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Ministry of Economy launches group to intensify the capital market


Model will follow the work done in 2018 by GTMK

In order to follow up on the discussions on measures with the private market and to strengthen the actions carried out in 2018 by the Working Group on Capital Markets and Long-term Savings (GTMK), the Ministry of Economy (ME) launched on Monday ( 3/6), the Capital Markets Initiative (IMK), at an event held at the headquarters of the Central Bank (BC) in São Paulo.

 Designed in a similar way to the former GTMK, the new initiative will be jointly developed by the Ministry of Economy, Central Bank, Securities Commission (CVM) and Superintendency of Private Insurance (Susep). "The GTMK has completed a cycle and its actions can now be leveraged. We are starting a new initiative, very welcome," explained the special Treasury Secretary, Waldery Rodrigues Júnior, during the launch.

According to him, only in the Special Secretariat of Finance there are about 30 measures in formulation to boost the economy. "The capital market in Brazil is well below the potential of the country's economy. There is a very low level of savings and there has been poor allocation of resources in the past," he said. He also said that the government has begun to combat these problems, for example, by requesting the return of funds from public banks to the National Treasury.

Products of the GTMK 2018

Waldery Rodrigues pointed out that GTMK had the merit of implementing measures and leaving others in a position to be implemented in 2019. As an example of these, he cited the changes in the S / A companies law to favor the financing of small and medium-sized enterprises - a measure included in MP of Economic Freedom ; and the amendment of the legislation of incentive debentures, with the objective of increasing the level of financing in infrastructure, to be included in the Draft Law in the final phase.

Still in the balance of products inherited from the GTMK, the secretary cited the fast track for debentures encouraged with socio-environmental benefits. "To paraphrase the minister Paulo Guedes, we have little time to get it right, so we need quick and high efficiency measures," he said.

De-bureaucratizing the market

 For the president of the BC, Roberto Campos Neto, it is necessary to bureaucratize the financial market so that everyone can have access. "This modernization will bring positive effects on the long-term growth of the Brazilian economy," he said.

Also present at the launch, Adolfo Sachsida, Secretary of Economic Policy of the Ministry of Economy, pointed out the importance of microeconomic measures to solve the productivity problem that has hit the country for more than three decades.

"The first problem of Brazil is fiscal and is being addressed by New Social Security," he said. "The second problem of productivity depends on initiatives like today. long-term growth. "

 New measures

 The new agenda presented by the WG will focus on improving the regulatory system of the Fintechs (innovative companies working with the financial system) through the sandbox - a model in which financial authorities grant temporary authorizations and waivers of rules to companies that develop innovative projects, through the fulfillment of previously agreed criteria and limits. The aim is to develop innovations without losing sight of consumer safety and market integrity.

 In the next few days, a joint statement will be published, involving the Ministry of Economy, BC, CVM and Susep, with principles for a Brazilian regulatory sandbox model. In this document, there will be a commitment among regulators to develop cooperation mechanisms for innovative projects involving activities regulated by more than one financial authority.

 The group also informed that the regulation of the Commercial Note (created by Law 10,303 / 2001) will enter into the debate, establishing a legal framework that differentiates them from the promissory notes.

 Currently, because they do not have their own discipline in the country's legal system, the CVM understands that commercial notes apply to the promissory notes regime. However, the promissory notes must be issued in the form of letters, which is difficult to reconcile with the dynamics of the capital market.

The reverse mortgage , presented in April by the Ministry of Economy, will also be the focus of the new GTMK. 

The event was also attended by Susep superintendent Solange Paiva Vieira, CVM president Marcelo Santos Barbosa and Carlos Ambrósio, president of the Brazilian Association of Financial Market and Capital Markets (Anbima).