President of the CVM will have to report to the Senate every 6 months, says project approved by committee

The Economic Affairs Commission (CAE) concluded this Tuesday (30) the approval of the project that obliges the president of the Securities and Exchange Commission (CVM) to report, every six months, to the collegiate body on the agency's actions.
The text was approved in a supplementary round, concluding the vote, and is final in nature. In other words, if there is no appeal, it goes directly to the Chamber of Deputies.
The project gives the CVM the same supervision by the CAE that occurs with the Central Bank. The president of the BC goes to the Senate every six months to report on the agency's actions.
The project, authored by senator Jussara Lima (PSD-PI), gained strength after the CVM became the target of parliamentarians who criticized the agency's actions in the Banco Master scandal, run by Daniel Vorcaro.
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The text was reported by the leader of the MDB in the Senate, Eduardo Braga (AM), and provides for the presentation of an opinion on the evolution of the market and CVM activities.
"The president of the Securities and Exchange Commission must present, in the Federal Senate, in a public hearing, in the first and second semesters of each year, a report on the evolution of the securities market, compliance with the institution's institutional mandate and compliance with the current strategic plan", says an excerpt from the proposal.
Securities Commission (CVM)
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Source: G1