CMVM admits criminal stakes in BES – Mad Money

The Securities Market Commission (CMVM) want to end this year investigations relating to market abuse crime related to the BES and Espírito Santo Financial Group (ESFG), which can result in criminal interests.

“at the end of 2015 were still in investigations ongoing, including international, with a view to concluding in 2016 the ongoing investigations, which may end with criminal interests,” reads the CMVM’s annual report on the 2015.

the supervisor of the Portuguese market opened processes of preliminary investigations aimed at establishing the existence of market abuse situations, following the measure of resolution of BES, decided by the Bank of Portugal on August 3 2014, and the disclosure of semi-annual BES results on July 30, 2014.

According to CMVM, these two moments provided “information with obvious impact on the value of the shares of BES ‘and open processes , “by its scope, priority and number of investors involved, they focused significant part of CMVM research activity, with special incidence in the beginning of the second half of 2014 (soon after the events have occurred) and the end of the first half of 2015 “.

During the investigation, the CMVM asked the BES and its auditors information on the tabulation process of the half-year results to entities subject to its supervision.

” in addition, because did not hold any information on the preparation of measurement resolution, the CMVM had to request the cooperation of other authorities, national and international, on the preparatory acts of the resolution measure and people, including external consultants involved in them (eg approval nonpublic the necessary legislative changes or notification to the European Commission for the grant of State aid), “he said.

for that, had the cooperation provided by the Bank of Portugal, the Ministry of Finance and the Directorate General for Competition of the European Commission.

“the findings were preceded by the thorough identification of trading (regardless of the trading platform used) on shares of BES related financial instruments and debt, covering with special depth last week’s trading, “said the organization led by Carlos Tavares.

according to the CMVM,” this preliminary analysis of negotiation aimed to verify the sales of BES shares lacked be clarified in headquarters preliminary investigations and allowed select investors to investigate. “