On June 26th 2018, an Agreement was signed between the Brazilian Securities Commission (“CVM”) and the Brazilian Association of Financial and Capital Market Entities (“ANBIMA”) to establish the rights and obligations of each entity with respect to the use of self regulation activities of the Brazilian investment funds industry.
The pillars of the Agreement are:
– regulation: strategic alignment between “CVM” and “ANBIMA” aiming at the development and improvement of state rules and self-regulation of interest in common;
– supervision and enforcement: the search for optimization of state and private supervision and enforcement, in order to provide even greater focus by the “CVM” and “ANBIMA” and reduce overlaps; and
– exchange of information: exchange of information between “CVM” and “ANBIMA” related to the investment fund industries, including supervisory or enforcement procedures, as well as periodic, registration and performance information of investment funds.
The Agreement will be valid for a period of five (5) years, and may be renewed for equal and successive periods, by prior demonstration of the fulfillment of the goals established therein and the maintenance of the public interest for it.
More information can be found on the “CVM” website (http://www.cvm.gov.br/).