SELF REGULATION AT ANBIMA
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SELF REGULATION AT ANBIMA ASOCIACION DE ADMINISTRADORAS DE FONDOS MUTUOS DE CHILE (AAFM) Convencíon 2011. Viña del Mar/Chile – Ago, 1-2, 2011. TOPICS TO BE PRESENTED. ANBIMA ANBIMA´s Self Regulation Activity Investment Fund Self Regulation ANBIMA and IOSCO/SROCC. INSTITUTIONAL .

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Self regulation at anbima

SELF REGULATION AT ANBIMA

ASOCIACION DE ADMINISTRADORAS DE FONDOS MUTUOS DE CHILE (AAFM)Convencíon 2011

Viñadel Mar/Chile – Ago, 1-2, 2011


Self regulation at anbima

TOPICS TO BE PRESENTED

  • ANBIMA

  • ANBIMA´s Self Regulation Activity

  • Investment Fund Self Regulation

  • ANBIMA and IOSCO/SROCC


Self regulation at anbima

INSTITUTIONAL

ANBIMA – Brazilian Financial and Capital Markets Association

Represents over 340 members

TradeAssociation

  • Regulation and best practices in its products and services

  • Agreement with CVM to analyze registrations of public offerings of securities

  • Supervision and Enforcement roles

Self-Regulation

  • Daily disclosure of indicative prices of government bonds and debentures

  • Data and analysis related to the fixed income market

  • Support to Central Bank's Selic System

  • The largest market database in Brazil

  • Research and Publications

Products

and Services

  • Investors’ Education

  • Certificationof investment professionals

Education


Self regulation at anbima

Regulation and self-regulation in Brazil


Self regulation at anbima

SELF REGULATION

Timeline

  • Beginning of the discussion

Codes of Private Banking and Qualified Services (*)

Code ofInvestmentFunds

  • Signature of Agreements with CVM

  • Code of Custody

Code of Continuous Certification

Becomes member of the Iosco’s SRO Committee

Start up as Optional Private Regulatory Body, publishing the Code of Public Offers, for Distribution and Purchase of Securities

Code of Processes

Code of WealthManagers, Code for FIP and FIEE markets and Open Market Code

(*) The Code of Qualified Services merged the Code of Custody, and included a chapter on Controlling.


Self regulation at anbima

REPRESENTATION

COMMITTEES

REGULATION COUNCIL

Supervision

Process and judgment

Investigation procedures

  • Impose penalties and enter into Instrument of Commitment.

Public Hearing

To be approved by the General Assembly

Investigation technical analysis

SELF REGULATION

Structure

Follow up Commission

The committees propose normsThe Board of Directors of ANBIMA approves and proposes alterations

Denunciation examination

6


Self regulation at anbima

SELF REGULATION

Code of Investment Funds

Includes: Funds 409 and Credit Receivables Investment Funds (FIDC)

Objectives and General Principles:

  • Fair Competition

  • To protect the interests of the investors

  • Fulfill the objectives of fund investment

  • Disclose information in a transparent way

  • Not affect the trustee relationship

  • Not bring harm to the industry


Self regulation at anbima

  • SELF REGULATION

  • Portfolio Manager (firmsonly):

  • Registration form

  • Documents disclosure

  • Background checking

  • ANBIMA’s due diligence

  • Ethical committee’s approval

  • ANBIMA’s Board approval


Self regulation at anbima

  • SELF REGULATION

  • Disclosure documents requirements:

    • Brazilian SEC approval

    • Firm’s by-laws

    • Principal’s resume

    • Business Plan

    • Introducing letters (from members only)

    • Policies:

      • risk management system and policy

      • personal investment policy

      • business continuity policy

      • compliance activity independent from risk management, MtM and commercial units/activity


Self regulation at anbima

SELF REGULATION

Code of Investment Funds

  • Maintopics:

  • Fund by-laws and prospectus elaboration

  • Classification of funds

  • Advertising

  • Sales practices

  • Suitability

  • Proxy Voting

  • Liquidity controls

  • Portfolio Manager licensee

  • MtM activity


Self regulation at anbima

SELF REGULATION

Code: fundsadministration vs. Portfolio managers


Self regulation at anbima

SELF REGULATION

ANBIMA´s monitoring and inspection activity


Self regulation at anbima

ANBIMA´S ENFORCEMENT FIGURES - 2010

  • Investment Fund Industry – Council of Self Regulation

  • Orientation Letters - 44 (administrator/portfolio managers)

  • Fines - 334 (registration, daily NAV, advertizing and prospectus)

  • Investigations - 6

  • Administrative lawsuits - 3*

  • Settlement agreement - 2

  • * 1 administrative lawsuit ongoing


Self regulation at anbima

REGULATION AND ENFORCEMENT TRENDS

  • Sales Practices

    • Simplified prospectus

    • Suitability

  • Rulemaking focusing on type of funds and type of assets

  • Liquidity controls

  • Expansion of on-site exams and inspections


  • Self regulation at anbima

    ANBIMA AT IOSCO/SROCC

    • Affiliate member since 2006

    • SROCC – Self Regulatory Organizations Consultative Committee

      • 70 members: trade associations/ self regulatory activities, stock exchanges and formal SROs (Finra, IIROC and AMV)

      • Presidency: Japan Securities Dealers Association (JSDA)

      • Working groups: ahead of the curve and regulators staff training program

      • Consultations: formal and by invitation (SC3, SC5)

      • Meetings: IOSCO Annual Conference, mid year meeting, stakeholders meeting, training programs from IOSCO and SROCC


    Self regulation at anbima

    ANBIMA AT IOSCO/SROCC

    Topics related to the Investment Funds Industry

    • SC3 – Intermediaries

      • Suitability standards (complex products)

    • SC5 – Investment Management

      • ETF

      • Valuation (Pricing)

      • Liquidity Management at CIS

      • Suspension of CIS redemptions

    • SC7 – Systemic Risk

      • Mitigation of systemic risk – a role for securities regulators


    Self regulation at anbima

    Thankyou

    • Markets Supervision Area

    • 55 11 3471 4204

    • José Carlos Doherty


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