# Portugal CMVM & Greece HCMC Tied-Agent & Affiliate Rules

> Comply with Portugal CMVM and Greece HCMC (Law 4514/2018) supervision: tied-agent registration, finfluencer sweeps, and EUR 25k/30k compensation.

Canonical: https://eurofirmledger.com/bulletins/portugal-cmvm-greece-hcmc-tied-agent-affiliate-marketing-audits
Last updated: 2026-11-14T20:55:32.884Z

**Publication:** Euro Firm Ledger
**Category:** Bafin Wplg Amf Consob Cnmv Supervision
**Published:** 2026-11-13T19:00:25.915Z
**Author:** Lukas Lindqvist, CEFA (Certified European Financial Analyst (EFFAS/CEFA, Frankfurt & Zurich))
**Reviewer:** Not recorded

## Answer-first summary

Portugal’s CMVM and Greece’s HCMC actively police unauthorized introducing brokers, WhatsApp/Telegram finfluencer signal groups, and cross-border tied agents targeting Iberian and Hellenic retail savers.

## Key takeaways

- Portugal’s Decree-Law 109-F/2021 (REI) unified both IFR/IFD prudential supervision and MiFID II conduct supervision of Empresas de Investimento under a single authority—CMVM in Lisbon.
- Both Portugal’s SII (EUR 25,000) and Greece’s Syneggyhtiko (EUR 30,000) provide higher statutory retail investor compensation ceilings than the EUR 20,000 minimum in Germany or Cyprus.
- CMVM and HCMC treat "free trading academies" and finfluencer Telegram signal rooms funded by broker spread rebates or CPA fees as illegal unlicensed financial intermediation (a criminal offense under Art. 379 CVM in Portugal).
- Serving retail clients in Portugal or Greece requires pre-trade PRIIPs KIDs translated into Portuguese (pt-PT) and Greek (el-GR), plus mandatory HCMC state exam certification for any staff operating in Greece.

## Related financial entities

- **ESMA Guidelines on MiFID II Product Governance Requirements** (ESMA-PROD) — license: Supervisory guidelines issued by ESMA establishing requirements for firms manufacturing and distributing financial instruments to ensure investor protection.
- **European Securities and Markets Authority (ESMA)** (ESMA) — license: Independent European Union authority contributing to safeguarding the stability of the EU financial system by enhancing investor protection and promoting stable markets.
- **MiFID II Cross-Border Passporting Framework** (MIFID2-PASS) — license: Harmonized European framework allowing authorized investment firms to provide investment services across all EU member states and EEA countries.

## Analysis

Across Southern Europe's fast-digitizing retail hubs in Lisbon/Porto and Athens/Thessaloniki, **[Portugal's Comissão do Mercado de Valores Mobiliários (CMVM)](/competent-authorities/cmvm)** (working alongside **[Banco de Portugal](/competent-authorities/banco-de-portugal-213)** prior to and through Portugal's Regime Jurídico das Sociedades Financeiras / IFR prudential consolidation at CMVM) and **[Greece's Hellenic Capital Market Commission (HCMC)](/competent-authorities/hcmc)** (alongside **[Bank of Greece](/competent-authorities/bog)** under Greek Law 4514/2018 & Law 4920/2022) concentrate enforcement firepower on one overriding cross-border risk: **unregistered local "trading academies," finfluencer Telegram signal channels, and disguised CPA introducing brokers soliciting domestic retail savers on behalf of foreign passported CFD platforms**!

Within our [national conduct interventions guide](/bulletins/bafin-wpig-amf-sapin-2-cnmv-consob-conduct-interventions-2026) and the [national supervision hub](/topics/bafin-wplg-amf-consob-cnmv-supervision), note that Athens is also home to established EEA multi-asset brokers such as **[AAAFx](/firms/aaafx)** (HCMC License No. 2/540/17.2.2010)—underscoring why understanding both HCMC home licensing and CMVM/HCMC host marketing enforcement is indispensable!

