The National Securities Commission (CNVM) had given the go-aheadfor the distribution of mutual funds through distribution agentsand by phone, and loosened regulations on fund advertising. Themain winners are independent managers, which are not part ofbanking groups and for which fund sale and advertising involvedsignificant financial efforts. However, they do not believe thatthe new rules will unfreeze their sales. The distribution agent isthe main change CNVM brings to the way mutual funds are sold.Independent managers often complain banks first sell their ownfunds. Through distribution agents, independent managers have thechance to cut their dependence on banking distribution.Nevertheless, managers are not confident they will manage to spurtheir sales through distribution agents. Another important changeis the relaxation of legal stipulations regarding mutual fundadvertising. Whereas until now the ad had to be approved by CNVM,from now on the representative of the company's internal controldepartment will be able to decide whether the ads comply with thelaw.
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