8 OCTOBER 2020






As in previous years, the CMVM’s Annual Conference will bring together national and international experts, politicians and industry leaders, contributing to a deep reflection on the best public strategies and policies for facing this crisis of historic proportions and providing our economies with a robust and sustainable financial system capable of meeting the demands we face with a strong contribution from the capital markets.




Museu do Oriente - Lisboa - 8 October



8:00 | 8:45



8:45 | 9:20

Opening remarks

Gabriela Figueiredo Dias, Chair of the CMVM Management Board

João Nuno Mendes, Secretary of State of Finance


9:20 | 9:45

Keynote Speaker: “Challenges for investors and the investment fund industry in Europe”

Tanguy van de Werve, Director General of the European Fund and Asset Management Association (EFAMA)



9:45 | 11:00

Roundtable: Investor protection and the value of trust
(Session in Portuguese with simultaneous interpretation in English in the room)

Moderator: Helena Garrido, Economics and Finance news reporter

  • João Pratas, Chair of the Portuguese Association for Investment Funds, Pension Funds and Asset Management (APFIPP) and Senior Director of Caixabank Asset Management Luxembourg
  • Madalena Torres, Executive Chair of Banco Best
  • Nuno Brito Jorge, CEO and Co-founder of GoParity
  • Pedro Castro e Almeida, Executive Chair of Santander Totta
  • Vinay Pranjivan, Consultant at DECO (The Portuguese Consumer Association) and member of the EBA Stakeholders Group


11:00 | 11:30

Coffee break


11:30 | 12:00

“Clash of ideas”: The capital markets’ role in the recovery
(Session in Portuguese with simultaneous interpretation in English in the room)

Moderator: Rui Alves Veloso, RTP

  • Fernando Alexandre, Associate Professor with Aggregation at Universidade do Minho
  • Ricardo Paes Mamede, Associate Professor and Sub-Director of the Political Economy Department of ISCTE – Instituto Universitario de Lisboa


12:00 | 13:15

Trends in sustainable investment and corporate responsibility

Moderator: Rita Oliveira Pinto, Advisor to the CMVM Management Board

Main Talk
(Session in English with simultaneous interpretation in Portuguese in the room)

  • Josina Kamerling, Head of Regulatory Outreach for the CFA Institute for the Europe, Middle East, and Africa (EMEA)
  • Pedro Matos, Academic Director of Richard A. Mayo Center for Asset Management of University of Virginia, Darden School of Business

(Session in Portuguese with simultaneous interpretation in English in the room)

  • Fernando Faria de Oliveira, President of the Portuguese Banking Association (APB- Associação Portuguesa de Bancos)
  • Isabel Ucha, Chief Executive Officer at Euronext Lisbon
  • João Castello Branco, Chair of the Executive Committee of Semapa


13:15 | 14:15

Lunch at leisure


14:15 | 15:40

Roundtable: Financial stability and the capital markets
(Session in English with simultaneous interpretation in Portuguese in the room)

Keynote Speaker: "Financial stability - the perspective of the non-banking financial sector”

  • Robert Ophèle, Chair of the Autorité des Marchés Financiers (AMF)

Moderator: Rui Peres Jorge, Director of the Strategic Analysis and Communication Office

  • Luís Laginha de Sousa, Member of the Board of Directors of Banco de Portugal
  • Luís Silva Morais, Associate Professor at FDUL - Faculty of Law, University of Lisbon
  • Neil Acres, Managing Director of Global Regulatory and Public Affairs - Moody’s Corporation
  • Tanguy van de Werve, Director General of the European Fund and Asset Management Association (EFAMA)


15:40 | 15:50

José Luís Sapateiro Award


15:50 | 16:15

Coffee break


16:15 | 18:15

Roundtable: Recovery financing
(Session in English with simultaneous interpretation in Portuguese in the room)

Keynote Speaker: Financing the Portuguese Economy

  • Pedro Siza Vieira, Minister of State, Minister for the Economy and Digital Transition

Keynote Speaker: The Commission's plans for the Capital Markets Union

  • Ugo Bassi, Director of Financial Markets in the European Commission's DG FISMA (Financial services)

Moderator: Cristina Sofia Dias, Parliamentary Research Administrator at the European Parliament

  • Gabriela Figueiredo Dias, Chair of CMVM Management Board
  • Stéphane Boujnah, CEO and Chair of the Managing Board Euronext of Euronext
  • Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA)
  • Ugo Bassi, Director of Financial Markets in the European Commission's DG FISMA (Financial services)





is the Chair of the CMVM Management Board since 2016. She holds a Masters in Law from the University of Coimbra, where she also teaches.

