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Importancia de la Certificación y Educación al Inversionista: La Experiencia de Brasil
Strengthening the industry professional's ability to provide investor education to individuals
Día de Actualidad al Inversionista
Superintendencia del Mercado de Valores de Panamá
Octubre, 11 de 2013.
Agenda
ANBIMA
Reasons for developing Investors Education and Certification processes together
ANBIMA’s Investors Education Initiatives
Partnerships
2
Agenda
ANBIMA
Reasons for developing Investors Education and Certification processes together
ANBIMA’s Investors Education Initiatives
Partnerships
3
Membership More than 330 members among banks, non-bank financial institutions and asset
managers Membership is voluntary, but we estimate that more than 90% of financial and capital
market entities are associates
Distribution (approximate): Asset Managers =132 (40%) Banks = 108 (33%) Securities Firms = 45 (14%) Brokerage Firms = 40 (12%) Others (non-bank FI, non-financial advisors) = 6 (2%)
ANBIMA – Brazilian Financial and Capital Markets Association
4
ANBIMA - Main objectives
Representation of its members Committees, Subcommittees and Working Groups Discussion of strategies to improve market development and establishing priorities for
conducting the dialogue with regulators, authorities and other market entities
Self regulation of the activities represented by the Association Private voluntary SRO, with full range of regulatory activities - rule making, supervision and
enforcement
Education of professionals and investors, through Development of Investor Education initiatives Certification of market professionals Education and Training activities
Information by acting as main provider of financial and capital markets data Indicative prices for securities and indexes (benchmarks)Weekly, monthly and quarterly reports for several markets
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The regulation behind the ANBIMA’s Certification program
2001: CVM issues ICVM 355, de 01/08/01 defining that an independent financial advisor must be approved in a certification exam developed by an entity approved by CVM
June/2002: ANBIMA issues its “Código de Regulação e Melhores Práticas paraPrograma de Certificação Continuada”.
November/2002: ANBIMA organizes the first certification exam for professionals who sell investment products to accredited investors
2003: ANBIMA organizes the first certification exam for professionals who sell investment products to ordinary investors in a bank branches.
December/2003: CMN and CB issue an Resolution defining that all employees who sell investment products in a financial institution must be approved in a certification exam developed by institutions with proved technical capacity.
ANBIMA - Certification
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1st CGA exam
1st online CEA exam
CPA-10 online exam
1st CPA-20 updating exam
Publication of the Certification Code
1st CPA-20 exam (paper and pencil)
CPA-10 updating exam
Daily online CPA-10 and CPA-20 exams
Updating process: courses or exams
20022003/2004
2005/20062007
20082009
1st CPA-10 exam
Professionals can register directly to take
the exams.
Incorporation of ANDIMA’s certifications
1st CPA-20 online examination
1st online CGA exam
250,000 certificates granted
Certification exams in the 27 Brazilian states
2010/2011
Currently, more than 327,000 professionals have one of ANBIMA’s certifications, which represents ethics and qualification, in the Brazilian market. In addition to being required by law, the
certification gained strength with the adhesion of institutions, professionals and investors, who recognize its value and importance.
Anbima – Certification programs timeline
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CPA-10 – professionals who sell investment products directly to retail investors CPA-20 – professionals who sell investment products to accredited investors CEA – investment products specialists CGA – portfolio managers CFP (from IBCPF) – distinction for personal financial planners
ANBIMA’s Regulation and Best Practices Code for the Continued Certification Program serves as a reference to ANBIMA’s members and is aimed at:
Adhering to ethical standards. Promoting fair competitive practices. Establishing self-regulatory rules and sound market practices. Supervising compliance and applying sanctions or conventional fines
when necessary. Minimum level of Knowledge for a candidate to become certified
ANBIMA – Certification programs
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Certifications given
ANBIMA - Certification
CPA-20: 56.385CPA-10: 269.889
CEA: 635 CGA: 391
Registrations received (since 2002): 595.604
* Until 31/08/2013
TOTAL: 327.300
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Average approval rate – historical and in 2013
ANBIMA - Certification
Data: 31 july 2013
ANBIMA
Reasons for developing Investors Education and Certification processes together
ANBIMA’s Investors Education
Partnerships
11
Provide the market with necessary means for upgrading the skills and knowledge of its professionals and investors
ANBIMA believes that stronger financial and capital markets in Brazil depend, among other factors, on the Education of Investors and continuous skill upgrading of market professionals.
