Brazil: Financial Sector Assessment Program-Technical Note on Fund Management: Regulation, Supervision and Systemic Risk Monitoring

International Monetary Fund

No 2018/358, IMF Staff Country Reports from International Monetary Fund

Abstract: Brazil has a large and diverse investments funds sector which is subject to a robust regulatory framework. The competent authority, the Comissão de Valores Mobiliários (CVM), requires high standards of the entities it oversees and makes good use of the extensive data it receives from market participants on an ongoing basis. Fiduciary administrators play an important role as the main gatekeeper for investment funds and, despite the highly concentrated nature of the industry, there is evidence that they make a significant contribution to the safety and soundness of the sector as a whole.

Keywords: ISCR; CR; CVM guidance; supervision plan; CVM instruction; CVM staff; management sector; founding document; private equity; CVM's independence; supervisory approach; Mutual funds; Asset management; Liquidity management; Liquidity; South America (search for similar items in EconPapers)
Pages: 26
Date: 2018-12-11
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