Previc prepares to create rules applicable to the selection of managers

On November 25, Previc, the Brazilian authority responsible for regulating pension funds, closed the stage comprising the submitting of contributions to the public hearing that will culminate in its first set of rules applicable to portfolio managers. The new regulation will detail the requirements for the selection and supervision already provided for in the Resolution 4,661, edited in May by the National Monetary Council. Amec sent its contributions and suggested, in line with the global trend, the inclusion of the stewardship discipline in the list of attributes to be considered with regard to the selection of managers. The suggestion, however, does not make the adoption of the procedures compulsory.
Amec also suggested that Previc clarify the language used in the draft as it sometimes mentions the portfolio manager and sometimes, the administrator. According to the CVM Instruction 558, the exercise of the professional activity of securities portfolio managers can be exercised by professionals registered in the category of trustees or asset managers.
The President Letter 18/2018 is available here.