Brazil Securities Commission urges stronger interagency coordination in Congress debate on PEC 65

The Brazil Securities Commission (CVM) published a statement on the constitutional amendment proposal PEC 65 now being considered in Brazil’s Congress, calling for a broad, structured debate with the authorities directly affected. It warned that weak coordination could create institutional silos and reduce legal certainty, potentially reversing progress made in recent decades. The statement links the discussion to the post-2008 international focus on stronger coordination and oversight frameworks, citing the Financial Stability Board and the IMF-World Bank Financial Sector Assessment Program (FSAP). It notes that Brazil created the Committee for Regulation and Supervision of Financial, Capital, Insurance, Pension and Capitalisation Markets (Coremec) to improve dialogue among domestic regulators, and highlights two 2018 FSAP recommendations: creating a high-level multi-agency committee with an explicit macroprudential policy mandate and strengthening crisis-management arrangements for interagency cooperation and information sharing, including contingency planning. CVM endorsed reinforcing coordination mechanisms such as Coremec and said it remains available to contribute to discussions with Congress, other regulators and market participants.