# Law No. 9015 of March 30, 1995

> Brazilian law

**Wikidata**: [Q105647077](https://www.wikidata.org/wiki/Q105647077)  
**Source**: https://4ort.xyz/entity/law-no-9015-of-march-30-1995

## Summary

Law No. 9015 of March 30, 1995 (Lei nº 9015/1995) is a Brazilian federal statute that establishes variable remuneration for employees holding effective positions at the Securities Commission (Comissão de Valores Mobiliários, CVM) and the Private Insurance Superintendent (Superintendência de Seguros Privados, SUSEP). Promulgated by President Fernando Henrique Cardoso, this law creates specific financial benefits—known as RVCVM (Retribuição Variável da CVM) and RVSUSEP (Retribuição Variável da SUSEP)—for civil servants at these regulatory agencies, while also addressing related provisions for autarkies, hypotheses, rights, and beneficiaries within the Brazilian regulatory framework.

## Key Facts

- **Official Title**: Lei nº 9015, de 30 de março de 1995
- **Legal Citation**: Lei nº 9015/1995
- **Publication Date**: March 30, 1995
- **Place of Publication**: Brasília, Brazil
- **Promulgating Authority**: Presidency of the Federative Republic of Brazil
- **President**: Fernando Henrique Cardoso (at time of promulgation)
- **Country**: Brazil
- **Language**: Brazilian Portuguese
- **LEXML Brazil ID**: urn:lex:br:federal:lei:1995-03-30;9015
- **Jurisdiction**: Brazil (federal)
- **Classification**: Statute (instance_of: statute)
- **Official Source**: https://www.planalto.gov.br/ccivil_03/leis/l9015.htm
- **Primary Subjects**: Creation, removal, autarky, hypothesis, civil servant, rights, activity, legal norm, beneficiary, variable remuneration, CVM, SUSEP

## FAQs

**What does Law No. 9015 of March 30, 1995 establish?**

Law No. 9015/1995 establishes variable remuneration (retribuição variável) for employees holding effective positions at two Brazilian regulatory agencies: the Securities Commission (CVM) and the Private Insurance Superintendent (SUSEP). This law created specific financial benefits designated as RVCVM for CVM employees and RVSUSEP for SUSEP employees.

**Which government agencies are affected by this law?**

The law specifically governs the Securities Commission (Comissão de Valores Mobiliários - CVM), which regulates the securities market, and the Private Insurance Superintendent (Superintendência de Seguros Privados - SUSEP), which oversees the private insurance sector. Both are federal regulatory agencies (autarquias) in Brazil.

**Who promulgated Law No. 9015/1995?**

The law was promulgated by President Fernando Henrique Cardoso on March 30, 1995, during his first term as President of the Federative Republic of Brazil (1995-2002).

**What is the legal status of Law No. 9015/1995?**

Law No. 9015/1995 remains an active Brazilian federal statute, classified as a "statute" (estatuto) in the Brazilian legal system. It is part of the body of laws governing public administration, civil servant compensation, and regulatory agency operations.

**Where can Law No. 9015/1995 be accessed in full text?**

The full text of the law is available on the official website of the Brazilian Presidency at https://www.planalto.gov.br/ccivil_03/leis/l9015.htm and through the LEXML legislative database at the identifier urn:lex:br:federal:lei:1995-03-30;9015.

## Why It Matters

Law No. 9015 of March 30, 1995 matters because it represents a significant piece of legislation in Brazil's ongoing modernization of its financial and insurance regulatory frameworks during the 1990s. By establishing variable remuneration structures for CVM and SUSEP employees, the law aimed to attract and retain qualified professionals in these specialized regulatory positions, which require technical expertise in securities markets and insurance operations.

The creation of RVCVM and RVSUSEP reflected Brazil's commitment to strengthening its regulatory capacity in an era of increasing financial market sophistication. Both CVM and SUSEP play critical roles in Brazil's financial system: CVM protects investors and ensures fair, efficient markets, while SUSEP regulates the insurance industry, which is vital for economic stability and risk management. Competitive compensation through variable remuneration helped these agencies compete with the private sector for top talent.

Furthermore, this law demonstrates how Brazil structures compensation for civil servants in specialized regulatory roles, distinguishing between base salaries and performance-based or position-specific variable pay. This approach recognizes that regulatory agencies require skilled professionals who could otherwise command higher salaries in the private financial sector.

