Increasing the autonomy and power of small investors, came into force this Monday, 2, new fund rules. Among the main advantages of the regulatory framework for investment funds is retail access to FIDCs (Credit Rights Investment Funds) and investment funds that invest 100% not external.
Until then, These two products were restricted only to millionaires, with minimum investments of R$ 1 million. For this and other reasons, These changes have been awaited for a long time by Brazilian investors and managers. The Resolution 175, provided for by the Securities and Exchange Commission (CVM), also brought other important changes.
ESG Rating, cryptoassets and accountability
Among them are investment in direct funds in crypto assets, the creation of socio-environmental funds and the classification for ESG funds, which stipulates that only funds that originate sustainable investments must receive the label. Another important change is the limitation of the responsibilities of the individual investor.
The new rule provides that, em if the fund records losses in a value greater than the shareholder's equity, Each customer's liability is limited to the value of their participation. In this way, if the product's assets become inactive, the investor cannot be called upon to put in more money. Furthermore, the fund will also be allowed to become insolvent in court.
It is because of all these updates that the regulatory framework is considered the biggest change in this market since the Real Plan. Now, CVM's expectation is that the changes will boost diversification in the investment industry.
Partial changes
Nonetheless, All these changes will not happen immediately. Due to existing challenges, the implementation of this new standard has already been delayed for six months. At its origin, the framework should have come into force in April. Now, although, the rule will be implemented in phases, in which some rules come into force immediately and others only from April.
The changes valid on this day 2 include the release of new products to small investors. Other modifications to old products will have until the end of next year to make all their migrations. According to the CVM, the deadline is necessary due to the size of the fund industry.
“Our industry is a transatlantic and adaptation cannot be a collision with an iceberg. Then, we will have just over a year to turn this ship around 30 thousand funds towards a new norm”, defends Daniel Maeda, superintendent of supervision of institutional investors at CVM.
Technology and deadlines are challenges
Nonetheless, the new framework also brings adjustments and challenges so that small investors are protected in the market. I do not match two FIDCs, credit rights titles will be required to be registered before being offered for retail.
This is why the market needs time. “There is a relevant registration and deadline challenge. Some homes take up to two days to register a title. It could be an obstacle for funds dedicated to retail to be launched now”, says Richard Ionescu, CEO of securitization company Iosan. International investment funds also bring challenges.
The CVM only allows you to invest in what is known and the commission still lacks a system that facilitates access to certain securities and assets from abroad. The solution is already being developed together with the Brazilian Association of Financial Market Entities (Anbima), scheduled for release at the end of 2024.
Before that, the current standard already allows investors to have access to ETFs, index funds that allow investments outside Brazil for small investors in an immediate and democratic way.
