{
  "title": "Brazil: Financial Sector Assessment Program-Technical Note on Fund Management: Regulation, Supervision and Systemic Risk Monitoring",
  "publication": "IMF Staff Country Reports, December 11, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/12/11/brazil-financial-sector-assessment-program-technical-note-on-fund-management-regulation-46449",
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  "summary": "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 particip",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- Brazil has a large and diverse investments funds sector which is subject to a robust regulatory framework.\n- 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.\n- Fiduciary administrators play an important role as the main gatekeeper for investment funds.\n- Despite the highly concentrated nature of the industry, there is evidence that fiduciary administrators make a significant contribution to the safety and soundness of the sector as a whole."
    },
    {
      "heading": "Regulation and supervision",
      "content": "- The CVM is identified as the competent authority overseeing the investment funds sector.\n- The CVM requires high standards of the entities it oversees.\n- The CVM makes operational use of extensive data received from market participants on an ongoing basis."
    },
    {
      "heading": "Market structure and systemic considerations",
      "content": "- The investment funds sector is described as large and diverse.\n- The industry is characterized as highly concentrated.\n- Fiduciary administrators act as the main gatekeeper for investment funds and contribute materially to sector safety and soundness."
    },
    {
      "heading": "Thematic areas covered",
      "content": "- Asset and liability management\n- Asset management\n- Financial institutions\n- Liquidity\n- Liquidity management\n- Mutual funds"
    },
    {
      "heading": "Keywords and supervisory focus",
      "content": "- Asset management\n- CR\n- CVM guidance\n- CVM instruction\n- CVM staff\n- CVM's independence\n- founding document\n- ISCR\n- Liquidity\n- Liquidity management\n- management sector\n- Mutual funds\n- private equity\n- South America\n- supervision plan\n- supervisory approach\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "Published: December 11, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484389010.002",
    "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.",
    "Despite the highly concentrated nature of the industry, there is evidence that fiduciary administrators make a significant contribution to the safety and soundness of the sector as a whole.",
    "The CVM is identified as the competent authority overseeing the investment funds sector.",
    "The CVM requires high standards of the entities it oversees.",
    "The CVM makes operational use of extensive data received from market participants on an ongoing basis.",
    "The investment funds sector is described as large and diverse.",
    "The industry is characterized as highly concentrated.",
    "Fiduciary administrators act as the main gatekeeper for investment funds and contribute materially to sector safety and soundness.",
    "CR",
    "CVM guidance",
    "CVM instruction",
    "CVM staff",
    "CVM's independence",
    "founding document",
    "ISCR",
    "management sector",
    "private equity",
    "South America",
    "supervision plan",
    "supervisory approach",
    "**Country Report**"
  ],
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