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CVM creates a FinTech Hub

The new group is expected to conduct studies, researches, supervision and educational actions related to financial technologies innovations

 

The Securities and Exchange Commission of Brazil (CVM) announces the creation, on June 7th, 2016, a FinTech Hub, with the mission to analyze the development and application of new financial technologies (known as FinTech) in capital market.

In the light of the increasing global trend of using new digital tools on financial markets, and aligned with International Organization of Securities Commissions Board (IOSCO) guidelines which recommend securities regulators to intensify the monitoring of technological changes, the FinTech Hub´s mission will encompass the following activities:[

  • perform educational initiatives focused on FinTech entrepreneurs, in order to promote a better understanding of the regulatory issues applicable to FinTech products and services with potential impacts in the capital market.
  • follow-up with the development and implementation of FinTech.
  • establish a direct communication channel between the CVM and the market.
  • foster debates, reflections and researches about FinTech.
  • articulate partnerships with similar international hubs and initiatives that may benefit regulatory activities and financial innovation.
  • assess potential impacts on markets regulated by the CVM.

New financial technologies, such as crowdfunding, digital securities, automated advice, distributed ledger technology and high-frequency trading, can reshape business models and markets under the regulation of CVM. So, the Hub is a key step to enable us to act proactively, studying potential impacts on market efficiency, solidity, transparency and investors protection” – Leonardo Pereira, CVM´s Chairman.

According to Leonardo, the CVM´s FinTech Hub will focus on securities market’s integrity and reliability. “This approach with the technology sector is important, so we can anticipate market trends and follow-up with new practices” – Leonardo Pereira.

 

The FinTech Hub will be formed by:

  • Office of Risk and Research (ASA)
  • Chief of Staff (CGP)
  • Office of Market Regulation (SDM)
  • Office of On-Site Inspections (SFI)
  • Office of Information Technology (SSI)
  • Office of Investor Protection and Assistance (SOI)
  • Office of Institutional Investor Supervision (SIN)
  • Office of Market Surveillance (SMI)
  • Office of Securities Registration (SRE)
  • Office of International Affairs (SRI)
  • Office of Planning and Budget (SPL)

 

CVM’s participation on national and international debates about FinTech

Financial Technology has been discussed on several meetings, work groups and committees, both in Brazil and internationally, requiring CVM to conduct further analysis about potential impacts in securities market.

IOSCO has intensified the debates and monitoring activities about FinTech. CVM, as a permanent member, has been fully involved in the discussions in the ambit of the following committees:

  • C2 – Secondary Markets
  • C3 – Market Intermediaries
  • C8 – Retail Investors
  • CER – Committee on Emerging Markets
  • AMCC – Affiliate Members Consultative Committee

 

Educational activities will be developed by the new CVM´s Financial Educational Centre

In order to provide guidance about FinTech to the public, CVM’s new Financial Educational Centre will offer customer services for the developers of new financial technologies, as well as educational publications, events and partnerships.  

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