The edition of the new rule for investment advisors – new nomenclature for autonomous agents – will be scheduled for 2023, according to the regulatory agenda released this Wednesday (7) by the Brazilian Securities and Exchange Commission (CVM).
According to the agenda, the issue of the rule – which was discussed with the market through Public Hearing SDM 05/21 and includes the issue of transparency of remuneration in the securities distribution chain – is among CVM’s priorities for next year.
“The norm for investment advisers tends to be the first rule published by the CVM in 2023. We know its importance for the capital market and our objective is to deliver the best possible framework to our regulated companies”, declared the president of the CVM, João Pedro Nascimento, in the statement released by the municipality.
This statement was also made during an event celebrating CVM’s 46th anniversary this Wednesday, in Rio de Janeiro, by the local authority’s market development superintendent, Antonio Berwanger.
Industry association is optimistic
The Brazilian Association of Investment Advisors (Abai) claims to be “quite optimistic” with the prospects for the new rule to be edited by the CVM.
“Abai is very optimistic with the final text, which, even if it does not meet 100% of market expectations, will certainly be a milestone for improvement and modernization of the sector”, declared the association, in a note.
For Abai, the CVM has been “making the best efforts” to issue the rule. “There is a commitment for it to be the first agenda of 2023, since the revision of the resolution of investment funds is taking longer than expected and is a priority”, adds the association.
2023 regulatory agenda
At the event this Wednesday, Berwanger also informed that, in addition to the new rules on investment advisors, the new regulation on certificates of deposits issued in Brazil backed by shares or securities representing debt issued abroad (or BDR, in acronym in English).
Among the topics for public consultation are transfer of custody/portability of funds; review of products intended for retail investors and the concept of qualified investors; review and update of CVM Resolution 81 (rule that provides for shareholders’ meetings); digital influencers; and review and update of CVM Resolution 85 (public offerings for the acquisition of shares of publicly-held companies – OPA).
“These are the matters to be discussed with the market after the preparation of the regulatory impact analysis (AIR)”, informs the CVM statement.
“With regard to digital influencers, it should be noted that, throughout 2022, the CVM Economic Analysis and Risk Management Advisory (ASA) began a RIA study on the subject. The study, which is nearing completion and will be released in the first months of 2023, will serve as the basis for the public consultation to be held in the same year”, highlights the autarchy.
Still, three other topics are also among the priorities for holding a public hearing with the market and society, and are exempt from prior AIR, according to the CVM.
They are: specific regulation of Fiagro; update of CVM Resolution 60, a rule that provides for credit rights securitization companies registered with the CVM, pursuant to Law 14,430; and limit to participation in the capital stock of an entity managing an organized market (CVM Resolution 135).
Source: CNN Brasil
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