Our partner Mauricio Jayme e Silva spoke with Valor Econômico in a report that addressed the inclusion of the CVM in the discussion on PEC 65/2023, which redefines the Central Bank (BC) as a special autarchy with autonomy and police power.
The discussion of the PEC was on the agenda of the Senate Constitution and Justice Committee (CCJ) last Wednesday (20 August), but was withdrawn. The text proposes that the BC be defined in the Constitution as a special autarchy, with administrative and budgetary autonomy, and provides that its activities be subject to congressional oversight. One of the most controversial points of the PEC is Amendment 17, presented at a CCJ session on 11 August, which provides that the BC may intervene to maintain liquidity and the proper functioning of the markets, including negotiations with entities and funds in the secondary market for government securities.
The newspaper notes that this move comes at a time when the CVM is depleted, with the government yet to appoint a new president. The collegiate body of the autonomous agency has also had another seat vacant since December last year. Added to this is a historical scenario of budgetary difficulties and staff shortages, aspects pointed out by experts as signs of the agency’s weakening.
For Maurício, ‘what will end up happening is that the CVM will fall behind. If you have one strong regulator and the others weakened, you create an imbalance in the financial system.’