Brazil Securities Commission cooperation with ANBIMA leads to six commitment terms in fund industry supervision

The Brazil Securities Commission (CVM) reported that its technical cooperation agreement with the Brazilian Financial and Capital Markets Association (ANBIMA) for supervision of the fund industry resulted in ANBIMA entering into terms of commitment with six institutions between July and December 2025. The institutions operate in distribution, fiduciary administration and third-party asset management. Five of the terms of commitment relate to provisions of ANBIMA’s Code of Administration and Management of Third-Party Resources, while one relates to the Code of Distribution of Investment Products. ANBIMA also shared with the CVM a recommendation letter sent to one institution, citing motivations that include improving the risk-based supervision methodology applied to relationships with investment advisers. Under the cooperation agreement, ANBIMA and the CVM exchange information and the CVM may make calibrated use of ANBIMA’s monitoring work on the fund industry, with the stated aim of optimizing supervision, avoiding unnecessary duplication and aligning actions, including on enforcement and the use of settlement-style commitment terms.