RegAlertRule · CVM · 25 Oct 2014
Explanatory Note to CVM Instruction No. 84
CVM Instruction No. 84 aims to streamline the negotiation of small orders and facilitate small investors' access to the securities market. The authorized system reduces costs for brokerages by waiving registration requirements and allows small investors to execute trades in standard lots at better prices. This measure represents the first step in facilitating small investor participation in the stock market while safeguarding the interests of all market participants.
EXPLANATORY NOTE TO CVM INSTRUCTION NO. 84, OF SEPTEMBER 21, 1988.
The Instruction in question has a dual objective:
to streamline the process of negotiating small orders and facilitate access for small investors to the securities market.
The authorized system will bring cost savings to brokerages that adopt it, due to the waiver of registration; for the small investor, the grouping of orders will allow their trades to be executed in the standard lot market, with better prices for both the buyer and the seller.
Thus, it represents the first step towards facilitating the participation of small investors in the stock market, in accordance with the position traditionally assumed by this Commission, with the aim of developing the securities market, while simultaneously safeguarding the interest of its different participants.
Signed original
ARNOLDO WALD
President
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