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DJ Brazil Central Bank Considers Taking Over Fund Supervision:Estado74 days ago
RIO DE JANEIRO (Dow Jones)--The Central Bank of Brazil will discuss taking over supervision of local investment funds from the country's Securities and Exchange Commission, or CVM, bank President Henrique Meirelles said Friday.
Quoted by the local Estado news agency, Meirelles said that consolidating supervision of the funds under the central bank would result in better integration of the 1.1 trillion-Brazilian-real ($631 billion) industry. Currently, the CVM supervises investment funds.
"What the crisis showed was that integration of information is vital. The fact that in Brazil accounting, regulation and monetary authority are in the same institution facilitated integration greatly," Meirelles said.
Meirelles added that the central bank was already raising the issue with the CVM and other regulatory agencies.
"What is of interest is that we need to have even greater integration and a regulation that is as close as possible to perfection," Meirelles said.
-By Jeff Fick, Dow Jones Newswires; 55-21-2586-6085; jeff.fick@dowjones.com
(END) Dow Jones Newswires
November 27, 2009 14:36 ET (19:36 GMT)
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