Financial Integration in Latin America: Regional Funds Passport: Part 1 and Part 2
Instituto BRAiN - Brasil Investimentos & Negócios; PricewaterhouseCoopers LLP (PwC)
This project seeks to generate a strategy to promote and facilitate the development of a more efficient regional financial market by promoting the harmonization of regulations and seeking to facilitate possible financial integration in Latin America. As a development of the diagnostic stage, the possibility of creating a regional passport for the investment funds was validated as an achievable goal. This proposal has been analyzed and this series of documents include the components that should be included in the development of the mechanism and can be summarized as follows: (i) International experiences in the development of passports for investment funds. (ii) In the institutional framework: given the negotiation and signing of mutual recognition agreements between the supervisory authorities already existing among some of the countries of the region under the MILA. (iii) From the regulatory perspective, it is necessary to reach agreements on: eligibility and solvency of funds, scope of fund issues, availability of information, guarantees, custody, and means of rapid resolution of conflicts.