Investment adviser will have to inform commission – 02/14/2023 – Market

The CVM (Securities and Exchange Commission) released, this Tuesday (14), new rules for investment advisor activity. Among the highlights are the possibility of working for more than one brokerage firm and more transparency on the remuneration of these professionals.

Advisors who act as individuals may have a contract to sell products from more than one bank or brokerage firm, without exclusivity.

Another important point concerns the remuneration of advisors. They now have the obligation to detail how they are remunerated for each product and brokerage, and point out to investors possible conflicts of interest.

Advisors “should keep such information available in a specific section or page of the website, so that investors can access it before making the investment decision”, says the CVM.

The president of Anbima (Brazilian Association of Financial and Capital Market Entities), Carlos André, says that the new rules released by the CVM were within what was expected by the entity.

“One of the concerns was with the differences between the levels of remuneration information passed on to investors. And this standardization by the CVM goes in the direction of resolving this issue”, says André.

Luciane Buss Effting, vice president of the Distribution Forum at Anbima, highlights the rule that provides for the disclosure of a quarterly statement of remuneration, which must contain the amounts paid to advisors in the period.

“This issue of conflict of interest has always been the subject of debates in the market, and these rules greatly improve the level of information for investors,” says Effting.

“It is necessary to have the tools to identify possible conflicts of interest and the incentives that may be present in the distribution of financial products”, says Antonio Berwanger, Superintendent of Market Development at the CVM.

The autarchy even determined a separation between the types of information disclosed on remuneration.

According to the CVM, general information of a descriptive and qualitative nature must be available on an internet page subject to wide access. Information containing values ​​or percentages can only be provided to the investor.