In June 2004, the ACIIA® will celebrate its fourth anniversary, and the remarkable results that its international certification program has accomplished in such a short period of time justify and reward the dedication shown by those who are building one of the most important organizations in the global capital markets.

The recognition of the sovereignty of the national analysts associations in their own countries - regardless of their size or the development level of their capital markets - represents a major characteristic which differentiates ACIIA® from other entities. Its policy to respect the cultural and regulatory aspects of each country represents an important means to allow analysts to understand the local factors that might affect an investment. This helps to prevent the making of investment decisions based on wrong or misunderstood judgments and perceptions.

The close relationship that ACIIA® promotes among its members, allowing a constant exchange of knowledge and experiences between markets with different sizes, characteristics and levels of development, operates both as a catalyzer and leveler of the techniques and practices adopted in the various countries.

One example of this is to be found in Brazil where there is a modern regulatory and operational framework with instruments and institutions comparable to those in developed markets. Our analysts association - APIMEC - was established 34 years ago, and currently it has about 2000 members belonging to its six regional chapters; the Brazilian stock exchange - BOVESPA - trades over 400 listed companies, 30 of which are also traded in the New York Stock Exchange; and, entities such as the Brazilian Investor Relations Institute and the Brazilian Corporate Governance Institute perform an important role in promoting disclosure and good governance practices in the market.

 

In spite of these favorable conditions, until some three years ago the Brazilian market did not have any national certification program to qualify its investment professionals. Until then, the only option to obtain a certification was through the CFA program. That situation, however, changed after the integration of APIMEC with the ACIIA® organization, which resulted in the adoption of a high level certification program in Brazil based on the experience and support of the TCIP, the educational and training center of the Swiss Financial Analysts Association. Moreover, last year, Brazil's Securities Commission recognized our certification program - comprising the Foundation and the local content exams - as a legal requirement for sell-side analysts to qualify to perform their activities in the country, and having appointed APIMEC as the Accreditation Entity.

 

As a result of these assets, the ACIIA® stands out as the most representative entity of its kind, and as such should command the support not only of its members but also of all the investment professionals in the global financial community.

 

Ronaldo A da Frota Nogueira
APIMEC representative on the Board
President of APIMEC's Certification Committee (Brazil)