# Law No. 6385 of December 7, 1976

> Brazilian law

**Wikidata**: [Q105659727](https://www.wikidata.org/wiki/Q105659727)  
**Source**: https://4ort.xyz/entity/law-no-6385-of-december-7-1976

## Summary
Law No. 6385 of December 7, 1976 is a Brazilian statute that established the legal framework for the country's securities market and created the Comissão de Valores Mobiliários (CVM), the Brazilian Securities Commission. Promulgated by President Ernesto Geisel, this legislation regulates financial markets, defines the powers of regulatory bodies like the Central Bank of Brazil and the National Monetary Council, and outlines rules for financial institutions, market participants, and legal procedures across the entire territory of Brazil.

## Key Facts
- **Official Title:** Lei nº 6385, de 7 de dezembro de 1976
- **Date of Promulgation:** December 7, 1976
- **Promulgating Authority:** Presidency of the Federative Republic of Brazil, signed by President Ernesto Geisel
- **Jurisdiction:** Applies to the entire Federative Republic of Brazil
- **Language:** Brazilian Portuguese
- **Legal Citation:** Lei nº 6385/1976
- **Lexml Brazil ID:** urn:lex:br:federal:lei:1976-12-07;6385
- **Official URL:** Available at https://www.planalto.gov.br/ccivil_03/leis/l6385.htm
- **Law Digest:** "DISPÕE SOBRE O MERCADO DE VALORES MOBILIARIOS E CRIA A COMISSÃO DE VALORES MOBILIARIOS" (Provides for the securities market and creates the Securities Commission)
- **Classification:** Instance of a statute
- **Place of Publication:** Brasília
- **WikiProject Membership:** On the focus list of WikiProject Brazilian Laws

## FAQs

**What is the primary purpose of Law No. 6385/1976?**
The law's primary purpose is to establish the legal framework for the Brazilian securities market (Mercado de Valores Mobiliários) and to create the Comissão de Valores Mobiliários (CVM), the regulatory body responsible for overseeing this market.

**Which government bodies are regulated or empowered by this law?**
The law defines the roles and competencies of the Comissão de Valores Mobiliários (CVM), the Central Bank of Brazil (Banco Central do Brasil - Bacen), the National Monetary Council (Conselho Monetário Nacional - CMN), and the Ministry of Finance (Ministério da Fazenda), outlining their connections to the Federal Government of Brazil, states (Estados), and municipalities (Municípios).

**Who approved and enacted this law?**
The law was approved and promulgated by the Presidency of the Federative Republic of Brazil, specifically by President Ernesto Geisel, on December 7, 1976, through the process of promulgation.

**What are some of the key regulatory subjects covered in this law?**
The law covers a wide range of subjects including the registration, emission, distribution, and trading of securities; the functioning and supervision of financial institutions and market participants; the definition of crimes and obligations; and the procedures for enforcement, regulation, and fiscalization by the relevant authorities.

## Why It Matters
Law No. 6385 of 1976 is a cornerstone of Brazil's financial regulatory architecture. By creating the Comissão de Valores Mobiliários (CVM), it established a dedicated, autonomous authority to oversee and develop the securities market, which is critical for capital formation, investor protection, and market integrity. This law provides the legal foundation for regulating all aspects of the securities market—from the creation and distribution of securities to the oversight of market participants and the enforcement against market manipulation and fraud. Its existence ensures that Brazil has a structured, regulated financial market, which is essential for the stability of the national economy and for attracting both domestic and foreign investment. The law's comprehensive approach to defining competencies across multiple financial institutions ensures coordinated oversight and clear lines of regulatory authority.

## Notable For
- **Creation of the CVM:** Most notably, this law created the Comissão de Valores Mobiliários (CVM), Brazil's equivalent of the U.S. Securities and Exchange Commission
- **Comprehensive Market Regulation:** Provides an exhaustive legal framework covering all aspects of the securities market, from emission and distribution to supervision and penalization of crimes
- **Integration with Financial Authorities:** Explicitly defines the relationships and competencies of key financial bodies including the Central Bank of Brazil, the National Monetary Council, and the Ministry of Finance, creating an integrated regulatory system
- **Broad Subject Coverage:** Addresses a vast array of legal and operational concepts, including nomination, removal, consent, registration, financial resources, agreements, expenses, procedures, obligations, and definitions of business and service provision within the financial sector
- **Autarky Structure:** Establishes the CVM as an autarky, an autonomous entity with defined connections to the Ministry of Finance

## Body

### Legislative Origin and Authority
Law No. 6385, formally known as "Lei nº 6385, de 7 de dezembro de 1976," is a Brazilian statute promulgated on December 7, 1976. The law was enacted by the Presidency of the Federative Republic of Brazil, with the act of promulgation performed by President Ernesto Geisel. It was published in Brasília, the federal capital, and holds the official legal citation "Lei nº 6385/1976." The statute is an instance of a formal written document that creates law, classified as a "statute" under Brazilian legal taxonomy.

