On August 19, the Executive issued Decree No. 10,465, establishing a Financial, Capital, Insurance, Pension and Capitalization Markets Regulation and Oversight committee (Coremec). The regulation is already in force.
Comerec will principally be in charge of reviewing measures aimed at “improving operations” in the financial and capital markets, proposing coordinated regulation and oversight actions; coordinating the exchange of information between regulatory bodies and international organizations; and promoting interaction between public administration entities to shore up “stability” in the financial system.
The Comerec representatives are from the Brazilian Central Bank; the Securities and Exchange Commission, the National Superintendence of Pensions and the Superintendence of Private Insurance.
The Comerc is expected to meet every six months on an ordinary basis, but may be called to meet extrordinarily, by its Chairman or a majority of members.