The Portuguese securities regulator (CMVM) says it did not open ongoing supervision of Oeno's wine investment fund because there were no interested investors to trigger that stage of oversight. Fund Box, the authorised manager and distributor of the fund, asserts it fulfilled its regulatory and contractual duties. The situation highlights a regulatory gap where authorisation to market a product did not lead to formal supervisory measures in the absence of subscriptions, raising questions about oversight triggers and responsibilities among managers, distributors and the regulator.