Over these 25 years, the financial and capital markets in Brazil have witnessed a notable transformation, followed by a growing need for information and transparency.

The publication of the first Public Offering Code triggered the creation of several other codes, each of them to meet specific market needs. A milestone was the Investment Funds Code, released in 2000, whose goal was to establish principles that guide the creation and operation of funds to provide greater clarity to investors, thus allowing them to better understand how their resources were invested.

Subsequently, it incorporated criteria regarding mark-to-market, voting policies adopted by managers, suitability, liquidity management and other relevant topics, until it was finally replaced by the Third-Party Asset Management Code in 2019.

Still at the beginning of the millennium, one of the most debated issues by the market was the qualification of professionals involved in the distribution of financial products. Therefore, the Continuing Certification Program Code was developed in 2002 with the purpose of raising the technical expertise of professionals who served investors. The Certification Code is valid today, which also establishes principles and standards of conduct for certified professionals.

In 2006, the Private Banking Code was born, providing the best practices for services offered to high-income customers. The code was later merged by the Investment Products Distribution Code.

In that same year, the self-regulation activity of ANBIMA, then ANBID, was recognized by the International Organization of Securities Commissions (IOSCO), an entity that brings together securities commissions from more than 100 countries. The recognition brought greater legitimacy to self-regulation and opened the possibility for ANBIMA to enter into cooperation agreements with the Brazilian Securities and Exchange Commission (CVM) – the authority recognized the Association’s work and started using it in its activities. After the first agreement entered into in 2008, many others followed.

Over these 25 years, market dynamism and the ongoing need for updating have led to code changes and replacements. As a result, ANBIMA adopted a more focused approach to professional activities in 2019, aiming to increase transparency in its relationships with investors, standardize procedures and guarantee the qualification of institutions and their players.

With this new focus, for example, the Investment Fund and Asset Management codes were discontinued, replaced by the Third-Party Asset Management Code. This new code centralizes the administration, management and distribution functions of investment funds and managed portfolios. Similarly, the Retail and Private Banking codes were replaced by the Investment Products Distribution Code.

In 2021, ANBIMA reformulated the Code of Proceedings to modernize and speed up the investigations and proceedings in cases of non-compliance with self-regulation codes. This code guarantees participating institutions broad defense rights and the opportunity to be heard, as well as participation in trials. It also establishes criteria for opening Procedures for Investigating Irregularities (PAI), signing terms of commitment and applying penalties, thus ensuring compliance with the rules by members and adherents.

Currently, after 25 years of evolution, self-regulation comprises the pillars of standardization, inspection and sanctioning activity. The six codes in force are followed by 1,300 institutions, proving to be a dynamic system that continues adapting to market changes to ensure integrity and transparency in markets.