Of course, we have serious problems to solve. From
the social agenda to the need to improve our external
competitiveness, there are many fronts in which we need
to advance. But, the existence of these challenges cannot
prevent us from appreciating the maturity and stability
we have achieved in recent years.
These achievements are especially notable in the
capital markets. To use a little financial market jargon,
Brazil today is, for managers around the world, a
classic allocation, almost conventional: we have stable
institutions, a vibrant and well-regulated capital markets,
a strong financial system and growth perspectives
that draw the attention of the important part of the
international community.
In this context, 2011 was, for the capital market and
for ANBIMA, a very productive year. Throughout 2010,
we discussed, in several of the Association’s bodies,
suggestions for measures that might contribute to
improving the role of the capital market in long-term
financing, responding to a call from Brazilian society, which
discusses financing alternatives for Brazil. In 2011, the
NMRF was created (New Fixed Income Market), ANBIMA’s
self-regulation initiative, which aims at contributing to the
creation of a long-term private debt market.
Release of the NMRF Code, which occurred in
October, was a major milestone, and not only because
it transformed a project into a concrete initiative.
The discussion of ANBIMA’s agenda of proposals
in which NMRF was one of the pillars, helped to
strengthen the dialogue between the Association and
the representatives of other sectors of the economy
and government. It is worth noting, in this sense, the
frank and constructive dialogue that characterized our
discussion forums with representatives of the Treasury,
BNDES (Brazilian Development Bank), the Central Bank
and CVM (Securities and Exchange Commission), among
other government agencies.
The scope of self-regulation also grew with three other
initiatives. In January, the Wealth Management Code
came into effect, and in March the ABVCAP’s/ANBIMA’s
Code (Regulation and Best Practices Code) for FIPs
(
Private Equity) and FIEEs (Venture Capital Funds).By
the end of the year, the Association approved the new
version for the distribution chapter of the Investment
Funds Code, in an amendment intended to strengthen
the figure and the activities of the financial institutions
distributing investment fund shares.
There is a striking feature of the current situation in
Brazil that we fail to realize when we do not take into
account our recent history: unlike what was happening
before achieving monetary stability, when the short-term
agenda consumed much of our efforts, today we have
the conditions and willingness to discuss and plan our
future more calmly.
President’s Message
4
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Annual Report
ANBIMA
2011
Marcelo Giufrida
