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Annual Report, One of Our Pillars Guidance About Analyzing the Alerts (-) Forwarded for Enforcement 9 of Activity Is Market Guidance

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Annual Report, One of Our Pillars Guidance About Analyzing the Alerts (-) Forwarded for Enforcement 9 of Activity Is Market Guidance CONTENTS SELF-REGULATION OF MISSION AND MANDATES ORGANIZATIONAL 04 B3’S MARKETS 06 06 CHART MARKET GUIDANCE, TRAINING INVESTOR AND INTERNATIONAL FORUMS WHISTLEBLOWER CHANNEL COMPENSATION 07 11 12 MECHANISM (MRP) SURVEILLANCE BY AUDIT MARKET SURVEILLANCE 15 19 23 INDICATORS ADMINISTRATIVE ENFORCEMENT 25 29 ACTIVITIES FIGURES, GRAPHS AND TABLES FIGURE 1 – BSM GRAPH 1 – TRAINING AND GRAPH 2 – COMPLAINTS 06 ORGANIZATIONAL CHART 09 GUIDANCE 11 RECEIVED IN 2018 TABLE 1 – COMPLAINTS GRAPH 3 – NUMBER OF RECEIVED, CONCLUDED AND COMPLAINTS TO THE MRP TABLE 2 – AUDITS HELD 13 IN PROGRESS 14 17 IN 2018 TABLE 4 – IRREGULARITIES TABLE 3 – IRREGULARITIES TABLE 5 – REPORTS IDENTIFIED IN BM&FBOVESPA IDENTIFIED IN CETIP UTVM RECEIVED, CONCLUDED SEGMENT TRANSACTIONS 20 SEGMENT TRANSACTIONS 20 21 AND IN PROGRESS FIGURE 2 – SCHEMATIC GRAPH 4 – TYPES OF GRAPH 5 – ORIGEN OF THE DIAGRAM OF THE ACCUSED IN PADS PADS INITIATED IN 2018 26 ENFORCEMENT PROCESS 28 INITIATED IN 2018 28 TABLE 6 – SECRETARIAT AND FIGURE 3 – GEOGRAPHICAL ADMINISTRATIVE SUPPORT 30 DISTRIBUTION OF THE AAIS 30 FIGURES 4 SELF-REGULATION OF B3’S MARKETS B3 S.A. – Brasil, Bolsa, Balcão has a complete infrastructure for the financial and capital market. The main assets are traded, cleared and settled, deposited and registered in its environments, from equities and corporate bonds to currency derivatives, structured transaction and interest and commodity rates. B3’s participants are brokerage houses, securities dealers and banks. 105 This ecosystem has rules that seek for savers (individual, pension for individuals or bodies that supervising the markets operated a fair and equitable environment fund and other investors); of need protection against price by B3, with the aim of maintaining for all agents, so that the market enabling financing sources for fluctuations in a product or their integrity. We believe that can perform its essential role of companies, governments and currency. to promote market integrity is to enabling investment alternatives other institutions; and of hedging BSM is the body responsible for promote the development of Brazil. BSM is thus built on three pillars: Knowledge and guidance: Market integrity: Protection for the investor: we provide market guidance, share we monitor all of the transactions in addition to helping maintain knowledge and assist B3’s participants that occur in B3’s markets, audit market integrity in a transparent in adopting the best practices for their participants and when necessary and fair way, our Investor processes and controls. act to prevent repetition of Compensation Mechanism seeks irregularities. to compensate investors harmed by the actions or omission of B3 participants. In the following pages, we set out the main activities that BSM executed over 2018. 6 OUR OUR • Inspect B3’s participants activities or, when necessary, . bringing disciplinary • Oversee B3’s activities as a administrative processes that MISSION MANDATES market operator and issuer of can result in penalties against listed securities (self-listing). those involved in irregularities. To ensure the integrity of B3’s • Supervise activities (orders, markets and protection of registrations and trades) in B3’s • Take necessary measures to • Manage the Investor investors. markets. preserve the integrity of the Compensation Mechanism market through guidance (MRP). ORGANIZATIONAL Figure 1 – BSM Organizational Chart CHART We have budgetary autonomy and a dedicated team. Figure 1 sets out our organizational chart, for the end of 2018. 7 Guidance is a key pillar of our activity. Experience has MARKET shown us that guidance actions positively contribute towards preserving market integrity and investor GUIDANCE, protection. For this reason, we have dedicated ever more time to holding training sessions, workshops TRAINING AND and other forms of educational interactions with the market. INTERNATIONAL Below we have listed some examples of these FORUMS guidance activities. 