### Core Mandate and Creation of the CVM
The law's central mandate is captured in its digest: "DISPÕE SOBRE O MERCADO DE VALORES MOBILIARIOS E CRIA A COMISSÃO DE VALORES MOBILIARIOS," which translates to "Provides for the securities market and creates the Securities Commission." This dual purpose—regulating the market and establishing its primary regulator—defines the law's scope. The Comissão de Valores Mobiliários (CVM) is created as an autarky, an autonomous entity tied to the Ministry of Finance, though the law specifies its connection to the broader structure of the Federal Government of Brazil (União Federal).

### Regulatory Framework and Institutional Competencies
The law outlines a complex web of competencies and connections between various governmental and financial entities. Key institutions referenced include:
- **Conselho Monetário Nacional (CMN):** The National Monetary Council, which sets broader monetary policy
- **Banco Central do Brasil (Bacen):** The Central Bank of Brazil, responsible for monetary stability and financial system oversight
- **Ministério da Fazenda (MF):** The Ministry of Finance, which holds authority over the CVM
- **União Federal:** The Federal Government of Brazil
- **Estados and Municípios:** Brazilian states (federative units) and municipalities are also contextualized within the law's jurisdictional scope
- **Ministro De Estado:** Ministers of State are referenced within the governance structure

The law defines the "Competencia" (competency) of these bodies, their "Funcionamento" (functioning), and their "Vinculação" (connection or subordination) to each other. The legislation also addresses the role of the Public Prosecutor's Office (Ministerio Publico) within this framework.

### Scope of Subject Matter
The law addresses a comprehensive list of subjects, indicating its wide-ranging regulatory nature. Key areas include:

**Market Operations:**
- "Emissão" (emission) of securities
- "Distribuição" (product distribution)
- "Registro" (register) of securities and market participants
- "Apresentação" (presentation) requirements

**Participant Oversight:**
- Rules for "Membros" (members or participants)
- "Servidor" (civil servants)
- "Empresa" (business) operating in the market
- "Instituição Financeira" (financial institution)

**Governance and Administration:**
- Procedures for "Nomeação" (nomination)
- "Exclusão" (removal)
- "Aprovação" (consent)
- "Composição" (content or composition) of regulatory bodies
- "Atividade" (activity) undertaken by regulated entities

**Legal and Financial Aspects:**
- Definitions of "Crime" and penalties
- "Obrigatoriedade" (obligation) requirements
- "Despesa" (expense) management
- "Recursos Financeiros" (financial resources)
- "Convenio" (agreement) arrangements

**Procedural Framework:**
- Regulations concerning "Procedimento" (procedure)
- "Legislação" (legislation) references
- "Regulamentação" (regulation) authority
- "Fiscalização" (supervision/enforcement) powers
- "Definição" (definition) of key terms

**Territorial and Service Scope:**
- Application across "Territorio Nacional" (state territory/national territory)
- Oversight of "Serviço" (service) provision
- "Atendimento" (service delivery) standards

### Accessibility and Identification
The full text of Law No. 6385/1976 is publicly available in Brazilian Portuguese. Its official digital record can be accessed via the URL https://www.planalto.gov.br/ccivil_03/leis/l6385.htm. The law is uniquely identified in the Brazilian legal system through the Lexml Brazil ID "urn:lex:br:federal:lei:1976-12-07;6385." It is also a subject of focus for the WikiProject Brazilian Laws, highlighting its significance in the documentation and organization of Brazilian legal knowledge. The law's description as "Brazilian law" and its classification as a statute place it within the broader taxonomy of formal written legal documents that create law, encompassing acts, executive orders, and by-laws.

## References

1. [Source](https://www.lexml.gov.br/urn/urn:lex:br:federal:lei:1976-12-07;6385)
2. [Source](https://legislacao.presidencia.gov.br/atos?tipo=LEI&numero=6385&ano=1976&data=07/12/1976&ato=a92cXTq50MnRVTa5b)
3. LexML Brasil