O papel da CVM e a Resolução 175: a necessidade de regulamentação específica de critérios ASG para a segurança jurídica do investidor em fundos de investimento

Abstract

This article examines the regulatory activity of the Brazilian Securities and Exchange Commission (CVM) in light of the new regulatory framework for investment funds in Brazil, embodied in CVM Resolution 175, specifically regarding the elements and structure of ESG criteria. In this context, it seeks to examine Article 49 of said regulation, which is the only provision addressing ESG parameters, in order to expose the apparent insufficiency and superficiality of the regulatory guideline. To this end, through a qualitative, exploratory methodological approach, given that it is a recent regulation, the normative structure is analyzed with the aim of demonstrating the fragility of this provision. Thus, it seeks to ascertain how the generality and discretion arising from the merely procedural nature of the article contribute to informational asymmetries and weaken the investor's position. It is concluded that a detailed formulation of guidelines by the regulatory body is necessary to guarantee effective transparency and legal certainty in the sector.