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Informativo - Ofício Circular 052/2013 BM&FBOVESPA

Por :

4/24/2014 9:00 PM Demarest News

Dear Clients,
As published on August 05, 2013, BM&FBOVESPA has released the Directive Release 052/2013, through which it has modified the requirements to grant the PQO seal (Programa de Qualificação Operacional - "Operational Qualification Program").
BM&FBOVESPA has settled that the hiring, by the brokerages, of "Independent Investment Agents" (Agentes Autônomos de Investimento - AAI) who assist institutional investors (as treasuries, assets, insurers, non-resident investors and foundations) and who use the brokerages' establishments (headquarters or branch) as workplace does not line up with the goals of developing intermediation and invigorating the commercial relationship between brokerages and institutional investors.
In this sense, with the aim of discouraging the utilization by brokerages of AAIs who assists institutional investors, BM&FBOVESPA introduced the following modification on the PQO's schedule:
     · Up to December 31, 2014: Granting the PQO seal to brokerage houses or the maintenance of the PQO seal will be conditioned to the maintenance or reduction of the number of AAIs who assists institutional investors hired by the brokerages. In case the number of AAIs is reduced within this period, the new number will become the new maximum AAIs the company can hire.
     · From January 02, 2015: Granting or maintaining the PQO Seal will be limited to brokerages that do not keep AAIs assisting institutional investors.
The control of the number of AAIs entailed to the brokerages will be made through data registration on the GHP system and due diligences done by BM&FBOVESPA Supervisão de Mercados (BSM).
In summary, because of these new rules, if the brokerage houses (i) hire new internal brokers as independent brokers; or (ii) keep independent brokers assisting institutional investors after January 02, 2015, they may lose or be prevented to obtain the PQO seal.
Therefore, if a brokerage house intends to obtain or to keep the PQO seal it will have to organize new ways to hire internal brokers who assists institutional investors. We are at your disposal to assist you in this process.
Demarest Advogados
Labor and Social Security Area

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