INTERNATIONAL AGREEMENTS ENDORSED BY THE CVM

BILATERAL AGREEMENTS (MOUS)

MULTILATERAL AGREEMENTS

THE IOSCO MULTILATERAL MEMORANDUM OF UNDERSTANDING

 

 

 

I. BILATERAL AGREEMENTS OR MEMORANDA OF UNDERSTANDING (MOUs) SIGNED WITH THE CVM

 

Click on the corresponding country or refer to the list below for further information

SOUTH AFRICA GERMANY ARGENTINA AUSTRALIA AUSTRALIA BOLIVIA CANADA (QUEBEC) CHILE CHINA ECUADOR SPAIN UNITED STATES OF AMERICA UNITED STATES OF AMERICA FRANCE FRANCE GREECE ISRAEL ITALY ITALY LUXEMBOURG MALAYSIA MEXICO PARAGUAY PERU PORTUGAL ROMANIA RUSSIA SINGAPURE THAILAND TAIWAN

 

 
ARGENTINA
Regulator: Comisión Nacional de Valores (CNV)
Date of signature: December 17th, 1991
Authorities: Ary Oswaldo Mattos Filho, Chairman of the CVM
Martín P. Redrado, Chairman of CNV
Languages: Portuguese (click here to visualise)
Spanish (click here to visualise)

 

 
AUSTRALIA
Regulator: Australian Securities Commission (ASC)
Currently Australian Securities and Investments Commission (ASIC)
Date of signature: November 7th, 1997
Authorities: Francisco da Costa e Silva, Chairman of the CVM
Alan Cameron, Chairman of ASC
Languages: Portuguese (click here to visualise)
English (click here to visualise)

 

 
BOLIVIA
Regulator: Superintendencia Nacional de Valores de Bolívia (SNV)
currently Superintendencia de Pensiones, Valores y Seguros (SPVS)
Date of signature: November 20th, 1997
Authorities: Francisco da Costa e Silva, Chairman of the CVM
Guido Pena Von Borries, Chairman of SNV
Languages: Portuguese (click here to visualise)
Spanish (click here to visualise)

 

 
CANADA (QUEBEC)
Regulator: Commission des Valeurs Mobiliéres du Quebéc (CVMQ)
Date of signature: March 23rd, 1998
Authorities: Francisco da Costa e Silva, Chairman of the CVM
Jean Martel, Chairman of CVMQ
Languages: Portuguese (click here to visualise)
French (click here to visualise)

 

 
CHILE
Regulator: Superintendencia Valores Y Seguros (SVS)
Date of signature: June 21st, 1996
Authorities: Francisco da Costa e Silva, Chairman of the CVM
Daniel Yarur Elsaca, Chairman of SVS
Languages: Portuguese (click here to visualise)
Spanish (click here to visualise)

 

 
CHINA
Regulator:
(China Securities Regulatory Commission - CSRC)
Date of signature: November 13th, 1997
Authorities: Francisco da Costa e Silva, Chairman of the CVM
Zhou Zhengqing, Chairman of CSRC
Languages: Portuguese (click here to visualise)
Chinese
English (click here to visualise)

 

 
ECUADOR
Regulator: Superintendencia de Compañias
Date of signature: June 21st, 1996
Authorities: Francisco da Costa e Silva, Chairman of the CVM
Juan Carlos Arízaga González, Chairman of Superintendencia de Compañias
Languages: Portuguese (click here to visualise)
Spanish (click here to visualise)

 

 
FRANCE
Regulator: Commission des Opérations de Bourse (COB)
Date of signature: October 10th, 1997
Authorities: Francisco da Costa e Silva, Chairman of the CVM
Michel Prada, Chairman of COB
Languages: Portuguese (click here to visualise)
French (click here to visualise)

 

 
GERMANY
Regulator: Bundesaufsichtammt für den Wertpapierhandel (BAWe)
currently Bundesanstalt für Finanzdienstleistungsaufsicht (BAFi)
Date of signature: May 26th, 1999
Authorities: Francisco da Costa e Silva, Chairman of the CVM
Georg Wittich, Chairman of BAWe
Languages: Portuguese (click here to visualise)
German (click here to visualise)
English (click here to visualise)

 

 
GREECE
Regulator: Ellhnikh Dhmokratia Epitpoph Kefalaiagoras
(Hellenic Capital Markets Commission)
Date of signature: May 17th, 2000
Authorities: José Luis Osorio, Chairman of the CVM
Stravos Thomadakis, Chairman of EDEK
Languages: Portuguese (click here to visualise)
Greek
English (click here to visualise)

