Autorregulador del Mercado de Valores. General Assembly - March 29 th, 2017

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1 Autorregulador del Mercado de Valores General Assembly - March 29 th, 2017

2 BRAZILIAN FINANCIAL SYSTEM REGULATOR COORDINATION REGULATORS INSTRUMENTS TRADING VENUE FORMAL SRO VOLUNTARY SRO C M N C V M Equities Commodities Derivatives Corporate Bonds Investment Funds Stock Exchange Organized OTC BM&F Bovespa and BSM Cetip ANBIMA B C B Government Bonds Financial Instruments OTC

3 Dynamism MARKET REGULATORY STRUCTURE Laws More General and Principle based Regulators Self regulators More Specific and detail based

4 ANBIMA Who we are A nonprofit legal entity organized as a civil association Originated in 2009 from the merger of two other associations, ANBID and ANDIMA, both which were present in the financial markets for a long time Represents approximately 270 associates Founded 1967 Represented mainly investment banking and investment fund Voluntary SRO: Public Offering Investment Funds Founded 1971 Represented mainly treasury and broker dealers firms Services Providers: SELIC RTM

5 ANBIMA S PARTICIPANTS INFORM Asset Managers/ 41% Administrators Universal 25%Banks 13% Brokerage 12% Distributors Firms Investment 2 % Banks Commercial 4 % Banks 3 Other % Institutions

6 Governance structure: representation and equal rights for institutions of all sizes LEGITIMACY MEMBERS Each gets one vote General Assembly Ethics Council Executive Board Fiscal Council Committees Subcommittees Monitoring Commissions Self-regulation Boards Associates Associates + market entities

7 ANBIMA What we do ANBIMA s mission is to strengthen the representation of the industry in order to support the development of capital markets in Brazil so that they can finance the social and economic development of the country and influence global markets A STRONG MARKET REQUIRES STRONG INSTITUTIONS

8 COMMITMENTS REPRESENT SELF-REGULATE INFORM EDUCATE

9 INFORM RANKINGS STUDIES INDICES STATISTICS TOOLS REPORTS

10 EDUCATE CORPORATE EDUCATION CERTIFICATION FINANCIAL EDUCATION INCENTIVES FOR RESEARCH Well-trained professionals and conscientious investors are the foundation of a solid market

11 REPRESENT Associates and in-house staff Committees, subcommittees and working groups Discussion and elaboration of policy suggestions Dialogue with the government, issuing of position letters and participation in public hearings Market development

12 We seek to refine operating standards and monitor compliance with the rules SELF-REGULATE Rulemaking process Market supervision Self-regulation Boards Associates Representation Bodies Executive Board Public Hearings General Meeting Rules made by and for the market, always seeking improvements Technical Staff (in-house) + Members (Monitoring Commission) Resources Financial education Members + Other market entities

13 SELF REGULATORY ACTIVITIES The nature of our self-regulation Based on a contractual relationship, our self-regulation is the result of the spontaneous initiative of its members, who adhere to our Codes voluntarily. The association enjoys private autonomy, acting within the framework of non-regulated activities, while not confronting existing rules and regulations.

14 SELF REGULATORY CODES Starting discussion of self regulation Public Offering Code Investment Fund Code Certification Code (2002(; Custody and other qualified capital markets services (2004) and Private Banking (2006) Code of Process MoU with CVM for a fast track registration of public offers and mutual recognition of sensations applied Codes of Private Equity/Venture Capital Funds and Trading of Financial Instruments Codes of Wealth Management (2011) and Retail Distribution (2012)

15 WE HAVE COOPERATION AGREEMENTS WITH REGULATORY BODIES PREVIC National Superintendence for Pension Funds BACEN CVM SUSEP National Superintendence for Private Insurance NATIONAL TREASURY

16 OUR MODEL HIGH STANDARDS Rules are stricter than those established by the Regulator Mandatory to members, that adhere to the Codes according to the activities performed Non-members may adhere Formal and documented process TRANSPARENCY SPECIALIZED SUPERVISION Strategic area Indirect supervision On site supervision Thematic supervision

17 OUR EXPERIENCE Dynamic regulation Act with agility Credibility that inspires INSTITUIÇÕES respect PARTICIPANTES

18 Soraya Alves A strong market requires strong institutions São Paulo Av. das Nações Unidas, 8,501 21st floor São Paulo SP Brazil Rio de Janeiro Av. República do Chile, th floor Rio de Janeiro RJ Brazil