CMVM exempts managers from reporting gains from sale of Novo Banco

There are managers and former managers of Novo Banco, such as the current CEO, Mark Bourke, who will make money from the sale of Novo Banco to the French bank BPCE. The size of the sum they will receive is unknown, because it is also unknown how big the initial investment was that everyone made. And the Securities Market Commission (CMVM), the authority that must ensure that all investors have access to the same information at the same time, considers that, given the current legislation and the situation of Novo Banco, these gains do not need to be formally communicated. The banking supervisor, the Bank of Portugal, has not commented.