 

 
HONG KONG
Regulator: Securities and Futures Commission (SFC)
Date of signature: May 30th, 1997
Authorities: Francisco da Costa e Silva, Chairman of the CVM
Anthony Neoh, Chairman of SFC
Languages: Portuguese (click here to visualise)
English (click here to visualise)

 

 
ITALY
Regulator: Commissione Nazionale per le Societá e la Borsa da Ita´lia - CONSOB
Date of signature: March 6th, 1996
Authorities: Francisco da Costa e Silva, Chairman of the CVM
Enzo Berlanda, Chairman of CONSOB
Languages: Portuguese
Italian
English
(obs: text not disclosed upon request of CONSOB)

 

 
LUXEMBOURG
Regulator: Commission de Surveillance du Secteur Financier
Date of signature: October 6th, 2000
Authorities: José Luis Osorio, Chairman of the CVM
Jean Nicholas Schauss, Director General of CSSF
Languages: Portuguese (click here to visualise)
English (click here to visualise)

 

 
MALAYSIA
Regulator: Suruhanjaya Sekuriti
(Securities Commission (SEC))
Date of signature: November 7th, 1997
Authorities: Francisco da Costa e Silva, Chairman of the CVM
Mohd Munir Abdul Majid, Chairman of SEC
Languages: Portuguese (click here to visualise)
English (click here to visualise)

 

 
MEXICO
Regulator: Comisión Nacional Bancária y de Valores - CNBV
Date of signature: November 16th, 1990
Authorities: Ary Mattos Filho, Chairman of the CVM
Oscar Espinosa Villarreal, Chairman of CNBV
Languages: Spanish
(obs: text not disclosed upon request of CNBV)

 

 
PARAGUAY
Regulator: Comisión Nacional de Valores - CNV
Date of signature: November 24th, 1994
Authorities: Thomás Tosta de Sá, Chairman of the CVM
Herman Velilla Garcia, Chairman of CNV
Languages: Portuguese (click here to visualise)
Spanish (click here to visualise)

 

 
PERU
Regulator: Comisión Nacional Supervisora de Seguros y Valores (CONASEV)
Date of signature: June 21st, 1996
Authorities: Francisco da Costa e Silva, Chairman of the CVM
Alberto Yagui Tomona, Chairman of CONASEV
Languages: Portuguese (click here to visualise)
Spanish (click here to visualise)

 

 
PORTUGAL
Regulator: Comissão do Mercado de Valores Mobiliários - CMVM
Date of signature: July 7th, 1995
Authorities: Thomás Tosta de Sá, Chairman of the CVM
Álvaro Cordeiro Dâmaso, Chairman of CMVM
Languages: Portuguese (click here to visualise)

 

 
ROMANIA
Regulator: Romanian National Securities Commission
Date of signature: September 20, 2004
Authorities: Marcelo Fernandez Trindade, Chairman of the CVM
Gabriela Anghelache, Chairman of CNVM
Languages: Portuguese (click here to visualise)
English (click here to visualise)

 

 
RUSSIA
Regulator: Serviço Federal do Mercado Financeiro da Rússia
(Federal Commission for the Securities Market of the Russian Federation – FFMS)
Date of signature: May 12th, 2006
Authorities: Marcelo Fernandez Trindade, Chairman of the CVM
Oleg Vyugin, Chairman of the FFMS
Languages: Portuguese (click here to visualise)
English (click here to visualise)

 

 
SINGAPURE
Regulator: Monetary Authority of Singapore
Date of signature: February 22nd, 2001
Authorities: José Luis Osorio, Chairman of the CVM
Tharman Shanmugaratnam, Vice-diretor de Supervisão Financeira da MAS
Languages: Portuguese (click here to visualise)
English (click here to visualise)

 

 
SOUTH AFRICA
Regulator: Financial Services Board (FSB)
Date of signature: June 25th, 2001
Authorities: José Luiz Osorio, Chairman of the CVM
J. van Rooyen, executive officer of FSB
Languages: Portuguese (click here to visualise)
English (click here to visualise)

 

 
SPAIN
Regulator: Comisión Nacional del Mercado de Valores - CNMV
Date of signature: March 12th, 1996
Authorities: Francisco da Costa e Silva, Chairman of the CVM
Luis Carlos Croissier Batista, Chairman of CNMV
Languages: Portuguese (click here to visualise)
Spanish (click here to visualise)

