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[null,"Prepared By:","Contributors:"]
[null,"Morais Leitão, Galvão Teles, Soares Da Silva & Associados","Filipe Lowndes Marques"]
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["Greenwashing in the EU Financial Sector"]
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["Report Generated: 11/19/2025"]
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["View your report results on next tab"]

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["Question","Portugal"]
["EBA Greenwashing Report"]
["Does your jurisdiction have an explicit legal framework to identify, address and sanction greenwashing in the financial sector? If yes, is it enacted in a specialized law or addressed by other regulations (advertising law, consumer protection law, anti-unfair competition law…)?","Portugal does not have an explicit legal framework to identify, address and sanction greenwashing specifically in the financial sector. However, there are various sectorial provisions and guidelines that may help to prevent greenwashing.\nFor instance, under the \nPortuguese Securities Code and the \nPortuguese Commercial Companies Code (pursuant to the transposition of \nDirective 2014/95/UE), are large undertakings and simultaneously public-interest entities or public-interest entities which are parent undertakings of a large group, in each case having an average number of employees in excess of 500 on their balance sheet dates, in the case of a group on a consolidated basis, are subject to non-financial performance reporting. Within the scope of such reporting, the in-scope entities are required to include in their management report or in an autonomous report a non-financial statement covering, inter alia, environmental and social matters. In this respect, the CMVM (the Portuguese Securities Market regulator) has developed and published a non-financial information disclosure template that aims to promote completeness and objectivity of non-financial information which is required to be disclosed. However, it should be noted that this template has a non-binding character.\nThe CMVM has published a circular on the requirements applicable to the disclosure of information by supervised entities, summing up the standards they must comply with and explaining the supervisory approach to be followed, focusing on the reliability, consistency and comparability of the information provided as an essential factor for the credibility of sustainable finance and investor confidence.\nIn accordance with the \nPortuguese Securities Code, any information provided to the market and the CMVM in respect of financial instruments, financial intermediation activities, public offerings of securities and issuers, shall be complete, true, updated, clear, objective and lawful. These general requirements might be used to address false, incomplete or misleading sustainability claims made within the scope of the non-financial information disclosure requirements mentioned above or in other sustainability information disclosure materials.\nFalse or misleading ecological claims in the context of marketing and advertising also fall within the Portuguese consumer protection law and may constitute a breach of the \nPortuguese Advertising Code, as well as a violation of the \nDecree – Law n.º 57/2008, of 26 March that lays down the legal rules applicable to unfair business-to-consumer commercial practices (transposing \nDirective 2005/29/CE).\n"]
["Is the relevant legal framework based on the EU or on the national legislation?","The above-mentioned requirements on non-financial performance reporting derive from the transposition of European legislation to the Portuguese legislation (in particular of \nDirective 2014/95/EU of the European Parliament and of the Council of 22 October 2014 amending \nDirective 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups). \nDecree–Law n.º 57/2008, of 26 March that lays down the legal rules applicable to unfair business-to-consumer commercial practices was also enacted pursuant to the transposition of \nDirective 2005/29/CE of the European Parliament and of the Council of 11 May 2005."]
["Is greenwashing, which may occur in the financial sector, addressed specifically and/or any differently from greenwashing in other sectors?","Please see the response to section 1 above. \n"]
["Does the current legal framework provide a definition of greenwashing? If yes, how it is defined, is the definition regulatory-binding?","The current Portuguese legal framework does not provide a definition of greenwashing.\n"]
["What are the main challenges legal experts see in addressing greenwashing in the EU financial/banking sector and what are the main challenges in implementing the existing regulatory framework to address greenwashing within the EU financial/banking sector?","Lack of a clear definition of what is considered greenwashing: without a common understanding of what constitutes greenwashing, it is difficult for regulators and financial institutions to identify and prevent these practices.\nLimited resources of regulators: the resources available to regulators to evaluate the environmental impact of financial products and services, and to monitor and enforce compliance with the regulations, are limited. This can lead to a reduced capacity to investigate and prosecute cases of greenwashing.\nDifficulty in assessing the environmental impact of financial products and services: the lack of standardization and different methodologies and standards for measuring environmental impact make it difficult to accurately assess and compare the environmental impact of different products and services.\nThe complexity of disclosure requirements and lack of consumer awareness: the complexity of information disclosed by financial institutions and the lack of consumer awareness of the issue of greenwashing can make it challenging for consumers to evaluate the environmental claims made by financial institutions and to make informed decisions about the environmental impact of investment products and services.\n"]
["Are there any relevant links to national legislation and/or guidance?","Portuguese Securities Code: \nhttps://dre.pt/dre/legislacao-consolidada/decreto-lei/1999-34575175 \nPortuguese Commercial Companies Code: \nhttps://dre.pt/dre/legislacao-consolidada/decreto-lei/1986-34443975 \nPortuguese Advertising Code: \nhttps://dre.pt/dre/legislacao-consolidada/decreto-lei/1990-34537375 \nDecree – Law n.º 57/2008, of 26 March: \nhttps://dre.pt/dre/legislacao-consolidada/decreto-lei/2008-34454075 \nCircular CMVM: \nhttps://www.cmvm.pt/pt/Legislacao/Legislacaonacional/Circulares/Pages/circular_20211222.aspx?v= \n"]