For this reason ANBIMA has been developing a broad-based educational scheme divided in two main areas
Investors Education Certification for Professionals
ANBIMA Certification - to foster a process of skill upgrading for market professionals who are in contact with investors in the selling of investment products
ANBIMA Certification and Education
ANBIMA Education - to develop Educational programs with the objective to disseminate knowledge of the mechanism to be used in personal investments
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Investor Education Importance
Brazil has 200 million inhabitants: 28,2 million investors (14%), most of them invest only in savings accounts (R$ 567 billion)
Less than 4 million investors in Mutual Funds (R$ 2,37 trillion), 600.000 individuals investing directly in the stock exchange and 350.000 in Treasury securities
Almost 50% of the people believe mutual funds are products for rich people and 60% don’t know how much is the minimum amount to invest in a mutual fund
Souce: IBOPE and ANBIMA
60% of the Brazilians believe the amount they save for retirement is inadequate: 19% don’t have any investment and 41% don’t have enough for retirement
Brazilians believe they will be on retirement for 23 years but the amount they have invested will last only 12 years
When the decide to save: 49% save for the next vacation and 43% save for retirement
Source: HSBC– ago/1213
1995New Regulation for Investment Funds
CB and CVM
2000Code of Regulation and Best Practices for the Investment
Funds
2002 / 2003Certification and
Investors Education
ANBIMA - Certification and EducationImportance of growing together
2004Launch IE website
Agreement with IBCPF
2007100.000
professionals certified
2012300.000
professionals certified
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Increase the complexity of products
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PremiumRetail
Visits to a bank branch/manager
53% 34% 27%61%
Newspapers / magazines / television
Information on the bank’s website
Phone calls to the bank/manager
34%
54%Bank manager
Investor Education Resourcing
How people look for information about financial products - 2005
Source: IBOPE 2005Base: Retail (786) Base: Premium (264)
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Visit to a bank branch / manager
56% 10%
43% Talks to friends and relatives
39%
Investor Education Resourcing
Source: IBOPE 2011
How people look for information about financial products - 2011
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Newspapers / magazines /
television
Information on the bank’s website
Source:
Investor Education Resourcing
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National Investment Fraud Vulnerability Report ‐ British Colombia Securities Commission, March 2012
Investor Education Resourcing
Source:
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ANBIMA
Reasons for developing Investors Education and Certification processes together
ANBIMA’s Investors Education Initiatives
Partnerships
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“How to Invest?”- the creation of a brand
Como Investir?: ANBID’s brand to promote Investors Education programs trough the delivery channels: website and brochures
Initially developed one logo and the brand
Defined the target audience: new investors, youth, university students
Hired seasoned marketing professionals to develop the web site and brochures
Hired products specialists and personal financial planners to write the content of the website and brochures
ANBIMA – Investors Education
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www.comoinvestir.com.brThe website mission is to become abenchmark by offering the mostcomprehensive and didacticinformation on the various investmentalternatives in Brazil, such as mutualand hedge funds, equities,debentures, private and public bondsas well as highlighting the importanceof financial planning.
This website was developed andfunded by ANBIMA
228.000 Facebook fans 49.000 videos watched 50.000 people registered in
the site 31.000 monthly visitors
Anbima – Investors Education website
Contribute for the Investors Education encouraging a better understanding of investment characteristics
Demystify that investing is complex and equipping consumers with unbiased and free investment information
Disseminate knowledge of the mechanism to be used in households budgets and personal financial planning
Areas: Personal Finance, Mutual Funds, Equities, Debentures , Investors and Market News
“Contact us” area for solving additional problems.
