The Securities and Exchange Commission (CVM), the authority that regulates and supervises the Brazilian capital market, wants to create standards for the actions of digital influencers who discuss financial topics starting next year.
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The announcement was made on Wednesday during the event celebrating the 49th anniversary of the municipality, in an event held in the central area of Rio de Janeiro, in the presence of the interim president of the CVM, Otto Lobo.
According to the municipality, it is planned to open a public consultation in order to listen to market participants and develop rules for the actions of influencers who promote services and securities (investments).
The movement, reports the municipality, is a continuation of a previous consultation, dating from November 2023, which was open to receive considerations and comments from civil society on the issue.
The new standard is expected to provide guidelines for the dissemination of information on social media platforms and the activity of investment analysts who work across the networks.
For Fábio Coelho, executive president of Amec, an association that brings together local and foreign institutional investors, the fact that the municipality has included this subject on next year’s agenda shows the importance of the subject:
— Simply being on the CVM agenda reveals its importance, as the influencer has become an important player in the investment sector. The secret is to dose it, with measures that seek to be organized without obviously imposing limits that make important work unachievable, particularly in terms of financial education – he says.
— We need our regulator to be prepared for these technological revolutions that the market is going through — said Coelho at one of the tables of the event.
Presenting the agenda, Otto Lobo, Acting President, said that next year’s agenda reflects an “accelerated process of institutional progress, with a clear vision of the future focused on modernization, predictability, agility, to attract investors safely.”
The CVM does not set a deadline for the entry into force of the regulation, which still needs to be discussed with market participants, such as representative associations and law firms. But, for Fernanda Montorfano, partner at the TozziniFreire law firm, the measure could come into force within a period of six months to a year from the start of the public consultation:
— The process begins with a regulatory impact analysis by the CVM, accompanied by a robust report. Then the draft is published and market players can analyze it and make comments — explains Fernanda, who foresees an interval of 60 to 90 days for the comments from civil society to be absorbed by the municipality and the rule to come into force:
— It (the CVM) analyzes the comments, evaluates them, consolidates them and, with the approval of the board of directors, transforms them into a standard.
In addition to continuing the public consultation on influencers, the CVM also detailed certain subjects that will be on the agenda for next year. The opening of consultations for the regulation of the carbon market and COEs (structured transaction certificates), the publication of the rules for participatory financing (collective financing), the adjustment of the rules for public offers, the modernization of the rules for investment funds with participation (FIP) and the portability of investments will be on the menu.
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