In July, ANBIMA hosted a delegation from the Financial Stability Board (FSB), an international organization that promotes coordination and cooperation among financial authorities and regulators. The delegation, consisting of seven representatives from various countries, also met with market institutions and regulators to evaluate Brazil's regulatory practices and policies against international standards, focusing on investment funds—a process known as Peer Review. During the meeting with ANBIMA, four key topics were discussed: the association's role, existing agreements with the Securities and Exchange Commission of Brazil (CVM), relations with international regulators, and potential vulnerabilities within the industry.

The FSB was particularly interested in understanding how ANBIMA organizes its self-regulation activities, balancing market representation with supervision, according to ANBIMA's Executive Director, Zeca Doherty. “We have a governance model that’s unique globally. This meeting provided an opportunity to showcase the association’s work and approach, detailing our self-regulation processes—from drafting, approving, and disseminating rules to the day-to-day supervision of these rules.” ANBIMA also clarified that fines imposed on institutions that voluntarily adhere to its codes of best practices are fully reinvested in educational initiatives.

The discussion also addressed ANBIMA's relationship with the CVM, particularly regarding fund agreements. “We explained how the agreement operates in practice, emphasizing that there’s no delegation of regulatory powers, but rather a utilization of the association’s information, with our own rules extending beyond the agreements,” Doherty noted.

Regarding ANBIMA's engagement with international regulators, the conversation highlighted the association’s extensive involvement with the International Organization of Securities Commissions (IOSCO), of which ANBIMA has been a member since 2005. “This international presence is crucial to our work, and we consistently aim to contribute, especially in public consultations where our perspective is relevant,” Doherty added.

The discussion on potential industry vulnerabilities focused on two main topics: liquidity and leverage. “We emphasized our preventive approach, which includes analyzing a fund's assets and liabilities to prevent the need for liquidity management tools, such as side pockets or gates, during crises.”

Lastly, ANBIMA explained that while its self-regulation does not include specific rules on leverage, the CVM has incorporated margin-based metrics into its new fund regulations, in line with the FSB's 2017 recommendations.