Gabriela de Ávila Machado
Lawyer at Marcos Martins Advogados
The CVM published Circular Letter CVM/SIN 13/2020, with guidelines to be followed regarding the actions of people on social networks when supposedly offering professional services that require registration with the CVM.
This is because the CVM points out that professionals, influencers or not, who prepare analysis reports in a professional capacity for disclosure, even if restricted, to clients require accreditation under the terms of ICVM 598.
As a professional, the CVM includes those who take this type of action on a regular basis, receiving “any benefits, remuneration or advantages that are obtained, on a recurring basis, in the offer of these recommendations, whether or not it involves cash directly, such as, for example, the collection of subscription or membership fees, monthly or annual fees, indirect income received as a result of access by third parties, or any other”.
In addition, the CVM points out that warnings such as “this is not an investment recommendation”, “these are only personal opinions” or similar content in their texts and videos are not enough to de-characterize the professional exercise of the activity, and the unregistered professional may incur the administrative infractions provided for in CVM Instruction 8, subject to warnings, fines and other penalties provided for in art. 11 of Law 6.385/79.
