By: André Jerusalem

Social media is full of digital influencers, and many of these influencers deal with one of the most sensitive topics of all: investors' pockets.

With tips and recommendations on all types of investments, including very high-risk investments, such as operations in futures markets and with leverage (especially day trades), many of the influencers do not have any preparation or in-depth knowledge of the capital markets. It is no wonder that the activity of an investment analyst is a regulated activity and requires certification to attest to knowledge in various 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 and Exchange Commission (CVM) and the Brazilian Association of Financial and Capital Market Entities (Anbima) signed an agreement that aims to monitor the activity of digital influencers who work with investment recommendations.

In short, the agreement aims to monitor social networks, in this case, investment influencers, as well as integrate information between CVM and ANBIMA.

The following aspects were considered:

• The significant increase in individuals entering organized securities trading markets.
• The ability that certain creators of investment content have to influence investment decisions made by their followers.
• The possibility, in theory, of using this capacity to influence to promote possible market illicit acts provided for in CVM Instruction 8 and in art. 155, paragraph 4, of Law 6,404/76

We emphasize that any illegal acts committed by digital influencers are subject to fines that may be applied by the CVM.