The Brazilian Securities and Exchange Commission (CVM) announced this Tuesday its regulatory agenda for 2022. The autarchy foresees public hearings for three rules: the transfer of custody; the specific regulation of Fiagro (Investment Fund in Agro-industrial Productive Chains); and the review of products aimed at retail investors and the concept of qualified investor.
The regulatory agenda also provides for the continuation of projects that have gone through a public hearing in recent years. Among the most talked about and awaited by the market are the review of the rules for public offerings, investment funds and independent investment agents.
Other topics were guided by CVM for regulatory impact analysis, such as digital influencers.
Of the public hearings scheduled for 2022, the transfer of custody will also be subject to regulatory impact analysis in the first quarter.
CVM had been signaling its intention to improve rules on the subject in light of complaints received from investors about “unreasonable” procedures adopted by brokers, creating an asset portability regime.
“We are witnessing the arrival of open finance, which can help with this migration of assets. It is a topic that has been prioritized due to its importance and the exponential growth of investors in the market in recent years”, said Antonio Berwanger, CVM’s market development superintendent, at a live event on the 45th anniversary of the autarchy.
In the case of Fiagro, the CVM issued in August 2021 a provisional and experimental regulation to allow the registration and operation of these funds. For this, it used the existing regulatory platform of funds.
Since then, around 30 funds have been filed for analysis of the offer and add up to more than 9,100 shareholders. In the 2022 regulatory agenda, the CVM provides for a public hearing to definitively regulate Fiagro.
The covid-19 pandemic ran over the CVM’s regulatory agenda in 2020. In that year, the autarchy needed to prioritize emergency measures, such as the extension of deadlines for disclosing information and shareholder meetings.
In this way, the review of rules ended up being postponed and this increased the queue of rules for hearing and publication in the regulatory agenda of the autarchy.
The reform of the public offering regime, for example, has been awaited since 2019. The public hearing was held in the first half of the year, but the issue of the standard was left for 2022.
CVM wants to create a single regime, consolidating Instructions 400 (which regulates offers with prior registration and open to the public) and 476 (offers with restricted efforts, exempt from registration and aimed at professional investors).
Another change awaited by the market and which remained for 2022 is the rules for autonomous investment agents, currently governed by Instruction 497.
The new rules were put on public hearing in August 2021 and provide flexibility for professionals to link to more than one brokerage and permission to associate with capitalist investors (who do not operate in the sector).
The regulatory agenda for 2022 also includes the forecast for the edition of rules on the themes of BDRs; corporate claims (information relating to arbitration); exemption from registration for non-resident investors; practice of insider trading in real estate investment funds (FII); improvements in crowdfunding regulation, this is scheduled for early 2022.
The calendar also brings topics that will be studied by the CVM and that may be the target of standards in the future. They are the revision of Instruction 481, which deals with distance voting; regulation of digital influencers; the legal framework of startups; and over-the-counter pre-trade transparency (debentures).
“The relevant use of social media has shed light on the issue of digital influencers, a topic that deserves to be analyzed and studied in detail. Furthermore, innovation and technology, which have helped to make the market more dynamic, must always be on the agenda”, said Bruno Luna, head of ASA/CVM, in a statement issued by the CVM.
The 2022 regulatory agenda also includes the forecast for the consolidation of CVM rules in resolutions, based on Decree 10,139.
This consolidation will be carried out in five intervals over time, the first of which occurred in November last year. In 2022, rules on publicly-held companies, public offerings, investment funds and organized markets should be consolidated.
Reference: CNN Brasil
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