Brazil funds see new classification rules delayed until October
SAO PAULO, June 15 (Reuters) - Anbima, a Brazilian group representing investment funds, said on Monday that rules aimed at adapting investment funds to a new industry classification system will take effect in October, instead of July.
The plan aims to rank asset managers in line with guidelines issued by securities industry watchdog CVM and international standards. The decision to push back the implementation date for the new rules was made public in an e-mailed statement.
The changes also seek to make the classification of investment funds friendlier to clients.
Under the new rules, funds will be first classified in terms of asset class, which includes equities, fixed-income, currencies and hedge funds. A second layer will allow clients to classify them in terms of product, maturities and geographical scope. A third layer will be linked to strategy.
Brazil has the seventh-largest fund industry in the world, with over $850 billion in assets under management this year, according to Anbima. (Reporting by Guillermo Parra-Bernal and Aluísio Alves; Editing by Chizu Nomiyama)
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