The Finance Ministry unveiled an open-architecture scheme that would prevent mutual fund managers from working exclusively with only one mutual fund distribution company or entity (usually the bank that owns them), and ensure that any distributor willing to offer a manager's fund should be allowed to do so.
State and municipal pensions barred from investing in local funds with international exposure
January 5, 2015 by
Local fund managers had been distributing their internationally-focused products to these Brazilian institutional investors through September 2014. However, a technical note (07/2014) issued by the MPS clarified that the RPPSs are not permitted to invest in international markets, even if the vehicle is local.
CCR Monthly Approval Report – December 2014
December 30, 2014 by
While Dimensional and Lazard led with four mutual funds registered in the month, BlackRock and Invesco each won approval for three funds of their own.
Local expert: The real impact on cross-border managers of eased international-investment rules in Brazil
December 22, 2014 by
A long-awaited, momentous change came about last week in Brazil, when its securities regulator made it much easier for the affluent to invest internationally via locally-domiciled products. Seeking reaction to the news, Fund Pro Latin America spoke with the longtime manager of a multinational fund firm - a Brazilian native sensitive to the needs and demands of Brazilian investors as well as the competitive environment for global firms. In this wide-ranging, 1,200-word article - what we would consider required reading for cross-border managers - the executive (whose name is revealed in the article) discusses what's really changed with the new regulations, the importance of the changes for cross-border managers, the likelihood of international diversification amongst the affluent, other market sectors that will soon be gaining easier access to international markets, the size of the "new" addressable market in light of these changes, the potential for - and wisdom of - new efforts by players from abroad setting up shop in Brazil, the competitive environment for funds vs. new ETF and depositary-receipt offerings that already provide some access to international markets, and what he considers to be the minimum requirements for success for cross-border firms considering Brazil.
CVM has begun drafting new qualified-investor rules
December 10, 2014 by
The Brazilian securities regulator, the Comissão de Valores Mobiliários responded to a request made by the Brazilian Association of Financial and Capital Markets (ANBIMA) and decided that revised regulations governing "suitability" and new definitions concerning qualified investors should enter into force simultaneously.
Canadian and MILA-listed securities can be bought locally by Chilean investors
December 5, 2014 by
SVS approved a resolution that exempts all listed investment securities registered with regulators in Colombia, Mexico, Peru and Canada as well from enrollment in the Registro de Valores Extranjeros (foreign securities register). Under the new rules, registered securities in any of these countries - including ETFs - will be able to be traded publicly by Chilean investors almost automatically.
Amafore seeks more active role in processes and self-regulation
November 12, 2014 by
Carlos Noriega (photo) said the pension manager association is proposing, along with other missions, it be more involved in pre-approving ETFs for their eventual sale to Afores, a task currently in the wheelhouse of the pension regulator, the Consar.
Amafore: Pension-fund investment regime not a legislative matter
October 27, 2014 by
Carlos Noriega Curtis, president of the Mexican pension fund association, the Amafore, is proposing that the Retirement System Law (SAR) be amended to delegate to the Consar all decisions regarding the Afores' investment regime.
Colombian infrastructure program generating interest for investors in alternatives
October 12, 2014 by
The "Fourth Generation Concessions Program," introduced two years ago by the Colombian government, has created considerable expectations among foreign and local sponsors who want to develop investment vehicles for project implementation. AFPs would be likely buyers of the products.
Honorato & Delaveau law firm seeks to expand asset-manager client base
October 10, 2014 by
The firm strengthened its team with economist Carolina Philipps (pictured), formerly with the CCR.
