The new director of the Securities and Exchange Commission, Henrique Machado, presented yesterday (29), in Rio de Janeiro, to the capital market, highlighted the moment the country is living resumption of growth, pointing to the positive presence in the market of capital as a source of investment for infrastructure works. The government, he said, recognizes the importance of private investment, "even because the public sources are not as available."

The idea is to foster private investment, with the participation of the capital market, with a focus on infrastructure, either by acquisition of shares or by applying for funds. The new director of the CVM, autarchy linked to the Ministry of Finance, sworn in last July, said view indicative of a healthier time in the country to "increase confidence levels in many segments, reducing the CDS (the English name Credit Default swap, which acts as a risk insurance) in Brazil, the falling dollar. We live a moment of decision. Today is a historic day, "he maintained.

Yesterday, Monday (29), the Senate received the away President Dilma Rousseff who presented her defense on the eve of the vote on its final clearance or not of the Presidency. The director of CVM reiterated that this is an opportunity of healthy recovery in the Brazilian economy in general. The capital market has suffered, he said, after a long period in which the investment resulted from a fiscal policy "less balanced, causing increase in the basic interest rate of the economy, coupled at the other end, with subsidized credit and a policy exemption."

Machado assessed that the high interest rate attracted popular savings for investment in government securities, making it less attractive to acquire private securities, which contributed to weaken the capital market. "And the subsidized credit ended up being interesting for companies that need resources." In this framework, opined that the fixed income was much more interesting than equities, "Finance Treasury (National) in risk analysis, was much more interesting than you become a partner in a company.

The CVM director said that the measures announced by the economic team of the interim government of Michel Temer point to the fiscal balance, which should enable, "at some point", reducing the interest rate, dilution of the subsidy policy. All this, he said, will create a positive macroeconomic environment for the resumption of capital market.

Henrique Machado admitted, however, that this renewed growth will not be as fast as it would like, although I believe it will be an upward path and more active, with the Stock Exchange index itself up. "We must have in the coming years also taken up the capital market," bet.

Prosecutor of the Central Bank (BC), Henrique Machado was secretary of the National Monetary Council (CMN) and executive secretary of the Regulatory Committee and Supervision of Financial, Capital, Insurance, Pension Plans and Capitalization (Coremec) between 2010 and 2016. the CVM director reported that one of the violations that deserve a closer look of the municipality and is also the market concern is the practice of insider trading (misuse of inside information).

According to him, the CVM, in its sanctioning function, must show rigor in punishing these practices detrimental to citizens, businesses and the market, and inhibit its occurrence. He warned, however, that before applying the punishment, it is necessary to educate the market about what you want. To this end, the CVM launched in June this year campaign clarifying what is insider trading, what are the behaviors that constitute this offense, so to make it clear that not want to happen in the market.

For him, the sanctioning body of the capital market should have a role "persistent, consistent and effective", which is not necessarily linked to the size of the fine imposed, whose roof reaches R$ 500 thousand. One must also consider the size of the benefit earned, although sometimes this maximum fine may seem small, he pondered.