CVM placed on public hearing, on 10.10.2018, a proposal amending Instructions 51, 279, 358, 359, 361, 400, 472, 480, 510, 539, 542, 543, 555 and 578, as well as revoking Instructions 116, 117, 296 and 297. Such measure is part of the first phase of the Strategic Project for Reducing the Cost of Compliance, which focuses on promoting regulatory changes to eliminate regulatory redundancies or overlaps, as well as reducing the cost of compliance.
The idea is to increase the efficiency of regulation and maximize full, efficient and fair competition among market participants. CVM discussed the matter with 24 representative entities of the capital markets.
Among the main proposals of the public hearing, the following stand out: (i) delete redundant and/or outdated rules to facilitate interpretation and reduce costs; (ii) improve the disclosure of information to CVM and to the market; (iii) adjust inconsistencies of ICVM 472 (Real Estate Funds) in relation to the dynamics of regulation amendments provided for in ICVM 555; (iv) include in ICVM 555 a provision for automatic approval of financial statements without reservations, when a quorum is not reached, and eliminate the need for prior authorization from CVM for certain transformations; and (v) review the provisions of ICVM 279 (Mutual Privatization Funds -FGTS) and ICVM 358 (Exchange Traded Funds).
Suggestions and comments should be forwarded to the Superintendence of Market Development (SDM) ([email protected]) until 01.11.2018.
To access the full notice of the SDM Public Hearing 06/2018, click here.