She worked as a legal advisor and consultant in the private sector for over two decades.

In 2007, she joined the CMVM, advising on international affairs and regulatory policy. Gabriela later became Director of the Department of Markets, Issuers and Information and in 2015 she took office as Vice-Chair of the CMVM.


is Secretary of State for Finance since 15 June 2020. He holds a Management degree from the Instituto Superior de Economia e Gestão (ISEG), where he was an assistant in the management area.

He began his professional activity as an auditor at Arthur Andersen from 1994 to 1996. He was economic advisor to the Prime Minister's Office of the XIII Constitutional Government between 1996 and 1999 and Secretary of State for Planning between 1999 and 2002, in the XIV Government of the Republic, in the field of the third community support framework.

Between 2002 and 2007, he worked as manager responsible for the financial area in the Amorim Group's business units, namely at Amorim Imobiliária and Amorim Turismo. He was Director of development and international activities at Galp Energia from 2007 to 2016 and served as Chair of the Board of Directors of the Águas de Portugal Group between 2016 and 2019.

Since May 2020 he has led the negotiations for State Aid to the TAP Group.


is currently the Director General of the European Fund and Asset Management Association (EFAMA). Prior to joining EFAMA, Tanguy was the Head of the Brussels office of AFME, the Association of Financial Markets in Europe; Director General of Leaseurope (European leasing industry) and Eurofinas (European consumer credit industry).

He also headed the Financial Markets and Banking Supervision Department of the European Banking Federation and held various other roles in the financial services industry.


chairs the Portuguese Association of Investment Funds, Pension Funds and Asset Management (APFIPP) and is Senior Director of Caixabank Asset Management Luxembourg.

He also carries out important roles in the industry. Between 2006 and 2017, he chaired the APFIPP’s Consultative Committee and represented APFIPP from 2009 to 2017, as management board member of the European Fund and Asset Management Association (EFAMA).


holds a Law degree from the Faculty of Law of Lisbon. She has been Executive President of Banco Best since the end of 2017. She has vast experience in the financial area via her professional career at BPA, BNU, Companhia de Seguros Império, Grupo Champalimaud, Santander and, after 2005, at Banco Espírito Santo, (later Novo Banco). Madalena Torres was also the Management Board Member of ICEP and IAPMEI.

She is quite knowledgeable in the tourism sector, having served as Vice-Chair of the Portuguese Tourism Institute. She was awarded the Order of Infante D. Henrique by the President of the Republic Jorge Sampaio, for her work in promoting Portugal within the scope of Euro 2004.


is an environmental engineer and an innovation and sustainability enthusiast. He was an energy and environmental policy consultant at the European Parliament, an innovation and financing consultant in Spain and has managed renewable energy projects in Portugal.

He is the CEO and Co-founder of GoParity, a crowdlending platform for sustainability projects with over 7.000 users, that has funded more than 2 million euros worth in projects, in line with the UN’s sustainable development goals.

Nuno Brito Jorge is also Co-founder and Chair of the Management Board of Coopérnico, the first renewable energy Co-op in Portugal, and Member of the Management Board of The Portuguese Association of Young Entrepreneurs (ANJE).


holds a degree in business management from the Instituto Superior de Economia e Gestão (ISEG). He attended several business schools in Europe and in the United States, such as INSEAD, Harvard Business School and Stanford University.

He is currently the Executive President of Santander Portugal after a professional career that included the Chairship of Santander Totta Seguros and Arthur Andersen.


is an economist and consumer advocate of financial services.

He is currently an advisor at the Portuguese Consumer Protection Association (DECO) where he advises on the evaluation of legislation and policy initiatives with an impact on users of financial services at national and EU level.

