BSM - MARKET SUPERVISION - B3

About BSM - MARKET SUPERVISION

We are a not-for-profit organization that is part of the B3 Group and which was created for the autonomous execution of self-regulation in the markets operated by B3.

We carry out the supervision of these markets and seek to promote their integrity, transparency and efficiency.

Pursuant to these goals, we monitor operations, orders and trades executed in our trading environments, supervise market Participants and, if necessary, apply penalties against those who infringe regulations.

Organizational Chart

See how we are organized:

Quem somos
Supervisory
Board
Chief
Regulatory Officer
Administrative
Support
Auditing
Market
Surveillance
Enforcement
Analysis and
Strategy

Supervisory board

The main duties of the BSM - MARKET SUPERVISION Supervisory Board are:

  • to judge Disciplinary Administrative Proceedings and to penalize Participants who infringe regulations;
  • to judge investors' appeals against the Chief Regulatory Officer's decisions in disputes at the Investor Compensation Mechanism (MRP).

The Board has 12 members of whom at least two thirds are independent members. It is also responsible for approving the Work Program, Budget Proposal and BSM - MARKET SUPERVISION Activities Report.

Supervisory Board Members:

Aline de Menezes Santos

Carlos Cezar Menezes *

Henrique de Rezende Vergara *

João Vicente Soutello Camarota

José Flávio Ferreira Ramos

Luis Gustavo da Matta Machado *

Marcos José Rodrigues Torres *

Marcus de Freitas Henriques *

Murilo Robotton Filho *

Rodrigo de Almeida Veiga *

Sergio Odilon dos Anjos *

* Independent members

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What we do

Working in close collaboration with Brazil’s Securities Commission (CVM) and Central Bank, our team acts to ensure that institutions and their professionals comply with market regulations. Our main activities are:

  • market surveillance – we monitor 100% of orders and trades in B3's markets in order to identify signs of irregularities;
  • auditing – we audit all B3 Participants to check their compliance with the regulations and to identify possible infractions of market rules;
  • disciplinary processes and other enforcement actions – when regulations are infringed we adopt guidance, persuasion or disciplinary measures such as letters of recommendation, letters of censure or Disciplinary Administrative Proceedings, in accordance with the severity of the irregularity that has been identified;
  • compensation of losses – we analyze and adjudicate complaints presented to the Investor Compensation Mechanism (MRP), which awards damages of up to BRL 120,000 to investors harmed by an Exchange Participant’s inappropriate activity;
  • market development – we develop education initiatives, rule enhancements and institutional relationships with market participants, regulatory bodies and international organizations.

Annual Reports

See our Annual Reports:

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Check out our financial statements (in portuguese)

Events and Publications

BSM - MARKET SUPERVISION participates in the main international forums held for securities market regulators and self-regulators, such as IOSCO, COSRA, ISG, AMCC/IOSCO. At the following links you may access the presentations that BSM - MARKET SUPERVISION has given at these forums or at other international events and training courses.

Rules and Regulation.

Presentations held by BSM - MARKET SUPERVISION at international events.