On Sep. 17, BRZ Anbima opened public hearing re transparency.
BRZ Anbima opened public hearing regarding transparency rules in remuneration of investment fund service providers in self-regulation, to provide clarity and uniformity.
The hearing will also include the new minimum governance requirements for essential service providers as well as for credit rights investment funds (FIDCs) administrators.
Transparency in Remuneration
BRZ Anbima is standardizing the information on remuneration of service providers that must be demonstrated and disclosed to investors if fund's bylaws include a global fee.
The goal is to provide investors with transparency on fees paid to service providers.
Updates in line with BRZ CVM's new interpretations related to Resolution 175, of 2022.
Suggested a document, separate from regulations, containing minimum parameters.
Such as general info about the class or subclass, and segregation of the fees charged.
Governance of Essential Service Providers
Due diligence of essential service providers, such as administrators, fund managers.
To ensure a standard of governance, developed a Due Diligence Questionnaire (QDD).
Defines minimum duties for the relationship between administrators and managers.
Requirements for FIDCs
BRZ Anbima created QDD to help FIDC administrators in hiring credit rights registries.
Their objective is to help professionals understand the risks re the service provision.
The questionnaire will be mandatory for institutions that follow BRZ Anbima code.
Questions re money laundering prevention, technological structure, risk management.
Questionnaire
Comments and suggestions can be sent until Oct. 4, 2024.
Effectiveness
New rules will come into effect on Nov. 1, 2024.
Oct 2024 BRZ Anbima Transparency Rules
On Oct. 21, 2024, BRZ Anbima published rules of transparency in remuneration for the provision of investment fund services, questionnaire for essential service providers.
If the manager does not want to disclose all separate fees charged for the provision of service and distribution, he can disclose one global fee that adds up all fees received.
However, must keep a document on the website that breaks down the individual fees, so that the investors will know what fees are being paid to each service providers.