He is a member of the Banking Stakeholders Group of the European Banking Authority (EBA) and the expert group FSUG - Financial Services User Group, set up by the European Commission to engage financial services’ users in the development of their policies.


is currently the head of regulatory outreach for CFA Institute for the Europe, Middle East, and Africa (EMEA) region. She is responsible for supporting CFA Institute's EMEA policy development, advancing the impact of advocacy efforts, and promoting capital market integrity and investor protection issues. Prior to joining CFA Institute, Ms. Kamerling was a specialist adviser on financial services in the European Parliament for six years and a banker for 15 years, most notably as a senior banker in the global clients division of ING and prior to that as head of sales in the financial markets division of ING group.

Ms. Kamerling holds a Bachelor of Arts with Honours in Law and Modern Languages from Cambridge University


is the Academic Director of the Richard A. Mayo Center for Asset Management and he holds the John G. Macfarlane Family Chair in Business Administration. He is a professor of Business Administration (Finance) at the University of Virginia Darden School of Business.

His research focuses on the growing importance of institutional investors in financial markets worldwide. His work has been published in top academic journals and in featured specialised press in the area of economics. Pedro Matos is an associate researcher at the European Corporate Governance Institute (ECGI) and he is part of the academic advisory committee of the Principles for Responsible Investment (PRI).

His work has received multiple research grants and awards. Pedro Matos holds a degree in Economics from Universidade Nova de Lisboa and a PhD in Finance from INSEAD. Prior to his PhD, he worked for IGCP and worked as a consultant for the World Bank.


is Executive President of Euronext Lisbon. She holds a degree in Economics from Universidade Católica, a Masters in Economics from Universidade Nova, and a Master Degree in Finance from London Business School.

At a professional level, she headed the Issues and Markets Center of the Treasury and Public Debt Management Agency - IGCP, E.P.E., was a partner in a consultancy company for circa seven years, served in the Portuguese Securities Market Commission (CMVM) ), and held the post of Prime Minister's Economic Affairs Advisor for four years.

She also teaches various economics and financial programs (Economics, Corporate Finance, Economics of Finance, Economics of Regulation, European Economics, Portuguese Economy and Corporate Governance) at Universidade Católica.


is President of the Portuguese Banking Association (APB) since 2012, Board Member of the European Banking Federation and Advisory Board Member of Banco de Portugal. He previously served as Chair of the Management Board of Caixa Geral de Depósitos (2008-2013).

He served as Management Board Member of several companies (in an executive capacity: Siderurgia Nacional, IPE, Private Hospitals in Portugal and in a non-executive capacity: CELBI, TAP, EDP and others). He was Minister of Commerce and Tourism (1990-1995), Secretary of State for Exports (1980-1983), Assistant Secretary of State of the Deputy Prime Minister (1985), Assistant Secretary of State for Finance (1989-1990) and Secretary of State for Finance and Treasury (1988-1989).

He was awarded the Grand Cross of the Order of the Infant Henry (the Navigator) and received decorations from Spain, Italy, Japan, Brazil, Chile and Morocco. He was Vice-President of the political party PSD (1995-96)


has served as Chair of the Executive Committee of Semapa since July 2015 and is also Chair of the Management Board of The Navigator Company and Secil - Companhia Geral de Cal e Cimento, since October 2018.

Until July 2015 he was Managing Director of McKinsey & Company - Iberia Office, where he joined in 1991 and carried out his activity in a variety of industries in Portugal, Spain, Europe and Latin America. He also led several works on competitiveness, productivity and innovation, in Portugal and Spain.

He previously worked at the Renault engine development center in France. In 2017, he was appointed General Council Member of Association of Companies Issuing Securities Listed on the Market (AEM).

He is on the Board of Directors of the Forum for Competitiveness.


Graduated from the ESSEC business school joins the Banque de France in 1981 where he will make the largest part of his professional career in banking supervision, in developing and implementing monetary policy and in financial management of the bank.

Following a secondment to the Federal Reserve Bank of New York, he took up the position of Director of the Management Control and Budget Directorate, then was appointed Deputy Director General Economics and International Relations, before being promoted Director General Operations.

