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Annual Report
ANBIMA
2011
The Association sent, to the public institutions that
govern and standardize the financial and capital
markets, 31 letters resulting from the analysis of
discussions between members of ANBIMA’s bodies
The year 2011 marked the beginning of the
activities of the ANBIMA/Previc partnership
(
National Superintendence of Pension Funds).
The partnership aims at analyzing and
discussing topics related to the regulation
and supervision of EFPCs (Closed Pension
Fund Entities). Throughout the year, bimonthly
meetings were held with the Board of Directors
and the technical team, in order to discuss the
improvement of the entities’ standards, as well
as the inclusion of new investment products.
In addition to the meetings, three workshops
were held. The first in the series took place
in São Paulo, in which the Superintendence
presented their operations and activities to
the capital market participants. The other two
events took place in Brasília, and were intended
to assist servers in the procedures of supervision
and monitoring. First, the investment funds and
qualified services were addressed, followed by
real estate products. The workshop is intended
to continue occurring in 2012.
While working hard to suggest improvements
in the regulation of segments that the entity
represents, ANBIMA’s bodies also suggest and
approve changes in self-regulation, always with
the spirit of contributing to market development
by encouraging the adoption of the best
business practices.
Worth noting, in relation to self-regulation
activities, is the approval, at the end of
the year, of a new chapter of Investment
Fund Code distribution, which began self-
regulating the distribution of shares. With
this new chapter, the Code now provides, for
the first time, guidelines for the distributor
figure, which previously was not part of
the scope of self-regulation. The update
is also a result of ANBIMA’s agreement
with CVM, which promoted changes in the
regulation of independent agents’ activities.
The autarchy withdrew from the standard
rule, the requirement that agents maintain
exclusive contracts with the institutions when
performing the distribution of investment fund
shares to non-qualified investors.
Also in relation to the Funds’ Code, the
inclusion of two new chapters to be submitted
to the Board of Directors in 2012 were debated
and proposed: one regarding the real estate
investment funds and another with specific rules
for the credit receivable investment funds.
Throughout 2011, representatives of the
Private Banking Committee also began
discussing improvements to the Code that
should be consolidated in 2012. Topics such
as the conduct and ethics of professionals
and the procedures for preserving
confidentiality and information processing
are on the list of proposals analyzed by the
segment’s representatives.
The bodies linked to the Corporate Finance
Committee also debated proposals for
improving the Public Offerings’ Code, a
process that will continue into 2012. With the
proposed reshaping, the idea is to expand
the scope of the self-regulation of offerings,
including new activities and participants in the
Code. According to the proposal, the Code
will be composed of two parts. The first deals
with broad concepts of better practices for
offerings. In the second part, the remaining
chapters will be divided by the products
and their minimum requirements for the
implementation of offerings.
