Regulatory Alerts2014-10-25
CVM Instruction No. 348 of January 23, 2001
The Brazilian Securities and Exchange Commission (CVM) establishes that hiring unauthorized or unregistered individuals for securities intermediation constitutes a serious offense under Article 11, Section 3 of Law No. 6,385 of 1976. This regulation specifically applies to members of the securities distribution system and administrators of CVM-regulated funds who engage personnel not authorized or registered with the CVM for client acquisition or business intermediation. The instruction entered into force on the date of its publication in the Official Gazette of the Union.
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