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National Council of Financial Supervisors (CNSF)

The increased integration and interdependence of the different financial sectors has strengthened the need for enhanced coordination and articulation among financial supervisory authorities.

The Conselho Nacional de Supervisores Financeiros – CNSF (National Council of Financial Supervisors) was established with this purpose. Its permanent members comprise the Governor of Banco de Portugal, who chairs the Council, the member of the Board of Directors of Banco de Portugal responsible for supervision, the Chairman of Comissão do Mercado de Valores Mobiliários – CMVM (Securities Market Commission) and the Chairman of Autoridade de Supervisão de Seguros e Fundos de Pensões - ASF (Insurance and Pension Funds Supervisory Authority).

The CNSF envisages the coordination of the Portuguese financial supervisory authorities in the context of the regulation and supervision of financial entities and markets. Since 2013, it should also advise Banco de Portugal in the definition and implementation of macro-prudential policy regarding the Portuguese financial system.

The CNSF meets in different composition, depending on whether the issues under discussion are related to micro or macro-prudential policy. A representative of the Minister of Finance and the member of Banco de Portugal’s Board of Directors responsible for macro-prudential policy also participate in the macro-prudential sessions of the Council meetings, as observers and without a voting right.

The CNSF conducts public consultations on initiatives within its fields of competence (including on draft financial regulations).

Information on the activities of the CNSF is not available in English, please refer to the original version in Portuguese.