Skip to main content
Reform Support
Support to promote the access to the capital markets in Portugal banner

Supporting reforms to develop well-regulated, stable and competitive financial markets

Funding Programme
  • 2021

Support to promote access to capital markets in Portugal

The Commission provided support and assistance to the Portuguese Securities Market Commission (CMVM) to ease the challenges of Portuguese companies’ access to capital markets.


Portuguese companies’ primary reliance on bank financing and limited experience and knowledge of capital markets is a persistent problem in Portugal. Capital markets have been in decline - 47 companies listed on Euronext Lisbon in 2019 compared to 148 in 1997 - and the annual amount raised through corporate bonds more than halved since 2010. The government has already undertaken actions, however further efforts are still needed to address the problem, which has worsened after the COVID-19 pandemic.

Support delivered  

The project focused on the set-up of a digital platform with an interactive Issuer’s Guide and a comprehensive set of guidelines for issuers of financial securities. Other actions included the preparation of legislative proposals aimed at simplified disclosure requirements and listing procedures and a more flexible corporate governance framework and finally the promotion of a roadshow oriented to companies that might benefit from capital markets financing with a view to enhancing the stakeholders’ engagement in the digital platform.

Results achieved

The project has increased awareness of the issuers for the use of capital markets as an alternative source of financing for their growth, as well as improve the legal framework with more flexible solutions for the dynamisation of the capital markets. The tools and activities developed under this project will help ease the access to the Portuguese capital markets and its ecosystem.

More about the project

Issuers Guide launch event at Centro Cultural de Belém: