The self-regulator Brazilian Financial and Capital Markets Association (ANBIMA) recently signed an agreement regarding non-compliance with certification rules with a Brazilian fund manager of Equity Investment Funds (Fundo de Investimento em Participações – FIP).
ANBIMA’s fiscalization goes under the requirement for the percentage certified professionals within the structure of FIP managing firms, which must correspond to 50% by March 2, 2023, and 100% until March 2, 2024.
Given the absence of previous non-compliance situations and the collaboration with ANBIMA, the fund manager had their proposals for terms of commitment accepted, undertaking to: (i) guarantee the achievement of the percentage of 100% and 50% of professional duly certified to work in the management of third-party resources (in each case); and (ii) the payment of pecuniary penalties, intended to fund educational events and actions promoted or carried out by ANBIMA in the matter.
This case reveals ANBIMA’s active position in monitoring and supervising regulatory requirements for operating in the capital market, reinforcing the need for managers and other administrators of third-party resources to act in full compliance with the rules of conduct established by the entity which, even without legislative or regulatory force, can represent an important part of the structure of the activities of regulated companies in the Brazilian capital market.
