BRZ Anbima reported on Resolutions to standardize the process, raise transparency.
Follows Dec. 13, 2023, BRZ CVM submission of comments re proposal, see #186886.
Resolution 209
Established rules and procedures for the portability of investments in securities.
The securities portfolio manager must collect a statement from the shareholder stating that shares are not subject to the current regulations on the portability of securities.
The movement of securities must result from authorizations issued by investors.
Communicated to the central depository using instructions issued by custodians, or by direct request from investors, observing regulations on the securities portability.
Transfers of securities without changing ownership, and any rights and encumbrances attributed to them, must be carried out to the custodians indicated by the investor.
Transfers of securities with change of ownership, and any rights and encumbrances attributed to them, must be carried out with custodians indicated by the investor.
Must comply with reasonable procedures, considering investors' needs and security.
Must be conducted by a custodian within 2 business days from receipt of valid request.
Portability requests submitted by a shareholder or a contracted distributor must be processed under terms and deadlines in current regulations on securities portability.
Resolution 210
Promoted specific changes to other rules, complementing Resolution 210 publication.
Established procedures, deadlines, conduct and transparency rules applicable to custodians, intermediaries, central depositories, registration entities, and managers.
The institutions must conduct their activities with good faith, diligence, and loyalty.
They are prohibited from prioritizing their interests or the interests of persons linked.
The internal rules and procedures of the institutions must consider the needs of investors, notably the desire that there are no unjustified obstacles to portability.
Also, promote the reduction of bureaucracy, simplicity, transparency, and efficiency.
Custodians, intermediaries, and central depositories must enable applications.
As well as other electronic interfaces offered to investors, in easily accessible location.
Must provide a digital interface for portability requests, accessible exclusively employing password, electronic signature, or similar identification mechanism.
Custodians and intermediaries must keep quantitative data on number of requests.
BRZ Anbima Resolution Highlights
BRZ Anbima reported on highlights that require institutions to create a digital interface to request portability, so investors don't need to fill out physical forms or get notarized
Investor can use paper forms if they prefer to use this method to make request.
Additionally, the resolutions allow investors to choose whether they would like to request portability at the institution of origin, destination or central depository.
Requires institutions to be transparent about deadline for making or denying the transfer of custody, and if denial, distributors must clearly state reasons to investors.
Portability deadlines may vary between two and nine business days from the date of the request, depending on the group of assets and operational complexity.
Institutions must also report quantitative data on portability to CVM and SROs.
Anbima's Correa Junior sees as positive the possibility of using open finance to enhance rules for transferring custody of investments, since could make efficient.
Structure for exchanging information already exists, makes portability even more fluid.
Investment portability is part of BRZ Anbima in Action Investor Centricity agenda.
Strategic plan developed based on extensive consultation with members, partners, etc.
Effectiveness
Resolutions 209 and 210 shall come into force on Jul.1, 2025.
In Dec. 2024, BVMF issued circular on adaptations related to portability, see #238047.
Regulators
BRZ Anbima; BRZ CVM
Entity Types
B/D; Bank; CNSM; Exch; IA; Inv Co
Reference
OG, PR, 8/27/2024; PR, Res 210, Res 209, 8/26/2024
