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Brief
On January 16, a Brazilian law complementing nº 214 was sanctioned, regulating the consumer tax reform. The law vetoed provisions allowing investment funds to be non-contributors, contradicting the plea of the ANBIMA (Brazilian Financial and Capital Markets Association). This changes the neutrality sought by the reform, placing funds in an asymmetrical condition compared to direct investments, generating impact on the industry with over 41 million accounts and R$ 9.2 trillion in liquid assets.
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