In order to strengthen cooperation and facilitate coordination between the financial sector supervisory authorities, the National Council of Financial Supervisors (CNSF) was created, including as permanent members the Chairman of the Insurance and Pension Funds Supervisory Authority, the Governor of the Bank of Portugal (presiding), the member of the Board of Directors of Banco de Portugal responsible for supervision and the Chairman of the Securities Market Commission.
It is for the CNSF:
- To promote coordination of the activities of financial system supervisors (supervisory authorities);
- To facilitate and coordinate the exchange of information between supervisory authorities;
- To promote the development of supervisory rules and mechanisms for financial conglomerates;
- To formulate regulatory proposals on matters related with the sphere of action of more than one of the supervisors;
- To provide opinions and advice;
- To promote the development or adoption of coordinated action policies with foreign entities and international organizations;
- To take any actions consensually considered by its members appropriate to their purposes and falling within the sphere of competence of any of the supervisors.
Activity of the National Council of Financial Supervisors