## Comparative Regulatory Matrix: Portugal (CMVM) vs Greece (HCMC)

Notice a major recent structural reform in Lisbon: under **Decree-Law No. 109-F/2021** (Portugal's Investment Firms Regime, *Regime das Empresas de Investimento*, **REI**), Portugal **transferred prudential IFR/IFD supervision of investment firms out of Banco de Portugal directly into CMVM**, transforming CMVM into an integrated single supervisor for *Empresas de Investimento*!

| Regulatory Feature | Portugal ([CMVM](/competent-authorities/cmvm) — Lisbon) | Greece ([HCMC](/competent-authorities/hcmc) — Athens) |
| :--- | :--- | :--- |
| **Core MiFID II & IFD Statute** | *Código dos Valores Mobiliários (CVM)* + **REI (DL 109-F/2021)** | **Law 4514/2018** (MiFID II) + **Law 4920/2022** (IFD transposition) |
| **Prudential IFR/IFD Supervisor** | **CMVM** (integrated prudential + conduct since Feb 2022 REI reform!) | **HCMC** for AEPEYs (*Sociétés Anonymes Providing Investment Services*, e.g., [AAAFx](/firms/aaafx)); Bank of Greece for banks |
| **Permanent CFD / Binary Rules** | **CMVM Regulation No. 5/2019**: Permanent binary ban + 30:1–2:1 CFD caps | **HCMC Decisions 3/850 & 4/850/28.6.2019**: Permanent binary ban + 30:1–2:1 CFD caps |
| **Tied-Agent Local Regime** | *Agentes Vinculados* (Arts. 294-A to 294-D CVM — CMVM public register + exam) | *Syndedemenoi Antiprosopoi* (Art. 29 Law 4514/2018 — mandatory **HCMC/Bank of Greece Certification Exam**!) |
| **Investor Compensation Scheme** | **SII (*Sistema de Indemnização aos Investidores*)**: **EUR 25,000** ceiling! | **Syneggyhtiko (Athens Investment Services Guarantee Fund)**: **EUR 30,000** ceiling! |

![CMVM and HCMC audit workflow distinguishing lawful passive web affiliate banners from illegal unregistered tied-agent solicitation in Portugal and Greece](/api/figure?type=flow&title=CMVM%20%26%20HCMC%20Affiliate%20vs%20Unlicensed%20Tied-Agent%20Filter&subtitle=Why%20Portuguese%20%26%20Greek%20%22trading%20academies%22%20with%20personalized%20Telegram%20signals%20breach%20Art.%2029%20CVM%20%2F%20Law%204514&steps=1.%20Passive%20Banner%20Check%3A%3ANeutral%20ad%20banner%20with%20risk%20warning%20%26%20zero%20personalized%20contact%7C2.%20Red-Line%20Crossing%3A%3AWhatsApp%2FTelegram%20trade%20signals%2C%20screen-share%20signup%20help%20or%20CPA%2Frev-share%7C3.%20Art.%2029%20Breach%20Trigger%3A%3AReclassified%20as%20unregistered%20Agente%20Vinculado%20%2F%20RTO%20intermediary!%7C4.%20Joint%20NCA%20Sanctions%3A%3APublic%20CMVM%2FHCMC%20blacklist%20%2B%20home-NCA%20Art.%2086%20referral%20%2B%20fines&metrics=PORTUGAL%20SII%20CAP%3A%3AEUR%2025%2C000%3A%3A%2B25%25%20higher%20than%20EU%20EUR%2020k%20floor!%7CGREECE%20SYNEGGYHTIKO%3A%3AEUR%2030%2C000%3A%3A%2B50%25%20higher%20than%20EU%20EUR%2020k%20floor!%7CPT%20PRUDENTIAL%20LEAD%3A%3ACMVM%20%28DL%20109-F%29%3A%3AUnified%20under%202022%20REI%20reform%7CGR%20STAFF%20EXAMS%3A%3AHCMC%2FBoG%20Cert.%3A%3AMandatory%20a1%2Fa2%2Fb1%2Fc%2Fd%20certificates)

## Surprise Investor-Protection Advantage: EUR 25,000 (Portugal) & EUR 30,000 (Greece)!

Look at Row 5 of the comparison matrix—a vital fact missed by generic pan-European compliance summaries:
- **Portugal's *Sistema de Indemnização aos Investidores* (SII)** guarantees up to **EUR 25,000 per non-professional investor** (25% above the EUR 20,000 ICSD minimum)!
- **Greece's *Syneggyhtiko* (Athens Exchange Members' / Investment Services Guarantee Fund)** guarantees covered investment-service claims up to **EUR 30,000 per retail investor** (50% above the EUR 20,000 ICSD minimum)—giving Athens-licensed AEPEY firms like [AAAFx](/firms/aaafx) a 50% higher statutory investor-compensation badge than Cyprus or German EUR 20,000 peers!

