Lisbon, June 24, 2026 (Lusa) - The merger of Portugal's regulatory bodies (RBs) in the financial and digital sectors to strengthen their independence and capacity to act is one of the suggestions set out in a report by the Commission for Strengthening the Independence of Regulatory Bodies, published on Wednesday.
In the report’s recommendations, the Commission proposes “considering the integration of regulation and supervision in the financial sector” between the Bank of Portugal, the Securities Market Commission (CMVM) and the Insurance and Pension Funds Supervisory Authority (ASF), “to ensure greater effectiveness in their operations”.
A similar recommendation for integration is made for the digital sector, between the National Communications Authority (Anacom) and the Media Regulatory Authority (ERC).
With the exception of the Competition Authority, which covers all sectors, the report from the Commission, chaired by Jorge Vasconcelos, questions the capacity of sector-specific regulatory authorities “to address phenomena that cut across various economic sectors”.
“Digital transformation, the energy transition and the growing centrality of data, for example, create regulatory challenges in the areas of competition, telecommunications, energy, data protection, the environment and the media,” the report states.
The Commission highlighted the case of Germany, where a decision was taken to merge the regulators for electricity, gas, telecommunications, postal services and railways, on the one hand, and banks, capital markets and insurance, on the other.
In the Netherlands, too, there has been a merger of the regulators for competition, consumer affairs, energy, transport, postal services and telecommunications, according to the report.
The Commission members therefore highlight the need for greater supranational coordination of economic regulation, “which is now being shaped by supranational networks and institutions” within the European Union (EU), as exemplified by the financial sector, where decisions are guided at European level.
According to the Commission, the independence and quality of the decision-making processes of the RBs are guaranteed; however, it highlights the instability of budgetary management of human and financial resources – as this is partly dependent on the state budget – and the lack of clarity in coordination between the regulatory bodies with the relevant ministries.
“Even with an institutional framework designed to ensure, for example, that appointments to senior posts are not based on political loyalty but rather on technical merit, and that they are decoupled from electoral cycles, factors such as budgetary constraints (such as earmarked funds) or excessive reliance on ministerial authorisations may jeopardise independence,” it concludes.
As for the remuneration of regulatory body executives, it is suggested that directors’ salaries be aligned “with the equivalent in the European agencies’ pay scale, applying the cost-of-living adjustment coefficient for Portugal”, in order to restore the role’s attractiveness.
It is also proposed to limit post-term incompatibilities to companies or entities “actually subject to regulatory decisions by the board member”, and to allow paid teaching activities to be undertaken alongside remuneration from the regulatory authority.
The erosion of independence “in environments of political polarisation and populist pressures” is also highlighted as one of the challenges facing economic regulatory bodies, both in Portugal and across the rest of Europe.
“The mechanism used by the political authorities is often indirect: rather than abolishing regulatory bodies, governments seek to repoliticise them through the appointment of their leaders, budgetary control, or the reduction of their remit,” the document states.
In addition to revising the Framework Law on Regulatory Bodies and the statutes of the regulated bodies, the Commission recommended the creation of a Committee to Monitor the Functioning of Regulatory Bodies, considering that “safeguarding and strengthening the independence of regulatory bodies must be an ongoing process”.
The Commission for Strengthening the Independence of Regulatory Bodies was set up by the Government at the end of 2025 to put forward proposals “aimed at strengthening the organisational, functional and technical independence of regulatory bodies”.
CT/AYLS // AYLS
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