...Modernization and Transparency: As of December 2014, the Brazilian Securities and Exchange Commission (CVM) published Instruction No. 555/14, which, together with other instructions, updates the rules governing Brazil's asset management industry. The new framework simplifies the relationships among agents, increases transparency and, above all, modernizes the regulatory environment following the industries evolution and increasing complexity. The instruction is expected to become effective as of Oct. 1, 2015. Investment Abroad Limits Eased: A regulation update of primary importance increases exposure limits on international assets in accordance with the fund's classes and target investors. While still making up a small portion of industry AUM, recent exposure to international investments has expanded significantly. Eased limits should contribute to this trend and enhance the ability of asset managers and investors to capture the diversification benefits of greater international exposure...
