Law 4,728 is enacted regulating the Capital Markets in Brazil through the introduction of a new model.

ANBID is founded in Rio de Janeiro with the purpose of representing and coordinating the activities of Investment Banks operating in Brazil.

Law 6,385 responsible for setting up the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM), and establishing the operating rules for the domestic capital markets.

Multiple Banks are created, introducing a new model for financial institutions in the Brazilian capital markets.

• Revamping of ANBID’s activities. From merely representing investment banks, the entity becomes one representing the full spread of activities relating to the operations of financial institutions in the capital markets;
• Consolidates its position as the principal source of information on the capital markets, setting up the first system for the daily calculation of returns on funds with the adoption of a common criterion for the whole market.

An important transitional period begins. Some of the organization’s internal bodies are gradually phased out and others are created. This process inspires the setting up of the Investment Funds Commission, now known as the Asset Management Commission.

One more body is created, the Custody Commission, now known as the Securities Services Support Commission.

Continuing this development process, the Corporate Finance Commission comes into being.

The year marks the beginning of ANBID as a Self-Regulation entity with the publication of the market’s 1 st Self-Regulation Code for Public Securities’ Offerings.

• The Self-Regulation Code for Investment Funds is launched;
• The Certification Commission is established.

The Self-Regulation Area develops one more code, this time the Qualified Certification Program.

ANBID’s registered offices are transferred to Sao Paulo consolidating its staff into a single team. The Association increases its management area with the setting up of the Technical Departments for expanding the capacity to service and support the various bodies in the organization.

• The Self-Regulation Code for Custody Services is launched;
• With the creation of the Education Commission, ANBID begins its activities in the investor education area;
• Broadens the scope of representation with the incorporation of Independent Managers in its roll call of members. The Private Banking Commission is also created to represent the players of securities’ distribution.

• Complementary to its self-regulation activities, ANBID launches its Private Banking for Domestic Market and the Qualified Services codes;
• The organization consolidates its position as the leading representative of companies operating in the capital markets with a membership of more than 70.