Autonomous investment agents may organize themselves into business partnerships with partners not registered with the Securities and Exchange Commission (CVM). The National Monetary Council (CMN) approved the flexibilization of the rules for the category.
The agents act in the distribution and mediation of bonds, securities, shares of investment funds and derivatives, as agents of institutions that are part of the securities system, such as brokers and banks. They can exercise the function as individuals, but were obliged, until now, to organize themselves in simple societies, if they acted as legal entities.
In simple societies, participation is restricted to the autonomous agents themselves. This limited the participation of outside investors in these companies. In the event of the death of a partner, an heir who was not an independent investment agent was prevented from taking over the share in the company.
According to the Ministry of Economy, the new possibility of organization will make it easier for companies of autonomous agents to raise funds in the market, expand the number of partners and reduce the problems of succession, in case of inheritance. The ministry also reported that the measure equals the situation of autonomous investment agents to other market participants, who did not face the same restrictions.
According to the ministry, the flexibilization of the rules was recently discussed in a public hearing at the Securities and Exchange Commission, with the approval of representatives of autonomous agents. “It is important to highlight that there are already large offices of independent agents, legal entities with professional and business structure, and some of them transact values higher than some brokers and distributors”, highlighted the folder, in a note.
To become effective, the measure depends on the amendment of another CMN resolution that regulates the activity of autonomous investment agents. According to the Ministry of Economy, the new resolution will be edited later this year.
