The Portuguese Securities Market Commission’s Market4Growth Sandbox

GFDL Advogados
2 min readDec 9, 2023

The Sandbox Market4Growth is a new sandbox initiative promoted by the Portuguese Securities Market Commission (CMVM or Comissão do Mercado de Valores Mobiliários). It represents a strategic leap towards a more dynamic, adaptable, and inclusive financial ecosystem by allowing companies to simulate their funding by issuing stocks and bonds or resorting to venture capital. This simulator is available for any domestic or foreign company that wishes to benefit from Portuguese capital markets.

After a diagnosis process conducted by the CMVM, companies can choose their funding goals through equity, debt, or capital markets.

During an initial phase, specialized investment entities adhering to this sandbox initiative will assess the participants’ funding needs and requirements to determine the following steps.

In the second phase, participants will test how their funding and performance on the market would be carried out by drafting preparatory documents (such as prospect and sustainability reports) and simulating each participant’s pitch to potential investors and analysts.

In the third and final phase, participants can finally simulate their presence on the market, namely through relevant information disclosure and CMVM’s report.

The Sandbox Market4Growth is designed as a controlled environment that facilitates experimentation and testing of innovative financial services and products. It allows startups, fintech firms, and other innovators to develop and pilot their solutions under the supervision and guidance of CMVM.

One of the main goals of Sandbox Market4Growth is to promote financial inclusion, encourage the creation of accessible and efficient financial services, and support the competitiveness of Portugal’s finance industry by fostering a culture of innovation and adaptability.

Similar past sandbox experiences include the “Portugal Finlab” (now on its fourth edition), a collaboration between the Bank of Portugal (Banco de Portugal), the Portuguese Securities Market Commission (CMVM) and the Insurance and Pension Funds Supervisory Authority (Autoridade de Supervisão de Seguros e Fundos de Pensões). It nurtured a synergy between the regulatory authorities and emerging fintech players, ensuring that novel financial solutions align with regulatory standards while promoting a favourable environment for experimentation and growth.

GFDL Advogados possesses considerable expertise and a wealth of experience in the Fintech sector. Our teams assisted clients in applying for or leveraging sandbox regimes in Portugal and abroad. We stand ready to assist clients in preparing applications for the Market4Growth Sandbox, guiding them through the integration process and providing assistance during subsequent funding phases. Contact us.


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GFDL Advogados

GFDL Advogados is an international law firm based in Lisbon. We advise corporations and individuals with complex needs and innovative projects.