Finance Minister Fernando Haddad stated that the government is discussing delegating oversight of investment funds to the Central Bank, currently under the CVM. This proposal comes amid the sector's exponential growth and scandals like Banco Master. The financial market appears open to discussion, prioritizing investor protection.
Brazil's investment fund industry has grown significantly over the past decade, without regulation keeping pace, according to market participants. From 2015 to 2025, the number of funds under CVM supervision jumped from 14,799 to 33,163, a 125% increase. FIDCs (Investment Funds in Credit Rights) rose from 553 to 3,802, a 587% expansion, while total fund assets went from R$ 3.5 trillion to R$ 10.7 trillion, up 207%.
On January 19, 2026, Finance Minister Fernando Haddad, in an interview with UOL News, advocated transferring this oversight to the Central Bank (BC). "The Central Bank needs to start overseeing the funds," he said, highlighting executive discussions to expand the BC's regulatory scope. The idea follows the "twin peaks" model, adopted in Australia and England, which regulates by function rather than product.
This debate is driven by recent frauds, such as the Banco Master scandal, under STF investigation led by Minister Dias Toffoli, who dismissed stepping down despite criticisms from PF, BC, and PGR. Audits since 2019 flagged irregularities at the bank, linked to administrator Reag.
Anbima, the sector association, stated it is open to discussing the issue, emphasizing process optimization and investor protection. "We recognize the CVM's budgetary restrictions, but any change must be careful and transparent," the entity said.
Experts differ: Hudson Bessa questions how frauds grew undetected by the CVM, while Guilherme Bruschini warns of bureaucracy risks without real improvements. Roberto Panucci advocates integrated supervision, and Adilson Bolico sees greater agility in the BC. Arthur Longo Ferreira suggests a hybrid model with strengthened cooperation. The CVM did not comment.
