The Brazil Securities Commission (CVM) has put into effect an expanded cooperation agreement with the Brazilian Financial and Capital Markets Association (ANBIMA) for supervision of the investment fund industry, extending joint monitoring to Credit Rights Investment Funds (FIDCs). The expansion brings roughly 90% of the sector, more than 28,000 funds, within the scope of the arrangement. Previously limited to Financial Investment Funds (FIFs), the agreement enables CVM to leverage ANBIMA’s monitoring of the fund industry. Under the expanded scope, ANBIMA’s work includes checking compliance with FIDC self-regulatory rules, sending information requests to fund service providers, and providing guidance and support to institutions to prevent violations of ANBIMA self-regulatory codes. CVM cited around 3,000 FIDCs in operation and growth since 2020 of more than 130% in the number of funds and more than 200% in net assets, while ANBIMA noted that FIDCs can be offered to the general public following the entry into force of Resolution 175. In the first half of 2024, the FIF agreement resulted in five settlement agreements and eight recommendation letters, and since the cooperation began in 2018 more than 40 settlements and around 30 letters have been issued.
Brazil Securities Commission (CVM) 2025-01-27
Brazil Securities Commission expands ANBIMA cooperation to supervise credit receivables investment funds covering about 90% of the fund industry
The Brazil Securities Commission (CVM) has expanded its cooperation agreement with the Brazilian Financial and Capital Markets Association (ANBIMA) to include Credit Rights Investment Funds (FIDCs), covering about 90% of the investment fund sector. This extension allows ANBIMA to monitor compliance with FIDC self-regulatory rules and provide guidance to prevent violations. The sector has grown significantly, with FIDCs now accessible to the general public under Resolution 175.