Brazil: Regulatory Waivers

The Regulator

Comissão de Valores Mobiliários (CVM) is the Securities and Exchange Commission of Brazil. It regulates the capital markets in Brazil and all of its participants.

ANBIMA is the Brazilian Financial and Capital Markets Association. It is a self-regulatory organization that represents the interests of more than 300 members including banks, asset managers, brokers, securities dealers, and investment advisers in Brazil.

Requirements to Practice

To practice as a research analyst, you must demonstrate you meet CVM's knowledge and competency requirements by successfully completing one of the following:

  • Level 1 of the International Certification Program for Investments, administered by the Association of Certified International Investment Analysts
  • CFA Program Level I and Level II exams
  • Series 86 exam, administered by FINRA

More information (Portuguese) (PDF).

In addition to completing one of the above requirements, prospective registrants must pass an exam on local rules and regulations. A pathway for candidates and charterholders would be to obtain the National Certificate of Professional Investment (CNPI) certification issued by the Analysts and Professional Investors of the Capital Market (APIMEC).

To practice as a Portfolio Manager, you must demonstrate you meet CVM's knowledge and competency requirements by successfully completing one of the following:

  • ANBIMA’s CGA exam (local exam in Portuguese)
  • CFA Program Level III exam
  • Exam I and II of the final exam from the Association of Certified International Investment Analysis (ACIIA) – UK body

More information (Portuguese) (PDF)

The Waivers

CVM exempts candidates who have passed the CFA Level II exam from the knowledge of business requirements to register as research analysts. Candidates/ charterholders must still pass an exam on local rules and regulations. See the Analysts and Professional Investors of the Capital Market (APIMEC) waiver under Certification Program Recognition.

CVM exempts candidates who have passed the CFA Level III exam from the knowledge and competency requirements needed to register as a Portfolio Manager.

ANBIMA exempts candidates who have passed tke CFA Level III exam from the knowledge of business requirements for the CGA certification (Certificação de Gestores). The CGA certification is required to practice as a portfolio manager for an ANBIMA firm. To obtain the CGA certificaction candidates will have to sit for a module on local rules and regulations. Learn more.