On February 9, 2021, the Brazilian Securities and Exchange Commission (CVM) announced a new round of reforms, in step with the revisions undertaken by it since 2017, and expanded with the issuance of Decree 10,139/2019.
The Commission consolidated Instructions 497, 515 and 610, which govern the activities of independent investment agents, into one document, Resolution 16, and replaced Instruction 583, regulating the activities of fiduciary agents, with Resolution 17. The alterations are purely formal, transferring the texts of the instructions into the format of resolutions, so there was no need for holding a public consultation or hearing.
However, Resolution 16 will possibly have a short life span, since one of the reforms envisioned in the CVM’s “Regulatory Agenda for 2021” involves the regulation of independent investment agents’ activities. Therefore, a public hearing on the topic will likely be announced sometime this year.
The two new resolutions take effect on March 1, 2021.
More information, including the full texts of the resolutions (in Portuguese) can be found at the CVM website (https://www.gov.br/cvm).
