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.
