TAILIEUCHUNG - CMVM Regulation No. 7/2007 Real Estate Funds and Collective Investment Undertakings

Fourteen filers submitted approximately 30 SAR-SFs on a network of investors across the United States for suspicious trading activities involving several CMBS worth billions of dollars. Myriad pricing and trading issues were evident in these SARs. Suspicious activities included securities fraud (16 percent of reports), significant wire or other transactions without economic purpose (14 percent), pre- arranged or other non-competitive trading (11 percent), wash or fictitious trading (9 percent), embezzlement/theft (7 percent), money laundering/structuring (7 percent), suspicious documents or identification (5 percent), forgery (4 percent), and other (26 percent). Filers cited frequent movement of securities with face values. | This does not dispense with the need to consult the original Portuguese version published in the Official Gazette. CMVM CMVM Regulation No. 7 2007 Real Estate Funds and Collective Investment Undertakings Amends CMVM Regulation No. 8 2002 and CMVM Regulation No. 15 2003 Although Directive No. 2004 39 EC of 21 April on the Markets in Financial Instruments MiFID is not generally applicable to the Collective Investment Undertakings its management entities and depositaries the influence of said Directive on the congruence of the markets in financial instruments has the necessary repercussions on the framework of said Undertakings. Within this context the explicit enshrinement of the principle whereby the intermediary should not only know the client but also whether the services transactions and financial instruments in question and the new rules on the classification of clients are appropriate to the personal circumstances of the client requires that the decision as to the appropriateness of the specific financial instrument to the client should first be made by the financial intermediary. On the other hand relinquishing the so-called concentration rule and resulting supremacy of trading on a regulated market as laid down by the MiFID prescribed the amendment to Article 47 Legal Framework for Collective Investment Undertakings. Said Article now only requires a specific registration concerning transactions on financial instruments admitted to trading on a regulated market executed outside a regulated market or multilateral trading facility. The necessary regulatory amendments have now been approved. Similar to the Framework applicable to regulated markets and multilateral trading facilities it also decreed the need for prompt regulatory amendments. Finally following careful consideration of the impact on certain regulatory rules and the administrative burdens resulting therefrom and the conclusion that it would be fitting to relinquish the administrative formalities the

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