## CMVM Finfluencer Circular & HCMC Crackdowns on "Signal Copy-Rooms"

Both Lisbon and Athens participated actively in **ESMA's Common Supervisory Action on Marketing Communications & Finfluencers**, issuing targeted local enforcement guidance:
1. **Portugal CMVM Digital Influencer Guidelines**: CMVM warns Portuguese TikTok/Instagram/YouTube creators (*finfluenciadores*) that sharing personalized referral links (códigos promocionais) alongside trade commentary or "copy my FX trades" rooms constitutes **unauthorized financial intermediation (*intermediação financeira não autorizada*, crime under Art. 379 CVM)** or illegal investment recommendations under MAR Article 20—publishing named influencer cease-and-desist warnings on cmvm.pt!
2. **Greece HCMC Mandatory Certification (Pistopoiisi Stelechon)**: Under HCMC and Bank of Greece Joint Decisions, **nobody** located in Greece—including staff of an [Article 35 Greek branch](/bulletins/mifid-ii-article-35-branch-establishment-host-cobs-supervision) or a Greek-established tied agent—may execute orders (α1), advise clients (β1), manage portfolios (γ), or publish analysis (δ) without holding an active **Greek HCMC Professional Competence Certificate** earned via state exams and annual continuing-education seminars!

## Quantitative Affiliate Audit & Exposure Formula Across Iberia and Greece

Cross-border brokers passporting into Portugal (PT) and Greece (GR) audit third-party digital publishers using a strict **Revenue-Share & Signal-Room Disqualification Score**:

```formula
Lawful_Publisher_Media_Buy_Vs_Illegal_Intermediary_Check (Publisher_p, Host_Country in {'PT', 'GR'}):
 Lawful_Media_Placement =
 (Compensation_Model(p) IN {'FIXED_CPM_BANNER', 'FIXED_FLAT_SPONSORSHIP_FEE'})
 AND (Runs_Telegram_Discord_CopySignals(p) == FALSE)
 AND (Assists_Client_KYC_Or_Deposit_ScreenShare(p) == FALSE)
 AND (Displays_Exact_PT_Or_EL_Loss_Percentage_Banner(p) == TRUE)

 Expected_Sanction_And_Reputation_Cost_If_Breached:
 Cost_EUR = Fine_CMVM_Art388_CVM_UpTo_EUR_5M + Home_NCA_Inducement_Fine + PSP_Chargeback_Spike

Worked Marketing Audit Cleanup (Passported Broker Auditing 45 Portuguese & Greek Traffic Sources):
 31 Financial News & Comparison Portals (CPM/Flat listing + PT/EL loss banner) -> Retained (Compliant)
 14 "Free Forex Signal Telegram VIP" Affiliates Demanding Lifetime Spread Rebates -> Terminated Immediately!
 Result: Eliminates Art. 294-A CVM / Law 4514 Art. 29 unlicensed tied-agent liability across Lisbon & Athens.
```

![Comparison of statutory investor compensation caps across EU minimum (EUR 20k), Portugal SII (EUR 25k), Greece Syneggyhtiko (EUR 30k), and France FGDR (EUR 70k)](/api/figure?type=bars&title=Southern%20%26%20Western%20EU%20Investor%20Compensation%20Ceilings&subtitle=Why%20Lisbon%20%28EUR%2025k%20SII%29%20and%20Athens%20%28EUR%2030k%20Syneggyhtiko%29%20exceed%20the%20EUR%2020k%20EU%20floor&steps=DE%20%2F%20CY%20%2F%20IT%20%2F%20ES%20Floor%3A%3AEUR%2020%2C000%20statutory%20ICSD%20cap%20%2890%25%20haircut%20in%20DE%2FCY%29%7CPortugal%20SII%20%28CMVM%29%3A%3AEUR%2025%2C000%20per%20non-professional%20investor%7CGreece%20Syneggyhtiko%3A%3AEUR%2030%2C000%20per%20covered%20retail%20client%20%28AEPEY%20firms%29%7CFrance%20FGDR%20%28ACPR%29%3A%3AEUR%2070%2C000%20securities%20cover%20%28highest%20in%20Eurozone%29&metrics=PT%20UNLICENSED%20CRIME%3A%3AArt.%20379%20CVM%3A%3AUp%20to%205%20yrs%20prison%20in%20Portugal!%7CGR%20AEPEY%20FORM%3A%3AGreek%20S.A.%3A%3ALaw%204514%2F2018%20joint-stock%20firm%7CPT%20COMPLAINT%20BOOK%3A%3ALivro%20Reclama%C3%A7%C3%B5es%3A%3AMandatory%20electronic%20portal%20%28PT%29%7CLANGUAGE%20MANDATE%3A%3APT%20%2F%20Greek%20%28EL%29%3A%3AKIDs%20%26%20CFD%20warnings%20localized)

