The Brazilian Association of Financial and Capital Markets ("Anbima") is preparing to visit 40 fund managers throughout 2011. Their technicians will remain three to four days in each institution in order to review documents and processes. The list of institutions to be visited was prepared with the help of PwC, which regarded as a starting point, among other factors, those who were punished the most for objective infractions, such as delay in the delivery of daily information.

Institutions will be notified 30 days in advance so they can prepare. Supervision will focus on three aspects: procedures adopted in marking to market; elaboration of the prospectus and regulation of the funds; and the structuring of management according to the association code.

This last item was, during the initiative’s pilot project - in which Anbima visited eight institutions for six months - the focus of the most recurrent problems. An example is the role of the compliance officer, who, according to the code of self-regulation, must be filled by a professional dedicated exclusively to the task. In some cases, this executive was also involved in other areas, said Jose Carlos Doherty, Anbima's superintendent of market supervision.

During 2011, the supervision of equity funds and banks’ proprietary trading desks will also be included in the routine. The result of the work may be the imposition of fines or the installation of sanctioning procedures.