The Senate’s Economic Affairs Committee (CAE) approved this Tuesday, 26th, a bill that obliges the president of the Securities and Exchange Commission (CVM) to appear before the Senate every six months to report on the evolution of the capital market and the agency’s actions. Periodic attendance is already valid, for example, for the president of the Central Bank (BC).
The text, however, will go through the so-called “supplementary vote” in the collegiate, a bureaucratic stage that does not yet have a date to take place. With the vote in the CAE it is final, if there is no appeal, the text will go directly to the Chamber after the supplementary vote.
Presented by senator Jussara Lima (PSD-PI), the proposal gained strength after parliamentarians criticized the CVM’s inspection of the Master scandal. The project amends Law No. 6,385, of 1976, to establish that the president of the CVM presents a report, in public hearing, in the first and second semester of each year.
The rapporteur, Eduardo Braga (MDB-AM), made adjustments to the wording so that the report deals with “the evolution of the securities market, compliance with the municipality’s institutional mandate and compliance with the current strategic plan”.
Braga stated that the proposal strengthens the principles of publicity and transparency in public administration and reinforces the democratic control exercised by Congress without compromising the technical autonomy of the CVM.
The senator also argued that the capital market occupies a strategic position in financing economic activity and that the CVM’s role is central to monitoring the sector, reducing information asymmetries and protecting investors.
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