavior likely to jeopardize the regularity of operation, transparency and credibility of the market, namely those that may constitute market abuse.  
3 - The management entity shall notify the CMVM of orders and transactions suspected of constituting market abuse under European Union legislation. 4 - When the CMVM becomes aware of any breach of the duties provided for in European Union legislation on market abuse, or of other relevant situations of non-compliance mentioned in the previous paragraphs, it shall inform the European Securities and Markets Authority and the competent authorities of another Member State, including the relevant information received under the terms of the previous paragraph. 

Article 213: Suspension and Removal from Trading on a Regulated Market 
7 - The other trading venues and systematic internalizers established or operating in Portugal, by order of the CMVM, shall also suspend or remove from trading the financial instruments whose trading has been suspended or removed under the terms of the previous paragraphs, whenever the suspension or removal from trading was based on a suspicion of market abuse, takeover bid or non-disclosure of inside information, unless such measure is likely to cause significant damage to investors’ interests and the regular functioning of the market, as defined in European Union legislation. 

Article 215-A: Information on Bids and Transactions on a Trading Venue 
3 - The CMVM shall be able to waive or authorize the deferred publication of information by the entities mentioned in paragraph 1, in the cases and conditions provided for in European Union legislation on market abuse.  

Section II: Regulated Markets 
Subsection I: General Provisions 

Article 223-A: Committees 
1 - The market operator shall: a) Ensure that the fees charged for the services provided, including executive fees, ancillary fees and any rebates are transparent, fair and non-discriminatory, and that they do not create incentives to place, modify or cancel offers or to execute transactions that are likely to jeopardize the regularity, transparency and credibility of the market or contribute to situations of market abuse;  

Chapter IV: Trading and Information on Emission Allowances 

Article 257-A: Prohibition on the Use and Disclosure of Inside Information on Emission Allowances
1 - Without prejudice to any criminal liability, the use and disclosure of inside information on emission allowances shall be prohibited pursuant to European Union legislation on market abuse. 

Article 257-B: Inside Information on Emission Allowances (prohibits the disclosure of inside information in accordance with MAR) 

Article 257-C: Managers’ Emission Allowance Transactions (reporting and disclosure requirements in accordance with MAR) 

Article 257-E: Position Limits in Commodity Derivatives 
4 - The limits mentioned in paragraph 1 shall be set on the basis of all the commodity derivatives held by a person, by itself, and those held at an aggregate group level, to which it belongs, in order to: a) Prevent market abuse; b) Contribute to orderly pricing and settlement conditions, including preventing market distorting positions;  
Title VI: Intermediation 

Section III: Organization and Exercise 
Subsection I: General Provisions 
Article 304-D: Communication of Suspicious Transactions 
Financial intermediaries shall communicate immediately any orders and transactions suspected of constituting market abuse to the CMVM. 

Subsection II: Internal organization 
Article 305: General requirements 
1 - Each financial intermediary shall: … k) Employ systems and procedures to detect and report any suspicious orders or transactions with regard to market abuse. 

Article 305-A: Compliance Monitoring Systems 
2 - Each financial intermediary shall adopt any necessary policies and procedures to ensure the performance of its duties, including: … d) Identifying and reporting orders and transactions suspected of constituting market abuse;  

Section IV: Categorization of Investors 
Article 317-E: Algorithmic Trading 
1 - A financial intermediary that engages in algorithmic trading shall have in place effective and adequate systems, procedures and risk controls, pursuant to European Union legislation, to ensure that: … b) Its trading systems do not operate in a way that may create or contribute to a disorderly market and cannot be used for any purpose that is contrary to the provisions of this Code, the market abuse rules or to the rules of a trading venue.

Article 317-H: Direct Electronic Access 
1 - A financial intermediary that provides direct electronic access to a trading venue shall have in place effective systems, procedures and controls which ensure: … c) That trading by clients using the service is properly monitored and that the risk controls adopted prevent trading that may: i) create risks for the financial intermediary itself or that could create or contribute to a disorderly market; or ii) Be contrary to the market abuse regime or the rules of the trading venue.  
2 - A financial intermediary that provides direct electronic access shall: … b) Monitor the transactions in order to identify infringements of legal or trading venue rules, disorderly trading conditions or conduct that may involve market abuse and that is to be reported to the competent authority; 

Title VII: Supervision and Regulation  
Chapter IV: Cooperation 

Article 377: Cooperation and Assistance within the European Union Context 
1 - Without prejudice to the previous Article, the CMVM shall further cooperate with its EU Member State counterpart institutions and shall assist them in their supervisory and investigative duties, particularly with respect to insider dealing, market manipulation and breaches of the duty to protect the market.

Article 377-C: Cooperation 
1 - The CMVM shall cooperate, within the supervision and oversight of the market abuse rules and when processing infringements, with: a) Any counterpart institutions of Member States; b) Any European Union institutions; c) Other national or foreign entities with supervision or oversight powers or any powers within the emission allowances market or markets of spot commodity contracts. 

Title VIII: Criminal Offenses and Administrative Offenses 
Chapter I: Criminal Offenses 
Section I: Criminal Offenses Against the Market 

Article 379: Market Manipulation 
Article 379-A: Emission Allowances Market Manipulation 
Article 379-B: Market Manipulation of Spot Commodity Contracts 
Article 379-C: Manipulation of Benchmarks 
Article 380: Additional Penalties 
2 - The periods referred to in subparagraphs (a) and (b) of the previous paragraph shall be doublefold as from the date on which the conviction becomes final, where the accused has been previously convicted of insider dealing or market manipulation.
Section III: Procedural Provisions 

Article 386-A: Access to Case Files and Cooperation 
1 - The CMVM may request to the Public Prosecutor access to the case files on criminal offences against the market, even when subject to secrecy of judicial proceedings, to comply with any request for cooperation submitted by any Member State counterpart institutions or by the European Securities and Markets Authority within the scope of investigations or administrative offence proceedings arising from infringements of rules on market abuse.

Chapter II: Administrative offenses 
Section I: Specific offenses 
Article 388: Common Provisions 
2 - The maximum financial penalties applicable shall be the higher of: …  
c) In the case of administrative offences related to the use or disclosure of inside information and market manipulation, 15% of turnover, according to the latest consolidated or individual accounts approved by the management body.

3 - The administrative offences provided for in the following Articles concern both the breach of duties under this Code and its regulations, and the breach of duties under other laws, either domestic or provided for under EU law, and their regulations, regarding the following: … c) Market abuse rules;

Chapter II: Administrative Offenses 
Section I: Specific Offenses

Article 399-A: Market Abuse (defines what constitutes a very serious administrative offense)

Article 400: Other Administrative Offenses 
Breaches of any duties not provided for in the Articles above, although enshrined in this Code or in other acts, to which Article 388(3) refers, shall constitute: … d) Serious administrative offences, in the case of breaches of the duties provided for in the EU regulation on market abuse and the respective regulations and delegated acts;

Chapter III: Common Provisions as to Criminal and Administrative Offenses

Article 422-A: Communication of decisions and information 
1 - The CMVM shall communicate to the European Securities and Markets Authority any decisions published pursuant to the previous Article with respect to convictions for administrative offences related to market abuse.  
3 - The CMVM shall annually report aggregate information to the European Securities and Markets Authority on any penalties imposed due to any administrative offences related to market abuse, including aggregate information without identifying the persons concerned in the respective inquiries and investigations carried out in that context.