8 BSM-ANBIMA Joint part this workshop and this is calendar. Taking part in the 2018 participants. These events have Workshop on Abusive expected to be a growing trend at edition were Antônio Carlos been promoted frequently and subsequent events, which are also Ferreira de Souza, president of have proven very productive, as Practices expected to be led by the buy side the Council for Financial Activities they have allowed the specifics of Almost 200 people representing 65 (managers, foundations and other Control (Coaf) and Marcus Vinicius each institution to be dealt with different institutions followed the investors). de Carvalho, who heads Prevention and have granted a level of depth event (in person or via streaming), of Money Laundering and Combat that is not always possible at open which covered manipulative Money Laundering of Terrorism Financing at the meetings. Securities & Exchange Commission practices through layering and Prevention Training spoofing. of Brazil (CVM). Graph 1 shows the number of Followed by around 200 individuals, people trained at the workshops B3 participants and ANBIMA- in person or via streaming, money In addition to workshops aimed for the market and in individual member asset managers took laundering prevention training is at the market, we provide specific training sessions. an established part of our annual training requested individually by 9 In addition to these events, the BSM team provides daily guidance by telephone, email or in Graph 1 – Training and guidance person. This is now common practice and allows better interaction between BSM experts and the 65 market. In 2018, we initiated a new type of market 2014 guidance: the publication of videos. The first of these videos, launched in December, dealt with same investor trades during auctions. There were also four videos recorded for publication 39 in the first half of 2019, about churning, layering, spoofing and illegal money-passing between 31 accounts. 28 23 23 We also provide speakers for B3 Education 1.600 programs and initiatives such as Programa TOP – which aims to have university lecturers 600 disseminating information about the capital market. 330 3 4 International forums 2015 2016 2017 2018 We take part in the main international forums involving regulators and self-regulators, Number of training sessions Number of guidance sessions Professionals trained with meetings and training sessions from the International Organization of Securities Commissions (Iosco), the Affiliate Members Consultative Committee (AMCC) of Iosco and the Council of Securities Regulators of the Americas (COSRA). 10 Of special note, in 2018 we held a presentation with Iosco’s Committee for Secondary Markets, at the invitation of CVM, regarding our methodology for layering and spoofing identification, which had international repercussions and became a reference for the subject. Team training and qualification In addition to events aimed at B3 participants and investors, we have an intensive agenda for our staff. Of note in this regard is International Training that has been held annually since 2011 for BSM and B3 employees, as well as for regulators (CVM and the Central Bank of Brazil), other self-regulators (ANBIMA, Ancord and Febraban) and for the Federal Police, Federal Public Prosecutors’ Officer and the Federal Judiciary. In the 2018 edition there was discussion, among other things, of trends in investigative and (FINRA – USA), Ricardo Saponara (SAS - Trading Commission (CFTC). In 2018, two enforcement programs, the use of data mining Brazil), Henrique Machado (CVM), Francisco employees took part in this training. and analytics, money-laundering prevention José Bastos Santos (CVM) and Marcus programs, suitability, the calculation of penalties Vinícius de Carvalho (CVM) participated as Due to the ever more intensive use of the and benefits, and challenges in single self- speakers. disciplines of analytics in supervision and audit regulation. processes, we sent two employees to Statistical We also encourage our employees to participate Analysis System (SAS) headquarters in the Corinne Riguzzi (SIX Exchange Regulation – in specific overseas training, such as that United States to take part in reference training Switzerland), Elsa Renzella (IIROC – Canada), offered annually by the Securities and Exchange in the tool, which is used in our data mining Kevin Piccoli (CFTC – USA), Lara Thyagarajan Commission (SEC) and the Commodity Futures activities. 11 WHISTLEBLOWER CHANNEL Our whistleblower channel was created to allow complaints to be sent about the activity of market professionals, companies traded at B3 and financial intermediaries. The whistleblower channel is an important source of information for BSM’s inspection activities. In 2018, we received 71 complaints regarding the issues set out in Table 2. Graph 2 – Complaints received in 2018 Control failures 17 Market manipulation 14 Irregular activity of 14 a market professional Custody transfer 7 Fraud 4 Information Failure at Listed Companies 3 Artificial conditions of 3 demand, supply or price Other 9 12 INVESTOR COMPENSATION MECHANISM (MRP) CVM Instruction 461/2007 governs organized securities markets in Brazil and requires the entire exchange market to have a mechanism to ensure that investors are compensated for losses resulting from an action or omission on the part of exchange market participants. BSM manages B3’s Investor Compensation Mechanism. Table 1 sets out the number of complaints received, concluded and in progress within the scope of the MRP since 2012. 13 Table 1 – Complaints
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