Autorregulador del Mercado de Valores

General Assembly - March 29th, 2017

REGULATORCOORDINATION

REGULATORS INSTRUMENTS TRADING VENUE

FORMALSRO

VOLUNTARYSRO

C M N

C V M

B C B

DerivativesCorporate

Bonds

FinancialInstruments

GovernmentBonds

EquitiesCommodities

InvestmentFunds

Stock Exchange

Cetip

BM&FBovespaand BSM

BRAZILIAN FINANCIAL SYSTEM

Organized OTC

OTC

ANBIMA

MARKET REGULATORY STRUCTURE

Laws

Regulators

Self regulators

More General and Principle based

More Specific and detail based

Dyn

amis

m

ANBIMA

Who we are

A nonprofit legal entity organized as a civilassociation

Originated in 2009 from the merger of twoother associations, ANBID and ANDIMA,both which were present in the financialmarkets for a long time

Represents approximately 270 associates

• Founded 1967• Represented mainly

investment banking and investment fund

• Voluntary SRO: Public Offering - 1998 Investment Funds - 2000

• Founded 1971• Represented mainly

treasury and broker dealers firms

• Services Providers: SELIC - 1979 RTM - 1997

Asset Managers/ Administrators41%

UniversalBanks25%

Brokerage Firms

13% Distributors12%

Commercial Banks4%

Other Institutions3%

Investment Banks2%

ANBIMA’S PARTICIPANTS

INFORM

Governance structure: representation and equal rights for institutions of all sizes

MEMBERSEach gets one vote

General Assembly

Executive Board Fiscal Council Ethics Council

SubcommitteesMonitoring

CommissionsCommittees Self-regulation

Boards

LEGITIMACY

Associates

Associates + market entities

ANBIMA

ANBIMA’s mission is to strengthen therepresentation of the industry in order to supportthe development of capital markets in Brazil sothat they can finance the social and economicdevelopment of the country and influence globalmarkets

What we do

A STRONG MARKET REQUIRES STRONG

INSTITUTIONS

COMMITMENTS

REPRESENT SELF-REGULATE INFORM EDUCATE

RANKINGS INDICESSTUDIES

STATISTICS TOOLS REPORTS

INFORM

Well-trained professionals and conscientious investors are the foundation of a solid market

CORPORATEEDUCATION

CERTIFICATION FINANCIAL EDUCATION

INCENTIVES FOR RESEARCH

EDUCATE

Associates and in-house staff

Committees, subcommittees and working groups

Discussion and elaboration of policy suggestions

Dialogue with the government, issuing of position letters and participation in public hearings

Market development

REPRESENT

We seek to refine operating standards and monitor compliance with the rules

Rulemaking process

Associates

Market supervision

Technical Staff (in-house)

Self-regulation Boards

Members

Representation BodiesExecutive BoardPublic Hearings

General Meeting

Members(Monitoring Commission)

+Other

market entities

+

Financial education

ResourcesRules made by and for the market, always seeking improvements

SELF-REGULATE

SELF REGULATORY ACTIVITIES

Based on a contractual relationship, ourself-regulation is the result of thespontaneous initiative of its members,who adhere to our Codes voluntarily.

The association enjoys privateautonomy, acting within the frameworkof non-regulated activities, while notconfronting existing rules andregulations.

The nature of our self-regulation

SELF REGULATORY CODES

1990

2007

2008

1998

2000

2002-06

2011-16

2010

Starting discussion of self regulation

Public Offering Code

Investment Fund Code

Certification Code (2002(; Custody and other qualified capitalmarkets services (2004) and Private Banking (2006)

Code of Process

MoU with CVM for a fast track registration of public offers andmutual recognition of sensations applied

Codes of Private Equity/Venture Capital Funds and Trading ofFinancial Instruments

Codes of Wealth Management (2011) and Retail Distribution(2012)

WE HAVE COOPERATION AGREEMENTSWITH REGULATORY BODIES

PREVICNational

Superintendencefor Pension

Funds

CVM

BACEN

SUSEPNational

Superintendencefor Private Insurance

NATIONAL TREASURY

HIGH STANDARDS TRANSPARENCY

OUR MODEL

• Strategic area• Indirect supervision• On site supervision• Thematic supervision

SPECIALIZED SUPERVISION

• Rules are stricter than those established by the Regulator• Mandatory to members, that adhere to the Codes according

to the activities performed• Non-members may adhere• Formal and documented process

OUR EXPERIENCE

Act with agilityDynamic regulation

INSTITUIÇÕES PARTICIPANTES

Credibility that inspires respect

A strong market requires strong institutions

São PauloAv. das Nações Unidas, 8,501 21st floor05425-070 São Paulo SP Brazil+ 55 11 3471.4200

Rio de JaneiroAv. República do Chile, 230 13th floor20031-170 Rio de Janeiro RJ Brazil+ 55 21 3814.3800

www.anbima.com.br

Soraya Alvessoraya.alves@anbima.com.br