 

 
TAIWAN
Regulator:
(Securities and Futures Commission)
Date of signature: November 7th, 1997
Authorities: Francisco da Costa e Silva, Chairman of the CVM
Daung-yen Lu, Chairman of SEC
Languages: Portuguese (click here to visualise)
English (click here to visualise)

 

 
THAILAND
Regulator:
(Securities and Exchange Commission - SEC)
Date of signature: November 31st, 1997
Authorities: Francisco da Costa e Silva, Chairman of the CVM
Pakorn Malakul Na Ayudhya, Presidente SEC
Languages: English (click here to visualise)

 

 
UNITED STATES OF AMERICA
Regulator: Securitites and Exchange Commission (SEC)
Date of signature: June 1st, 1988
Authorities: Arnoldo Wald, Chairman of the CVM
David S. Ruder, Chairman of the SEC
Languages: English (click here to visualise)
Regulator: Commodity Futures Trading Commission - CFTC
Date of signature: April 12th, 1991
Authorities: Ary Oswaldo Mattos Filho, Chairman of the CVM
Wendy L. Gramm, Chairman of CFTC
Languages: English (click here to visualise)

 

 

What is an MOU?

    MOU or Memorandum of Understanding in an agreement signed between securities regulators worldwide to promote cooperation and exchange of information. It varies in nature from the interchange of public information (aspects of regulation, data on companies) to the exchange of confidential information for investigative purposes.

    The CVM has been making efforts to increase the number of such agreements, as the growth of cross-border securities transactions provokes a growing need to develop ties with authorities elsewhere in order to ensure an adequate level of protection for investors and preserve the integrity of markets.

 

 

Legal Base

    The following are free translations of the legal texts that empower the CVM to sign the MOUs:

     
    1. Constitutional Complimentary Law 105/01:
    		 2nd Article(...)

    Paragraph 4. The Banco Central do Brasil and the Comissão de Valores Mobiliários, may sign agreements, according to their authorities: (...)

    II - with central banks or foreign supervisory entities, regardingo:

    a) supervising branches and subsidiaries of foreign financial entities, when operating in Brazil, as well as Brazilian branches and subdidiaries of financial institutions functioning abroad;

    b) mutual cooperation and exchange of information in order to investigate activities or operations regarding investment, trading, hiding ou transfering of financial assets and securities related to ilicit transactions.
    1. Law 6385/76 (as ammended by Law no. 10303/01)
    		 10th Article. The Comissão de Valores Mobiliários may sign agreements with similar entities in other countries, or with international entities, for assistance and cooperation in the investigations related to the breach of regulations pertaining to the securities market occurring in Brazil and abroad.

    Paragraph 1 The Comissão de Valores Mobiliários may refure to provide the assistance refered in the "caput" when there is public interest to be protected.

    Paragraph 2 This article applies also to the information that are protected by secrecy under legal provisions.
    1. The CVM's By-laws (Portaria MF 327/77)
    		 10th Article. Pursuant to the dispositions of the Law n. 6.385, of December 7, 1976, THE CVM shall, within its authority:

    (...)

    VIII - establish relationship with any public or private legal entity, in Brazil or abroad, in order to exchange experience and information, as well as signing agreements.

 

 

The Basic Structure of an MOU:

    A Memorandum of Understanding is normally structured in the following way:

     
    1. Introduction
    		 Description of the agencies which are signing the M.O.U.
    1. Definitions
    		 Glossary of terms used
    1. Principles
    		 Basic principles behind the M.O.U.
    1. Purpose
    		 Circumstances in which the M.O.U. may be used
    1. Requests for assistance or information
    		 Formal aspects of a request
    1. Unsolicited information
    		 Exchange of information without a M.O.U. (normally public information)
    1. Permitted use of information
    		 Defines the purposes for which the information will be used
    1. Confidentiality
    		 Prohibition on the disclosure of non-public information to third-parties
    1. Costs of investigation and assistance
    		 Possibility of charging for the costs of obtaining information, when they are substantial
    1. Buration
    		 In normal circumstances, comes into force on signing and is valid for an indefinite period of time
    1. Contact persons
    		 Persons to contact when a request relating to an M.O.U. is made

     

    Click here for the list of countries with which the CVM has signed MOUs and to obtain the respective texts

 

II. MULTILATERAL AGREEMENTS ENDORSED BY THE CVM

 

  • Windsor Declaration (1995):

    The CVM has signed this Declaration, endorsed by the regulators of 16 countries, responsible for the supervision of the main derivatives markets of the world. These regulators have met in Windsor (United Kingdom), in May 1995 in order to evaluate the consequences of the increasing cross-border activities of the international derivatives markets. As result, the regulators issued the Windsor Declaration, which looks forward to international cooperation and the exchange of information between regulators to improve the standards of regulation and monitoring on futures markets, which in turn can minimize risk and help provide more protection to the investor.

