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16.March.2022

ANBIMA provides about the dismissal of exams for Private Equity Investment Funds’ Managers to obtain ANBIMA’s Managers’ Certification for Structured Funds (CGE)

On the beginning of this month, came into force the amendments to the ANBIMA’s Regulation and Best Practices Code for the Continued Certification Program of the Brazilian Financial and Capital Markets Association (“ANBIMA” and “Code”), which has started to include the Private Equity Investment Funds (“FIP”) in the list of products which professionals must be certified – in this case, with the ANBIMA’s Certification for Structured Funds’ Management (“CGE”).

Due to the amendments to the Code, it became mandatory for the FIP’s managers to obtain the CGE, which was already a requirement for the professionals from institutions associated with ANBIMA or adherents to the Code (“Participating Institutions”) which (i) perform the professional practice of FIP’s asset management, and/or integrate committees, in any case from the own institution or specifically from FIP[1], and (ii) have competence or discretion of investing (buying and selling) the integrating assets of the FIP’s portfolio.

Requirements for dismissal of the CGE’s exam

On March 2nd, simultaneously to the implementation of the Code’s amendments, ANBIMA has released the proceedings for the dismissal of the CGE’s exam to the professionals with a minimum experience of 7 (seven) years in managing structured products, such as index investment funds (ETF), real estate investment funds (FII), credit rights investment fund (FIDC) and FIP (“Structured Funds”).

The previous experience, obtained in the last 10 (ten) years, must be demonstrated by declarations issued by former employees, signed by the qualified representatives, as set forth in the corporate documents that shall support the dismissal requirement, with an indication of the position, activities performed and period of performance of the applicant. The rules and proceedings to obtain the dismissal provides that shall be accepted as a professional experience:

  • experience, as an individual, acquired in paid activities of management of assets of third parties, with decision-making authority and investment discretion (buying and selling) of the Structured Funds’ portfolio;
  • experience acquired in institutions considered non-Participating Institutions, as provided in the Code, in the activity of management of assets of third parties, with decision-making authority and investment discretion (buying and selling) of the Structured Funds’ portfolio;
  • experience acquired in Participating Institutions, as provided in the Code, in the activity of management of assets of third parties, with decision-making authority and investment discretion (buying and selling) of the FIP’s portfolio;
  • experience acquired abroad in the activity of management of resources of third parties, with decision-making authority and investment discretion (buying and selling) of the Structured Funds’ portfolio; or
  • experience acquired as a professional in charge of the treasury department of financial institutions.

The dismissal of the CGE’s exam may also be required by professionals that demonstrate to have performed executive position in governmental entities related to the financial and capital markets, regardless of the period in which the position was performed.

The dismissal of the CGE’s exam must be required by filling an electronic form and a letter of dismissal (which draft is available on ANBIMA’s Certification website), or by means of the “Documents” section in ANBIMA’s Market Supervision System (SSM), and can be requested in the later of 6 (six) months, as from March 2nd, 2022. The professionals that obtain the dismissal of the CGE’s exam will have, automatically, the dismissal for the ANBIMA Fundaments’ (CFG) Certification exam.

Our Firm has a team specialized in Investment Funds and Asset Management. If you want to learn more about the subject of this newsletter or other related topics, please reach out to our lawyers.

 

André M. Mileski

andre.mileski@lefosse.com

Tel.: +55 11 3024 6289

Cel.: +55 11 9 9908 3788

Mariana Demattê Gauer

mariana.gauer@lefosse.com

Tel.: +55 11 3024 6363

Cel.: +55 11 9 9482 7930

Amanda Segato

amanda.segato@lefosse.com

Tel.: +55 11 3024 3307

Cel.: +55 11 9 99807 6750

 

 

[1] The Certification Code defines “Committee” as a deliberation, counselling, consulting and/or inspection entity eventually implemented by the funds set forth under the bylaws and/or by decision of the general meeting, which aims to (a) have influence in the investment and divestment decisions of the funds, and/or (b) keep up with the investments made by the funds, and/or (c) settle over strategical matters of the funds, amongst other assignments allowed by the legal rules or regulatory provisions that encompass the investment products’ distribution activities, the third parties asset management and the wealth management


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