Our partner Mauricio Jayme e Silva spoke to the newspaper O Globo about mutual agreements in a report covering the Naskar Gestão de Ativos case.
According to the article, the fintech company has taken its app and website offline and has not been responding to investors who invested in the company’s products. The company is reported to have raised funds from approximately three thousand investors in the country, with estimated financial obligations (liabilities) of around R$ 900 million, according to the Brazilian Association of Investment Advisers (Abai). The Federal District Civil Police are investigating the case.
In the report, Maurício explains that mutual contracts function as loans in which, at the end, the principal amount and the interest agreed upon for that transaction will be paid. “It’s like a bank loan. The thing is, when people raise funds from the public in return for a return, this is classified as a security. Securities, such as investments that guarantee a fixed return, must be subject to the supervision of the Brazilian Securities and Exchange Commission (CVM),” he said.
‘The CVM does not have the capacity to monitor everything, but as soon as a collective investment contract is involved and it is managed by a third party with the expectation of a profit, regardless of what it is called, it constitutes a security,’ he added, emphasising that the authority that supervises the capital markets may also have supervisory powers over these products.