  • Boca Raton Declaration (1996):

    The CVM has also endorsed the Declaration of Boca Raton (Declaration on cooperation and supervision of international futures markets and clearing organizations). This is a declaration to be considered in parallel with a Memorandum of Understanding signed by more than 50 futures exchanges worldwide, in which the regulators endorse the memorandum, whose purpose is to facilitate and reinforce the exchange of information between the signatories. Regulators from the following countries signed: Australia, Austria, Brazil, Canada, Denmark, Eire, England, France, Germany, Holland, Hong Kong, Hungary, Ireland, Malaysia, Portugal, Singapore, South Africa, Spain, Sweden, and the United States of America.

 

III. THE IOSCO MULTILATERAL MEMORANDUM OF UNDERSTANDING

 

  1. Text of the IOSCO MMoU:

    English

    Spanish

  2. List of Signatories to the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange Of Information:

     
    Member Agency Date of Formal Signing
    Alberta Securities Commission (SC), Alberta November 10, 2003
    Australian Securities and Investments Commission (ASIC), Australia October 8, 2002
    Banking, Finance And Insurance Commission, Belgium April 3, 2005
    Bermuda Monetary Authority, Bermuda 7 June, 2007
    British Columbia Securities Commission (BCSC), British Columbia November 10, 2003
    Financial Services Commission of the British Virgin Islands, British Virgin Islands 21 May, 2007
    China Securities Regulatory Commission, China May 29, 2007
    Czech National Bank, Czech Republic March 29, 2007
    Denmark Financial Supervisory Authority (Finanstilsynet), Denmark August 17, 2006
    Dubai Financial Services Authority (DFSA), Dubai July 3, 2006
    Autorité des Marchés Financiers, France February 19, 2003
    Bundesanstalt für Finanzdienstleistungaufsicht (BAFin), Germany November 5, 2003
    Capital Market Commission (CMC), Greece October 18, 2002
    Securities and Futures Commission, Hong Kong March 3, 2003
    Hungarian Financial Supervisory Authority, Hungary July 9, 2003
    Securities and Exchange Board of India (SEBI), India April 22, 2003
    Financial Supervision Commission, Isle of Man October 21, 2005
    Israel Securities Authority (ISA), Israel July 2, 2006
    Commissione Nazionale per le Società e la Borsa, Italy September 15, 2003
    Jersey Financial Services Commission (FSC), Jersey March 6, 2003
    Lithuanian Securities Commission, Lithuania July 15, 2003
    Commission de surveillance du secteur financier of Luxembourg, Luxembourg May 8, 2007
    Securities Commission of Malaysia, Malaysia May 7, 2007
    Malta Financial Services Authority (MFSA), Malta March 9, 2006
    Comision Nacional Bancaria Y De Valores (CNBV), Mexico March 14, 2003
    Securities Commission of New Zealand (SC), New Zealand December 1, 2003
    Securities and Exchange Commission of Nigeria (NSEC), Nigeria June 8, 2006
    The Financial Supervisory Authority of Norway (Kredittilsynet), Norway December 11, 2006
    Ontario Securities Commission (OSC), Ontario October 23, 2002
    Polish Securities and Exchange Commission (PSEC), Poland November 4, 2003
    Comissão do Mercado de Valores Mobiliários (CMVM), Portugal November 4, 2002
    Autorité des Marchés Financiers, Québec December 17, 2002
    Monetary Authority of Singapore, Singapore November 17, 2005
    The National Bank of Slovakia, Slovak Republic June 17, 2004
    Financial Services Board (FSB), South Africa March 18, 2003
    Comisión Nacional del Mercado de Valores (CNMV), Spain March 24, 2003
    Securities and Exchange Commission, Sri Lanka March 31, 2004
    Capital Markets Board (CMB), Turkey November 14, 2002
    Financial Services Authority (FSA), United Kingdom March 10, 2003
    Commodity Futures Trading Commission (CFTC), United States of America December 19, 2002
    Securities and Exchange Commission (SEC), United States of America November 19, 2002

 

 

E-mail: intl@cvm.gov.br