CMN Resolution No. 4775 — Amends Resolution No. 3,427 of December 21, 2006 to Define the Update of the CVM Biennial Supervision Plan

The Central Bank of Brazil, pursuant to Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in a session held on January 29, 2020, in accordance with items I and III of Article 3 of Law No. 6,385 of December 7, 1976,

RESOLVES:

Art. 1º Resolution No. 3,427 of December 21, 2006, shall be amended as follows:

“Art. 1º The policy to be adopted in the supervision of the structure and functioning of the securities market by the Securities and Exchange Commission, as well as in the general orientation of its finalistic activities, must contemplate a risk-based approach, as established in this Resolution.

Sole Paragraph. For the purposes of this Resolution, a risk-based approach is understood as a system of regulation and oversight of the securities market that:

..........................................................” (NR)

“Art. 2º ......................................................

Sole Paragraph. ................................................

I - preparation, submission for knowledge of the National Monetary Council, and publication, every two years, of a Biennial Supervision Plan that contemplates the supervision priorities to be observed by the Securities and Exchange Commission for the following biennium;

II - preparation, submission for knowledge of the National Monetary Council, and publication, annually, of a Risk Monitoring Report reporting the performance of the Securities and Exchange Commission regarding relevant risks identified and contemplated in the current Biennial Supervision Plan, and justifications, if applicable, for the update of said Plan.” (NR)

Art. 2º This Resolution enters into force on the date of its publication.

Roberto de Oliveira Campos Neto
President of the Central Bank of Brazil