He held the position of Second Deputy Governor of the Banque de France from January 2012 until July 2017; in this role he became a member of the Supervisory Board for the European Central Bank.

On 1st August 2017 he was appointed Chairman of the Autorité des marchés financiers.


holds a degree in Economics from Universidade Católica Portuguesa, completed an MBA at the same University and attended the Corporate Finance Program of the London Business School.

Previously, he held management functions in several Portuguese and multinational companies and was, among other positions, Deputy Director of ICEP - Investimentos, Comércio e Turismo de Portugal; Executive Director of Caixaweb SGPS and several companies of the Caixa Geral de Depósitos group; Chief Operating Officer of Euronext Lisbon, S. A .; President of Euronext Lisbon, S. A. and also of Interbolsa, S. A .; Director of several companies of the Euronext group in several European countries and member of the NYSE Euronext Management Committee.

He also served as Senior Advisor at STJ Advisors LLP. From 1995 to 2017 He taught at Universidade Católica Portuguese from 1995 to 2017.


is Professor of Law at the Faculty of Law of the University of Lisbon, where he teaches subjects such as European Union, Competition, Economic Regulation and Financial Regulation Law, among others. He is the founder and President of the Research Center on Regulation and Supervision of the Financial Sector (CIRSF) in scientific partnership with the national financial supervisory authorities. He is Vice-Chair of the Single Resolution Board’s Appeal Panel and co-founder of the Luis Silva Morais/Sérgio Gonçalves de Cabo & Associados, SP, RL Law firm.

He regularly publishes on financial regulation, European and competition law, with the most recent publications on banking resolution, European banking union and European financial supervision architecture.


is Managing Director and Global Head of Regulatory Affairs at Moody’s. Based in London, he leads a global team responsible for identifying, analysing and engaging on regulatory policy developments for Moody’s Investors Service.

Prior to this, he was an analyst in the Structured Finance Group. Neil is a member of the Executive Board of the International Regulatory Strategy Group and is a Director of Moody’s Investors Service Limited and a member of the Beirat and Supervisory Board of Moody’s Deutschland GmbH and Moody’s France SAS, respectively.

Prior to joining Moody’s, Neil worked for the Financial Services Board in South Africa as Legal Counsel and at the South African Reserve Bank where he served as a legal advisor in the Office for Banks and Office of the General Counsel.

Recognising the importance of promoting positive mental health in the workplace, he currently serves as an active executive sponsor of Moody’s Mental Health Employee Resource Group. Neil holds, inter alia, the BCom (Law), LLB (cum laude) and LLM (cum laude) degrees.


is Minister of State, Economy and Digital Transition. He holds a law degree from the Faculty of Law of the University of Lisbon. As a lawyer, he was a partner at Morais Leitão, J. Galvão Teles e Associados, Law Firm and Linklaters LLP as Managing Partner at the firm's Lisbon office from 2006 to 2016.

He was a member of the arbitration lists of the Commercial Arbitration Center of the Portuguese Chamber of Commerce and Industry, the Commercial Arbitration Institute of the Commercial Association of Porto, Concórdia, the Mediation and Arbitration Center of the Portuguese Chamber of Commerce in Brazil and CREL.

He was Board Member of the Portuguese Law Firms Association and President of the Portuguese Arbitration Association. He was a member of several Working Groups responsible for drafting legislative, including those giving rise to the Legal Regime for Urbanization and Building, the State Civil Liability Regime and other public bodies and the Voluntary Arbitration Law.

He was a member of the Superior Council of the Administrative and Tax Courts and a member of the Executive Committee of the Mission Structure for Capitalization of Companies. He was Deputy and Economy Minister in the 21st Constitutional Government since 2018.


is Director of Financial Markets at FISMA, the European Commission's Directorate General for Financial Stability, Financial Services and Capital Markets Union since 2012. Lawyer by profession, Ugo Bassi has worked as a ‘référendaire’ at the European Court of Justice from 1990 to 1997.

