CVM/SMI Circular Letter 04/2012

CVM/SMI CIRCULAR LETTER NO. 004/2012
São Paulo, September 28, 2012.

To
Participants in the Distribution System
Subject: Accrediting Entity for Autonomous Investment Agents

National Association of Brokers and Distributors of Securities, Foreign Exchange and Commodities - ANCORD

Dear Sirs,

1. The Collegiate Board of the Securities and Exchange Commission (CVM), in a meeting held on August 28, 2012, approved the National Association of Brokers and Distributors of Securities, Foreign Exchange and Commodities - ANCORD - as the accrediting entity for autonomous investment agents based on Article 6 of CVM Instruction No. 497, of June 3, 2011.

2. The authorization granted will take effect from October 1, 2012, from which date candidates approved in the Certification Exams for Autonomous Investment Agents who have not requested their Certificate must do so through the ANCORD website, on the World Wide Web at the address:
   http://www.ancord.org.br.

3. Those who already possess the Certification of approval in the certification exam, but have not formalized the request for accreditation (authorization) to exercise the activity with the CVM, or who, even having formalized the request, have not sent the declaration of compliance with the requirements set forth in items IV to VI of Article 7 of ICVM No. 497/2011, must also do so through the ANCORD address. The documentation necessary for the issuance of the certificate, as well as for the processing of the request, must be sent to the ANCORD headquarters, whose address is: Rua Líbero Badaró, 425 - 8th floor, Center, São Paulo, SP, ZIP Code 01009-905.

4. The procedure described in the previous paragraph also applies to legal entities constituted in the manner provided for in Article 2 of ICVM No. 497/2011 and to all who wish to request the suspension or cancellation of their accreditations. Only processes that are already under analysis by the CVM on September 30, 2012, will continue to be handled by the Agency itself.

5. Natural and legal persons who have been accredited by this Commission must adhere to the Code of Professional Conduct for Autonomous Investment Agents and the Self-Regulation Code adopted by ANCORD according to a schedule established by it. Failure to adhere to these Codes within the stipulated period will result in the cancellation of the registration to exercise the activity of Autonomous Investment Agent. These documents are available on the ANCORD website at the address:
   http://www.ancord.org.br.

6. Institutions that are part of the securities distribution system that hire the services of Autonomous Investment Agents must register and keep their data updated with ANCORD, through the Management and Self-Regulation System for Autonomous Investment Agents, so that they can inform the execution and termination of contracts with those professionals.

7. Adherence to the Code of Professional Conduct for Autonomous Investment Agents and the Self-Regulation Code adopted by ANCORD must also be formalized by institutions that are part of the securities distribution system that hire the services of autonomous investment agents.

8. Due to the authorization granted to ANCORD, in addition to becoming an accrediting entity, it also becomes an entity responsible for the inspection and supervision of Autonomous Investment Agents and their Clients, regarding compliance with the rules established in the Codes mentioned in the previous paragraph, which confers upon it powers, including the power to punish any violations of these rules.

9. The Tax for the Supervision of Securities and Capital Markets, instituted by Law No. 7,940, of December 20, 1989, will continue to be charged from Autonomous Investment Agents and legal entities constituted in the manner provided for in Article 2 of ICVM No. 497/2011, given that its triggering event is the exercise of the police power legally attributed to the Securities and Exchange Commission, which is non-delegable.

Sincerely,

Waldir de Jesus Nobre
Superintendent of Market Relations and Intermediaries