Funds with 100% allocation abroad and FIDCs may be released to any investor

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SÃO PAULO – The Securities and Exchange Commission (CVM) announced on Tuesday the opening of a public hearing that promises to facilitate the access of Brazilian investors to products currently restricted to qualified audiences, with more than R $ 1 million in financial investments.

Among the main changes proposed by the financial market sheriff that appear in the draft of the public hearing presented, is the possibility of investment by any investor in funds with up to 100% of global allocation or in credit rights funds (FIDCs).

In addition to facilitating access to products with a higher expectation of profitability and risk, the proposal provides for measures to increase transparency in the local market, such as the breakdown of the management fee, so that the payment of each service provider is clearly evidenced. individualized.

The draft proposes “convenient and opportune changes in the current scenario of the Brazilian fund industry”, says the municipality, which mentions the recent flexibility in access to BDRs.

In the document, a new nomenclature was adopted for funds regulated by CVM Instruction 555, of 2014, so that investment funds in shares, foreign exchange, multimarket and fixed income would be renamed Financial Investment Funds (FIF).

“With regard to Financial Investment Funds, FIF, we can highlight the possibility that, once certain requirements are met, funds destined for the general public will invest even their entire assets in financial assets abroad”, says Daniel Maeda, Superintendent CVM Institutional Investor Relations, in a statement.

fidca socioambiental

The document also presents news specifically related to FIDCs, such as allowing access to the general public, observing some characteristics of the fund, such as the requirement to obtain credit risk rating.

Still in relation to FIDCs, the draft includes the obligation to register credit rights in a registrar authorized by the Central Bank.

In addition, the possibility of labeling an FIDC as “socio-environmental” is a new step for the Brazilian market to become more competitive in attracting capital aimed at a sustainable and low-carbon economy, highlights the autarchy.

“It seems reasonable to expect that the demand from socio-environmental FIDCs will heat up the supply of ‘green’ receivables and debt securities, in a healthy process for the development of this market segment in Brazil”, says Claudio Maes, CVM Standards Development Manager.

Segregated assets and classes

According to the autarchy, several innovations proposed in the rules that deal with the constitution, operation and disclosure of investment fund information, in addition to the provision of services to the respective ones, are based on the Economic Freedom Law (Law 13,874 / 19) .

“The CVM seeks to reflect progress towards fundamental objectives, such as the efficient functioning of the market and the reduction of compliance costs for its participants, without disregarding investor protection, a fundamental mandate of the Autarchy”, says the CVM statement.

Among the new possibilities for the regulation of investment funds brought by the Economic Freedom Law, the municipality highlights the limitation of the responsibility of each shareholder to the value of their shares, as well as the possibility for investment funds to have share classes with rights and distinct obligations with segregated assets for each class.

“The possibility of setting up segregated assets within the same fund through different classes of shares offers new opportunities for structuring products and reducing costs for the investment fund industry in Brazil,” says Antonio Berwanger, Superintendent for Development of CVM market.

The real estate and participation funds (FIPs) were not covered by the draft, but will be inserted during the work of reviewing and consolidating the normative acts.

The public hearing will remain open for suggestions until April 2, 2021.

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