## Notable For

- **Regulatory Compensation Framework**: One of the first Brazilian laws to formally establish variable remuneration structures for financial regulatory agencies
- **Dual Agency Coverage**: Simultaneously governs compensation structures for two distinct federal regulatory bodies (CVM and SUSEP)
- **Historical Significance**: Enacted during Brazil's economic stabilization period under the Real Plan (1994), a transformative era in Brazilian economic policy
- **Autarky Governance**: Addresses compensation for civil servants at autarquias (autonomous federal agencies), which are distinct legal entities with their own administrative and financial autonomy

## Body

### Legislative Context and Purpose

Law No. 9015/1995 was enacted in the context of Brazil's broader economic reforms of the mid-1990s. The law's digest explicitly states its purpose: to establish the "Variable Remuneration of the Securities Commission (RVCVM) and the Variable Remuneration of the Private Insurance Superintendent (RVSUSEP), attributed to holders of effective positions at CVM and SUSEP, and other provisions."

This legislative action recognized that CVM and SUSEP, as regulatory bodies overseeing critical sectors of the Brazilian economy, required specialized compensation mechanisms to attract and retain qualified professionals. The securities and insurance industries demand technical expertise in complex financial instruments, risk assessment, and market regulation—skills that are highly valued in the private sector.

### Regulatory Agencies Covered

The law governs two federal regulatory agencies:

**Comissão de Valores Mobiliários (CVM)**: The Securities Commission is the primary regulatory body for Brazil's securities market. Established in 1976, CVM is responsible for protecting investors, ensuring market fairness and efficiency, and promoting the development of the securities market. The agency regulates securities exchanges, investment funds, publicly traded companies, and securities professionals.

**Superintendência de Seguros Privados (SUSEP)**: The Private Insurance Superintendent is the regulatory authority for Brazil's insurance and private pension sectors. SUSEP oversees insurance companies, reinsurers, capitalization companies, and open-ended pension funds. The agency ensures the financial stability of insurers and protects policyholders.

Both agencies function as autarquias—federal autonomous agencies with their own legal personality and administrative and financial autonomy, created by law to perform specific state functions.

### Compensation Structure

The law establishes two distinct variable remuneration categories:

- **RVCVM (Retribuição Variável da Comissão de Valores Mobiliários)**: Variable remuneration specifically for CVM employees in effective positions
- **RVSUSEP (Retribuição Variável da Superintendência de Seguros Privados)**: Variable remuneration specifically for SUSEP employees in effective positions

These variable pay components supplement the base compensation for civil servants at these agencies, creating a more competitive total compensation package aligned with the specialized nature of regulatory work.

### Legal Classification and Properties

Law No. 9015/1995 is classified as a statute (estatuto), representing a formal written document that creates law. The law addresses multiple legal concepts including:

- **Creation (Criação)**: The establishment of new remuneration structures
- **Removal (Exclusão)**: Provisions related to termination or exclusion from benefits
- **Autarky (Autarquia)**: The legal framework governing autonomous regulatory agencies
- **Hypothesis (Hipótese)**: Legal hypotheses or conditions triggering application
- **Civil Servant (Servidor)**: Provisions governing public employees
- **Rights (Direitos)**: Entitlements and legal rights established by the law
- **Activity (Atividade)**: Regulatory activities performed by the agencies
- **Legal Norm (Normas)**: The normative provisions contained within the law
- **Beneficiary (Beneficiário)**: Those entitled to receive variable remuneration

### Publication and Legal Framework

The law was published in Brasília on March 30, 1995, and is part of the official legislative body of Brazil. It is accessible through the official government portal and the LEXML legislative database, which provides structured access to Brazilian laws. The official citation "Lei nº 9015/1995" follows standard Brazilian legislative citation conventions, indicating the law number and year of enactment.

### Relationship to Broader Legal System

As a federal statute, Law No. 9015/1995 operates within Brazil's hierarchical legal system, subordinate to the Constitution of 1988 and above regulatory instructions and internal agency norms. It forms part of the broader legal framework governing public administration, civil servant rights, and regulatory governance in Brazil.

The law's provisions on variable remuneration interact with other legislation governing public servant compensation, including laws establishing general salary structures for federal employees and specific legislation governing the organizational structures of CVM and SUSEP.

## References

1. [Source](https://www.lexml.gov.br/urn/urn:lex:br:federal:lei:1995-03-30;9015)
2. [Source](https://legislacao.presidencia.gov.br/atos?tipo=LEI&numero=9015&ano=1995&data=30/03/1995&ato=b59ITQU5UeJpWTcb1)
3. LexML Brasil