ANBID

The National Association of Investment Banks (Associação Nacional dos Bancos de Investimento – ANBID), is the leading commercial association representing financial institutions operating in the Brazilian capital markets. Its members are made up of investment banks, asset management companies and multiple banks with investment portfolios, operating in the areas of fund management and administration, public offerings, M&A, project finance, private banking and custody, among other capital market-related services. ANBID’s activities encompass five key areas: Representation, Self-Regulation, Investors Education, Professional Certification and Information.

The Association’s self-regulation activities arose from a perception that market entities should not limit themselves merely to complying with government-sponsored legislation. Rather, they should go the extra mile by undertaking to create and comply with rules and best practices prepared by the institutions themselves, which, once implemented by all, result in an improvement in the quality of their activities, the Brazilian capital markets as a whole as well as constituting additional investor protection. In this sense, ANBID launched the Self-Regulation Code for Public Securities Offerings in 1999, the Self-Regulation Code for the Investment Funds Industry in 2000 and the Self-Regulation Code for Qualified Custody Service in 2004.

ANBID’s self-regulation activities are recognized by the CVM, which recommended and supported the affiliation of the association to Self Regulatory Organizations Consultive Committee of IOSCO in 2005.