Brazil Securities Commission reports ANBIMA signed five settlement agreements under fund industry supervision cooperation

The Brazil Securities Commission (CVM) published an update on the outcomes of its Technical Cooperation Agreement with the Brazilian Financial and Capital Markets Association (ANBIMA) for supervision of the funds industry, reporting that ANBIMA signed settlement agreements with five institutions between January and June 2025. ANBIMA also shared with CVM recommendation letters sent to four institutions. The institutions operate in third-party asset management and investment distribution. Three settlement agreements related to provisions of ANBIMA’s Distribution Code, while two related to the Code for Administration and Management of Third-Party Resources (AGRT). The recommendation letters covered issues including investors’ insufficient awareness of risk for investments executed via an operations desk and inconsistencies in suitability processes. The cooperation agreement provides for information sharing and allows CVM to make calibrated use of ANBIMA’s monitoring work, with the stated aim of optimising supervision, avoiding unnecessary duplication, and aligning supervisory and enforcement approaches, including sanctions and settlement agreements.