By: Andre Jerusalmy
Social media is full of digital influencers, and many of these deal with one of the most sensitive topics of all: the investors’ pockets.
With tips and recommendations on investments of all kinds, including very high-risk investments, such as operations in future markets and with leverage (especially day trades), many of the influencers do not have any in-depth knowledge or preparation about the capital market. Not surprisingly, the activity of investment analysts is a regulated activity and depends on certification to attest knowledge in several areas of investment.
Thus, due to the risk that several unprepared influencers represent to the market and investors, at the end of October 2021 the Securities Commission (CVM) and the Brazilian Association of Financial and Capital Market Entities (Anbima) signed a agreement aimed at monitoring the activity of digital influencers who work with investment recommendations.
In brief, the agreement aims at monitoring the social networks, in this case the investment influencers, as well integrating information between the CVM and ANBIMA.
The following aspects were considered:
- The expressive increase of individuals entering the organized security trading markets.
- The ability of certain investment content creators to influence investment decisions made by their followers.
- The possibility, in theory, of using this influence capacity to promote possible market offenses provided for in CVM Instruction 8 and in Article 155, paragraph 4, of Law 6.404/76
We emphasize that any illegal acts committed by digital influencers are subject to fine penalties that may be imposed by the CVM.