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.
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.
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.
A da Frota Nogueira
APIMEC representative on the Board
President of APIMEC's Certification Committee