Capital Markets Increase Governance Requirements: Analysis by ID CTVM

In a more sophisticated regulatory environment, infrastructure, diligence, and controls become strategic assets to ensure safety and trust in investment structures.

The growth of the structured funds industry has transformed the infrastructure of the capital markets into one of the main pillars for the sector's development. In an environment marked by more sophisticated operations, greater regulatory scrutiny, and investors increasingly attentive to governance, institutions responsible for fiduciary management have ceased to perform only operational functions and have taken on a strategic role in preserving legal security and the integrity of investment structures.

The evolution of CVM Resolution 175, the expansion of private credit, and the increase in the number of structured funds have significantly raised the responsibilities of fiduciary managers. Today, in addition to ensuring compliance with regulatory obligations, these institutions are responsible for overseeing service providers, monitoring operational controls, and maintaining the governance of investment vehicles.

This movement accompanies the transformation of the industry itself. In 2025, the net assets of Brazilian investment funds reached R$ 10.7 trillion, while FIDCs raised R$ 57.6 billion and FIPs recorded R$ 60.1 billion in net fundraising, consolidating structured funds as one of the main financing instruments for the real economy.

According to Rodrigo Balassiano, director of ID CTVM, the maturation of the industry requires a change in perception regarding the role played by fiduciary management.

"The market spent many years directing its attention exclusively to investment performance. Today, investors, managers, and regulators understand that sustainable results depend, above all, on solid governance structures, efficient controls, and absolute respect for the responsibilities of each market participant. Trust is built by the quality of the infrastructure that supports each operation."

With over 550 managed funds, R$50 billion in assets under administration and custody, and more than 9,000 active accounts, ID CTVM is following this transformation by continuously investing in technology, processes, regulatory compliance, and operational integration.

According to Balassiano, the evolution of the industry also demands an increasingly specialized action from the institutions responsible for the market infrastructure.

"Fiduciary management is not investment management. Our role is to ensure that each fund operates within the highest standards of governance, transparency, and regulatory compliance. The more sophisticated the market becomes, the greater the need for independent institutions that are technically qualified and committed to protecting the integrity of the managed structures."

In the company's assessment, the next cycle of the Brazilian capital markets will be marked less by the growth in the number of operations and more by the strengthening of the quality of structures, internal controls, and governance.

"The sophistication of the market will not be measured solely by the volume of resources raised but by the ability of institutions to deliver legal security, operational efficiency, and trust to investors. This will be the main competitive differentiator of the next decade," concludes Balassiano.

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