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LAVCA | The Association for Private Capital Investment in Latin America

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Brazil’s CMN Relaxes Rules for Pension Funds Investing Abroad (em português)

25 January 2018

The Brazilian National Monetary Council (Conselho Monetário Nacional “CMN”) has reduced restrictions regarding Brazilian pension funds investing abroad. The main changes include the reduction of the ceiling for purchasing shares of an international fund from 25% to 15% and abolishing the requirement that assets of foreign funds be investment grade. 

(Acritica) Dois meses depois de simplificar os investimentos de fundos de pensão no exterior, o Conselho Monetário Nacional (CMN) voltou a flexibilizar as regras e reduziu novamente as restrições. De acordo com o Ministério da Fazenda, as novas mudanças facilitarão o acesso dos fundos de pensão a fundos de investimentos consolidados no exterior.

As principais mudanças foram a redução, de 25% para 15%, do limite máximo para a compra de cotas de um fundo internacional pelo fundo de pensão. O CMN também aboliu a exigência de que os ativos do fundo estrangeiro tenham grau de investimento – garantia de que o fundo não corra risco de dar calote – conferido por, pelo menos, uma agência de classificação de risco.

O CMN também desistiu do limite para os investimentos em empresas no exterior. Desde novembro, os fundos de pensão podiam aplicar até 5% do patrimônio do fundo de investimento em títulos de empresas internacionais.

Os fundos estrangeiros ainda precisam apresentar capital mínimo de US$ 5 bilhões e serem geridos por profissionais com, pelo menos, cinco anos de experiência. O Conselho Monetário, no entanto, instituiu exigência de que os fundos internacionais tenham pelo menos um ano de existência.

Em nota, o Ministério da Fazenda informou que as regras aprovadas em novembro ainda eram restritivas e dificultavam a aplicação de recursos dos fundos de pensão no exterior. “Após a análise conjunta com o mercado, verificou-se a necessidade de ajustes adicionais, objeto da presente resolução, porque as regras existentes limitariam o acesso a uma grande quantidade de fundos de investimento no exterior”, destacou o comunicado.

Autorizados a aplicar até 10% do patrimônio no exterior, os fundos de pensão brasileiros só podiam investir no mercado internacional se achassem três parceiros para constituir um fundo intermediador de investimentos. Em novembro do ano passado, o CMN permitiu que cada fundo de pensão montasse um fundo exclusivo (100% controlado por ele) para aplicar no mercado estrangeiro. Na ocasião, o Conselho Monetário havia simplificado os investimentos, algo que voltou a ser feito hoje.

Brazil’s CMN Relaxes Rules for Pension Funds Investing Abroad (em português) was last modified: February 1st, 2018 by Editor
BrazilCMNNational Monetary CouncilPension FundsPrivate Equitypublic policy
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