Consulta Pública SNC 01/26

This consultation, open until 4 December 2025 (as stated), signals a potential overhaul of fund accounting, valuation, and disclosure requirements. For compliance teams at fund managers, administrators, and custodians, this is a significant development. The convergence could affect how funds measure assets, consolidate entities, and report performance.

Firms should begin gap analyses against international standards now, as early preparation will ease eventual implementation. Key actions include: inventorying fund structures, reviewing current accounting policies, engaging auditors, and contributing to the consultation to shape the final rules. Business impact: Enhanced comparability and investor confidence could improve cross-border distribution and attract foreign capital.

However, increased compliance costs, system changes, and training are likely. Smaller firms may face disproportionate burdens. Opportunities: Firms that proactively align with international best practices may gain a competitive edge, streamline reporting, and reduce regulatory friction in multiple jurisdictions.

Risks: Potential restatements, operational disruptions, and unclear transition timelines. Monitor CVM’s next steps closely. Engage with industry associations to coordinate responses.

This consultation is a critical opportunity to influence the outcome and ensure practical implementation.