On October 29, 2014, the Brazilian Securities Commission ("CVM") submitted to public hearing the proposal of amendment to the rule that regulates the professional management of the securities′ portfolio, suggesting the creation of two categories of registration: the "fiduciary administrators" and the "portfolio managers". According to CVM′s proposal, interested parties may require their registration in one or both categories, provided that only financial institutions are able to request the registration as "fiduciary administrators".

Administrators engaged exclusively in the administration of private equity investment funds (fundos de investimento em participações - FIPs), investments funds targeted at emerging markets (fundos mútuos de investimento em empresas emergentes - FMIEE) and managed portfolios are expected to be waived from the requirement described above.