Co-written by Adriana Gödel Stuber
The Brazilian Monetary Council (CMN) decided to create a new player in the domestic capital market, i.e. the Agente Autonomo de Investimento that could be translated as Independent Investment Agent. CMN additionally determined the scope of activity to be performed by such agent, the basic governing rules of which are contemplated in Resolution number 2838, of May 30, 2001, issued by the Central Bank of Brazil (Bacen).
As defined under said Resolution, independent investment agent is an individual or legal entity formed by authorised professionals and whose activity is the distribution and mediation of instruments, securities, shares of investment funds and derivatives, at all times under the charge of and as an employee of the licensed institutions, which are those deemed to be part of the Brazilian securities distribution system. Pursuant to article 15 of Law number 6385, of December 7, 1976, the Brazilian securities distribution system shall