Anbima – Investors Education website
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Investors Guide: launched May 2005; updated in 20104 brochures distributed: 200,0004 distribution: partnership with financial institutions and specialized magazines
Students Guide: launched May 2006; updated in 20104 brochures distributed: 30,0004 distribution: through Universities and eventsfor students
Investors and Student guidesANBIMA – Investors Education
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Como Investir?: ANBIMA’s brand to promote Investors Education programs
Language easy to understand for ordinary people
Investors and Student guidesANBIMA – Investors Education
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Started in 2002 – ANBIMA’s Board decided to allocate part of the budget to develop educational programs
2003 – Self-regulation settlement raised US$ 750,000 (R$ 1.75 million) with the commitiment to invest in Investors Education programs
1st project: launch a website, brochures and broadcast radio programs
After 2005 – All fines, settlements and moneys raised under ANBIMA’s Self Regulation activities revert to Investors Education initiatives
Projects: develop the website, brochures, academic studies and workshops
From January 2012 to July 2013 – Almost R$ 2 million invested in projects Dedicated team: 03 Investors Education and 06 Certification
ANBIMA – Investors EducationFunding
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ANBIMA
Reasons for developing Investors Education and Certification processes together
Evolution of the Certification for market professionals in Brazil
ANBIMA’s Investors Education
Partnerships
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1. National Strategy for Financial Literacy (ENEF) – Government initiative coordinated by the Brazilian Securities and Exchange Commission (CVM)
ANBMA was the writer of National Strategy for Financial Literacy – Investments Chapter with the cooperation of others entities
2. CVM Education Committee started in 2005: ANBIMA participates along with 5 associations and 1 company (BM&FBovespa)
3. Creation of the Financial Education Association (AEF) to coordinate the projects in schools – Partnership of 04 private entities:
Development of the pilot project with 30.000 students at secondary schools, coordinated by the CVM: - 2nd half of 2010: distribution of books, classes and impact evaluation
ANBIMA partnerships for investors education
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ENEF’s objectives
Source: ENEF
Promote the financial educationculture in Brazil, creating conditions for the conscious acquisition of products and financial services and providing information on the risks and benefits involved
― Training of the adult audience― Training in schools for primary
and secondary education students
Contribute to boosting solidity of the financial, capital, insurance, social security and capitalization markets
Strengthen stability and reliability of the National Financial System
Financial education
• Campaigns to raise awareness among the stakeholders involved with education and the learning community
• Teacher training• Implementation (pilot project)• Control and evaluation• Expansion of ENEF
• Financial inclusion• Consumer protection• Personal finance• Economics basics• Conscious consumption• Social security• Preparation for retirement• Other
Schools Adults
ANBIMA partnerships for investors education
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Guidance for FE in Schools: presents a conceptual model to bring Financial Education to schools, having been prepared based on contributions of experts from various areas. It starts with a current problem and presents a set of principles that should guide the actions needed to improve FE of students. This proposal is distinguished for the flexibility it embodies, which allows for adaptation to different school contexts.
“It is expected that the change of attitude that could result from the Financial Education may help people solve their daily challenges”.
FE takes place at a given space and time, so the FE in schools program should consider the spatial and temporal dimensions.
ENEF guidance for FE in schools
30Source: ENEF
ANBIMA partnerships for investors education
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AEF Website
www.vidaedinheiro.com.br
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International Forum for Investors Education - IFIE
Regulators
SRO’s
Non Profit Service Providers
Community-based Organizations
Associations
Foundations
Exchanges
Public and private sector providers of investor education
programs
ANBIMA partnerships for investors education
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IFIE - What we do
Networks and platforms
Partnerships
Resource Clearinghouse
Surveys
Regional Chapters
Meetings
Joint efforts through the exchange of information, ideas, programmes, strategies and
plans that help members to further develop local projects
ANBIMA partnerships for investors education
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IFIE Americas Chapter
20 Founding members
ANBIMA, FINRA, IIROC, SMV Panamá
Focus on discuss regional issues and challenges
Exchange information and develop common tools
Regional IFIE Chapters:AsiaMENAAmericas
ANBIMA partnerships for investors education
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São Paulo
Av. das Nações Unidas, 8.501 11º e 21º andar05425-070 São Paulo SP Brasil+ 55 11 3471 4200 Fax 11 3471 4230
www.anbima.com.br
Rio de Janeiro
Av. República do Chile, 230 13º andar20031-170 Rio de Janeiro RJ Brasil+ 55 21 3814 3800 Fax 21 3814 3960
Ricardo Nardini Executive Manager - Certification and Education
ricardo.nardini@anbima.com.br
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