Annual Report
ANBIMA
2011
|
19
Among the various public hearings to which the
Association sent suggestions, it is worth noting,
for example, those of Instruction no. 409 of the
CVM (Securities and Exchange Commission),
which regulates the investment funds
segment and addresses topics such as liquidity
management of funds, the possibility of managers
voting in meetings related to the fund assets,
information sheet, dai ly and monthly reports.
Another important type of relationship, that
reflects the constant effort to strengthen
the dialogue between the government and
regulators, is the construction of work groups
and workshops. Thus, even in the first months
of the year, a workshop in conjunction with the
CVM brought together representatives of the
market and the local authority to discuss ICVM
306,
which deals with investment portfolio
managers. At the time, ANBIMA suggested
that the fund manager could also distribute
the product, incorporating into the distribution
process their knowledge in relation to the
product and helping to provide the market with
more agility, a request that was answered in the
Instruction’s public hearing announcement.
For the same purpose, two permanent work
groups with governmental bodies were created.
GT ANBIMA/DENOR, whose objective is to unite
market representatives with the
Banco Central Department of Standards in order
to discuss the regulation of financial products,
addressing everything from improvements to
the creation of new products. GT ANBIMA/STN
aims for a group discussion with the National
Treasury regarding matters related to public
debt management and its relationship with the
financial market.
In conjunction with BM&FBovespa, Cetip
and Febraban (Brazilian Federation of Banks),
ANBIMA is part of a work group that discussed
the standards of IOF taxation (Tax on Financial
Operations) levied on the foreign exchange
derivatives contracts. The institutions debated
directly with the government and suggested
improvements to the regulation of standards.
The Association also created the OTC (Over-the-
Counter) Derivatives Subcommittee, linked to
the Treasury Products Committee, composed of
professionals in the areas of product planning.
The objective of the body is to lead discussions
on the topic and prepare proposals for the
development of new products, as well as
improving the regulation of derivatives.
To promote dialogue and defend the interests of associates,
recognizing and accommodating the diversity of institutions
operating in the capital markets