## Mandatory Portuguese Electronic Complaint Book (*Livro de Reclamações Eletrónico*) & PRIIPs Language Rules

Two localized operational mandates trip up foreign compliance teams in Portugal and Greece:
1. **PRIIPs KID Language Enforcement (PT and EL)**: Neither CMVM nor HCMC accepts English-only Key Information Documents (KIDs) under Regulation (EU) No 1286/2014! Distributing any CFD, structured note, option, or non-UCITS ETF to a Portuguese or Greek retail resident without a **Portuguese (pt-PT) or Greek (el-GR) PRIIPs KID** uploaded prior to order execution is an automatic strict-liability infringement!
2. **Portugal's *Livro de Reclamações Eletrónico***: Entities established via an [Article 35 branch in Portugal](/bulletins/mifid-ii-article-35-branch-establishment-host-cobs-supervision) must integrate Portugal's statutory Electronic Complaints Book directly on their Portuguese homepage, routing unresolved consumer grievances automatically to CMVM within 15 working days alongside Iberian perimeter checks matching [Spain CNMV's July 2023 CFD marketing ban](/bulletins/spain-cnmv-july-2023-resolution-cfd-marketing-influencer-ban).

## Frequently asked questions

### Does a Lisbon investment firm still file quarterly IFR COREP returns with Banco de Portugal or with CMVM?

Following the entry into force of Portugal’s Regime das Empresas de Investimento (Decree-Law No. 109-F/2021) in February 2022, non-systemic Class 2 and Class 3 Empresas de Investimento transitioned under full CMVM prudential supervision, eliminating historical dual BdP/CMVM overlap.

### Can a remote Article 34 broker offer US ETFs (like SPY or QQQ) to retail investors in Portugal or Greece?

No—unless the ETF manufacturer publishes a compliant PRIIPs KID translated into Portuguese (for PT residents) or Greek (for GR residents)! Because US ETF issuers do not publish EU PRIIPs KIDs in local EU languages, retail clients across Portugal and Greece are restricted to UCITS ETFs with localized KIIDs/KIDs.

### What is an AEPEY in Greece and how does it compare to a Cyprus CIF?

An AEPEY (Anonymi Etaireia Parochis Ependytikon Ypiresion, such as AAAFx) is a Greek Société Anonyme investment firm licensed by the HCMC in Athens under Law 4514/2018—holding identical 30-state EU MiFID II passport rights as a CIF while carrying higher EUR 30,000 Syneggyhtiko investor protection.

### Are flat-fee banner advertisements on licensed Portuguese or Greek financial newspapers still legal for CFDs?

Unlike Spain’s July 2023 total CFD ad ban, Portugal (CMVM Reg. 5/2019) and Greece (HCMC Dec. 4/850/2019) allow factual, non-misleading advertising by authorized brokers provided exact localized retail loss-percentage warnings are displayed and zero prohibited bonuses or unlicensed signal-room inducements are used.


## Source URLs

- https://www.cmvm.pt/en/Pages/homepage.aspx
- https://www.hcmc.gr/en_US/web/portal/home
- https://www.syneggiitiko.gr/en/
- https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014R1286

## Citation

- APA: Lukas Lindqvist, CEFA. (2026). Portugal CMVM & Greece HCMC Supervision: Tied-Agent, Finfluencer & Affiliate Audits. Euro Firm Ledger. https://eurofirmledger.com/bulletins/portugal-cmvm-greece-hcmc-tied-agent-affiliate-marketing-audits
- Canonical article: [Portugal CMVM & Greece HCMC Supervision: Tied-Agent, Finfluencer & Affiliate Audits](https://eurofirmledger.com/bulletins/portugal-cmvm-greece-hcmc-tied-agent-affiliate-marketing-audits)
- Site research index: [Euro Firm Ledger](https://eurofirmledger.com/llms-full.txt)