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OCT, 2012 Premium Article Vernon Hamilton Budinger Investors like the transparency that originates from access to timely, reliable, relevant and detailed information. Full transparency means that the investor has access to all the data necessary to make informed investment decisions and to monitor the investment’s performance. Almost any risk system is useless without some level of data transparency. Lack of transparency in Brazil’s market for Fundos de Investimento em Direitos Creditórios (FIDCs – Brazilian ABS) has presented major challenges for investors, especially foreign investors, since the market developed over 10 years ago. This changed for the better in 2011 when the Comissão de Valores Mobilários (CVM – equivalent of the SEC in Brazil) enacted Instruction 489. Instruction 489 was published in January 2011 and applies to taxable years beginning on or after August 1, 2011 (KPMG, Brazil Accounting – Int.....