In the last years, he held several management positions at the European Commission and was responsible for various post-crisis measures in the area of financial services and markets such as Post-trade, Securities, Asset Management, Audit, Accounting, and Credit Rating Agencies.

He also launched the Capital Markets Union (CMU) project, including the Sustainable Finance component.

He represents European Commission at high-level fora and events worldwide and providing contributions on Brexit strategies.


is the Chair of the European Securities and Markets Authority (ESMA) since 2011.

Prior to taking up this role, Steven Maijoor was Managing Director at the AFM, the Dutch financial markets regulator, where he was responsible for capital market supervision.

Steven Maijoor has held several international positions, including the Chairmanship of the International Forum of Independent Audit Regulators (IFIAR).

Before joining the regulatory world, Steven Maijoor was the Dean of the School of Business and Economics at Maastricht University.


is CEO and Chairman of the Managing Board of Euronext.

Before joining Euronext, Stéphane Boujnah was Head of Santander Global Banking and Markets for continental Europe. From 2005 to 2010, he was Managing Director at Deutsche Bank responsible for the development of the investment banking operations in France.

Previously he founded KM5 Capital, an advisory company specialised in equity raising and M&A advice for venture capital funds and innovative technology companies. From 2000 to 2002, he was Director of the European M&A team of Credit Suisse First Boston Technology Group in Palo Alto and London. From 1997 to 1999, Stéphane Boujnah was senior adviser to the French Minister for Economy, Finance and Industry, Dominique Strauss-Kahn.

He started his carrier in 1991 as a business lawyer at Freshfields. He graduated from the Institut d'Etudes Politiques de Paris. He holds a Master degree and a DEA in Law from La Sorbonne Paris, a LLM in Law from the University of Kent, and a MBA from Insead. Stéphane Boujnah was a member of the Commission pour la Liberation de la Croissance Française established by the then President Nicolas Sarkozy in 2007.

He is founder and Vice-President of the Board of the think tank En Temps Réel and President of the Board of directors of Accentus and Insula Orchestra.


an economics editor at RTP, is a journalist at the public news channel since 1996. He is in charge of the television programme on economics and finance ‘Tudo é Economia’, wherein he carries out a weekly interview with a national personality on current economic topics and brings together two economists with different approaches to economy for a ‘Clash of Ideas’.

He holds a degree in Communication Sciences from FCSH – Universidade Nova de LISBON.


holds a PhD in Economics from the Birkbeck College (University of London).

He is an associate professor with teaching aggregation at the University of Minho, where he served as Vice-Chancellor, Chair of the School of Economics and Management and Director of the Department of Economics.

He is a consultant for the Francisco Manuel dos Santos Foundation and was Assistant Secretary of State to the Minister of Internal Administration in the XIX Constitutional Government.

He is co-author of six books and several articles published in international scientific journals on the Portuguese economy, economic policy and financial markets and a consultant to public and private entities, including the Portuguese Government and the European Commission. He is a member of the panel of the ‘Tudo é Economia’ RTP3 television show at RTP3 and a writer for the Observer, an online Portuguese newspaper.


holds a PhD in Economics from the Bocconi University (Italy), a master’s degree in Economics and Management of Science and Technology from ISEG/UTL (Higher Institute of Economics and Management at the Technical University of Lisbon) and a degree in Economics from the same institution.

He is an Associate Professor in the Department of Political Economy at ISCTE (Lisbon University Institute), where he teaches Political Economy and Economic Policy since 1999.

Between 2008 and 2014 he was coordinator of the Center for Studies and Evaluation of the NSRF Observatory and, between 2007 and 2008, Director of Economic Analysis and Forecasting of the Strategy and Studies Office at the Ministry of Economy and Innovation.

He is a member of Dinâmia'CET (Center for Studies on Socioeconomic Change and Territory) and of the RTP ‘Tudo é Economia’ television programme.




Contacts for Annual Conference:

Any questions or suggestions please contact us:


Luísa Ferreira, Strategic Analysis and Communication Office: 211 129 605; luisaferreira@cmvm.pt

Cláudia Ribeiro, Strategic Analysis and Communication Office: 213 177 120; claudiaribeiro@cmvm.pt