Brazil’s securities regulator CVM (Comissão de Valores Mobiliários) has approved a second amendment to its technical cooperation agreement with Anbima (Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais), the country’s association of financial and capital market entities. The amendment was approved during a CVM board meeting on September 1, 2026, and restructures the original accord signed in September 2024 to strengthen supervision of investment funds and enhance operational efficiency across Brazil’s regulated markets.
- Original Agreement Date: September 26, 2024
- First Amendment: December 19, 2024
- Agreement Duration: 10 years from publication in Brazil’s Official Gazette, renewable once
- Coverage: Investment funds, private equity funds (FIP), and financial investment funds (FIF) under CVM Resolution 175
The second amendment reinforces CVM’s supervisory and enforcement responsibilities while consolidating the regulatory roles of both organizations in monitoring investment funds and their service providers. The agreement expands CVM and Anbima’s joint oversight to encompass private equity funds and extends their authority into financial investment funds, a growing sector within Brazil’s investment landscape.
Two new annexes have been added to the cooperation agreement. Annex IV establishes protocols for exchanging information regarding international assets held in financial investment fund portfolios, addressing cross-border investment oversight. Annex V formalizes Anbima’s support for CVM in collecting data for the annual IOSCO Investment Funds Statistics Survey Collection, enabling Brazil’s regulatory framework to align with international standards set by the International Organization of Securities Commissions.
The enhanced cooperation reflects regulators’ commitment to improving coordination between government oversight and self-regulatory industry bodies in Brazil’s financial markets. By leveraging Anbima’s market expertise alongside CVM’s regulatory authority, the agreement aims to streamline supervision, reduce compliance costs, and strengthen investor protections across multiple fund categories.
