A ACIIA (Association of Certified International Investment Analysts) publicou, em sua newsletter no mês de abril de 2009, matéria sobre a certificação dos analistas no Brasil. Para visualizar a matéria, clique aqui. | Para a íntegra da newsletter, clique aqui. 
  
APIMEC's new challenges in Brazil
  
The Brazilian Association of Investment Analysts (APIMEC) began in 2009 with more than a thousand certified analysts. According to the Brazilian regulation, the National Certification (CNPI) is required for all sell side analysts. Candidates must pass two exams in order to obtain the CNPI: CB, the Brazilian specific examination, and the CG1, equivalent to the Foundation CIIA exam 1. At least 160 analysts have also been approved  in exams 2 and 3 and are ready to proceed to the Final Program.
 
The APIMEC´s new administration will continue the work of the former certification group, led by Mr. Nogueira, who played an important role in the creation of ACIIA. Due to the new  challenges imposed by both the national regulatory environment and the impacts from the international crisis, we are now restructuring and reinforcing the certification area, which will have two specific directors: Certification and Supervision. The first one, the Certification Director, will be in charge of the academic issues, such as the national examination syllabus, reference literature and our representation at IEC. In this area, the news is the national specific exam for technical analysts, named CT 1, and the specific exam to pension fund professionals.
 
APIMEC will be empowered by the Brazilian Securities and Exchange Commission (CVM -Comissão de Valores Mobiliários), by means of a new norm that will replace CVM Instruction 388, that currently regulates the activities of the security analysts, to perform the supervision of those professionals. In order to cope with this huge task, APIMEC has already designated a Supervision Director, in charge of  structuring a professional area, to be hired from the market among professionals who do not have a conflict of interests, and whose work will be supported by tailor-made software devices.
 
The scope of APIMEC´s supervision comprises a broad range of aspects; from the due certification of the analyst, to the use of privileged information, the existence of conflicts of  interests and the consistency of recommendations, in both the short and medium term. A new Code of Conduct for security analysts is being prepared to set out formal guidelines to professionals and transgressions to it will be judged and punished by a Supervisory Board, which will be composed by a majority of independent members. The preliminary version of the new Code of Conduct was mirrored in the ACIIA Principles of Ethical Conduct.