BRZ Anbima Transparent Remuneration


On Oct. 11, BRZ Anbima issued new codes for investment distribution.


  • BRZ Anbima published new Distribution and Trading codes, their rules and procedures.
  • The new versions were updated in accordance with Resolution 179, see #195823.
  • Highlights
  • Texts include rules for institutions to define and disclose the fees for trading securities.
  • The goal is to provide greater transparency for investors with the new requirements.
  • Investors will have standardized and comparable data and will know remuneration.
  • Distribution Code
  • Institutions must maintain quantitative data on remunerations for trading securities.
  • Service in branches or by telephone, data must be enabled within 3 business days.
  • Additionally, investors should have access to a quarterly statement with this data.
  • Access will start in Jan. 2025, with information related to Nov. and Dec. 2024 period.
  • Investor must be informed of the effective rate, estimated variable distribution rate.
  • Data must be accompanied by mandatory notice that may change from that disclosed.
  • Remuneration for intermediation services abroad must be in the Remuneration Policy.
  • Trading Code
  • Starting Nov. 1st, it will be mandatory for the institution to maintain an internal document describing the procedures adopted to verify the remuneration received.
  • The list of procedures includes LIG (Guaranteed Real Estate Bond), the publicly distributed financial bonds, as well as COE (Structured Transaction Certificate).
  • Included some models of over-the-counter derivatives and other securities traded.
  • Methods and minimum duties that will be accepted for each product were also defined.
  • Self-Regulation
  • These changes are part of BRZ Anbima's Market Development in the Action agenda.
  • A set of activities that Anbima has chosen as priorities for the 2023/24 biennium.
  • Developed per consultation with members, partners, regulators, BRZ Anbima leaders.
  • Effectiveness
  • The rules will come into effect on Nov. 1, 2024.

Regulators BRZ Anbima
Entity Types B/D; Exch; IA; Inv Co
Reference PR, 10/11/2024
Functions Compliance; Financial; Legal; Reporting; Trading
Countries Brazil
Category
State
Products Clearing; Derivatives; Fund Mgt; Securities
Regions Am
Rule Type Final
Rule Date 10/11/2024
Effective Date 11/1/2024
Rule Id 229607
Linked to Rule :195823
Reg. Last Update 10/11/2024
Report Section International

Last substantive update on 10/15/2024