José Alexandre Cavalcanti Vasco, Investor Education and

37 Pages·2013·4.06 MB·English

José Alexandre C. Vasco
Investor Education and Protection Office
Securities and Exchange Commission of Brazil
Investor Protection and Education
Investor Protection*
Rule Making Enforcement Education**
* Objectives of Securities Regulation: (i) Investor Protection; (ii) Markets fair, efficient and
transparent; and (iii) Reduction of Systemic Risk.
**Investor Education in Canada: Towards A Better Framework”- Caroline Cakebread (2006):
"As one individual interviewed said, investor education, which is viewed as central to
•
investor protection, is still a ‘weak third leg’ of commission mandates (…) , after rule
making and enforcement”.
“At present, organizations appear to struggle with funding when it comes to investor
•
education. Investor education among the securities commissions is often seen as a
‘weak third leg’”.
Investor Education and Protection Office
Channel/Initiative 1998-2012
Local assistance 59.411
Telephone calls 180.342

Toll-free line calls 571.619
Internet (system + e-mail) 154.260

Administrative proceedings 21.716

Others 14.305
Investor Assistance - TOTAL 1.001.653
Printed Publications distributed 778.151
1.779.804
TOTAL
Investor Assistance
1. CVM`s website: questions/tips/complaint system.
2. CVM`s Investor`s Portal: questions form.
3. Toll-free number (0800): questions.
4. Information Centers (access to administrative
proceedings and documents – CVM and market
participants).
Assistance
Data Base
INVESTORS
(history of
questions/ans
wers)

EXTERNAL
INTERNAL

Tips,
questions and
complaints
Annual
Monthly
Complaint
Report
Report

BOARD OF COMMISSIONERS +
PUBLIC (CVM`s website)
CVM’S DEPARTMENTS
• Ranking of the market
• Montlys report: ranking of
participants with the most
PUBLICATIONS market participants (complaints)
complaints against them
COURSES
•Investigations or enforcement
• Most common complaints
POSTS actions
ETC.

Education
Timeline - Investor Education
CODIMEC Education and
Partnerships
Public-private Protection Office
CVM established committee on Education and Advisory National Strategy
Law 6,385 of 1976 education / private- Assistance Committee on as a federal
Education policy
sector funds (Investor`s week)
1999
11997767 1978 1991 1998 2006 2007 2010 2011
2005
CVM starts CODIMEC`s end CVM initiatives National Strategy CONEF
Comissioners + 3 Funding issues Asssistance and FE National
Working Group
areas (investor education: Committee
Financial regulators,
assistance, listed Toll-free line
federal agencies,
companies and
Booklets
ministries, SRO and
market supervision)
University Circuit few NGO
(coordinated by the
Townmeetings
CVM)
2006
Public-private
partnerships
FE National Strategy
Regulators, Ministries, SRO,

Associations and Foundations FE in Schools
Educational Support Group (2008)
National Strategy and FE Guidelines (2009).
for Financial Education 08/09
Working Group
Education 2010 To draft a FE
Investor`s Portal National Strategy
Twitter CVMEducacional 2007
2007
(FB and YouTube: 2012)
2010
Partnership
New Investor`s Portal
2012
Investor Education and Assistance
E-Learning 2010
2006
The CVM`s own initiatives to
protect and educate investors
2013
CM Ombudsmen
2007
Assistance
New complaints Portal.
Partnership
Judges 2006
training programs
Example text
Professors
2006
Journalists One-week
2006
Award training program,
2 per year.
Advisory Committee on Education
The CVM, SROs and Capital Professors
Market Associations. 2012 Book “the Brazilian Securities Market”
Investor Education
1. Publications (booklets, alerts etc.): CVM and CVM+
partners.
2. Seminars (universities, companies etc.).
3. Investment EXPO (since 2000): 12-14 events p/year
in different cities.
4. Rio de Janeiro`s School of Financial Education (2011).
5. Investor`s Portal (2007) > Version 2.0 (2012).
6. E-learning webpage > 4 courses (2012).
7. Social Media: twitter, YouTube and Facebook (2010-
2012)
CVM’s Advisory Committee on Education
www.comitedeeducacao.cvm.gov.br
1. A one-week training program for
university professors (“Programa
TOP XIII” JAN14): free public book
to support a 6 months
undergraduate course on capital
markets. 580 professors trained
from 21 states since 2006.
2. A journalist’s award (“Premio
Imprensa”), 8th edition. 50
journalists in 2012/2013.
3. A training program for judges on
capital markets. Next step: book
“capital markets for judges” (2014)
“The Brazilian Securities Market”
(8,000 downloads MAR-OCT 13)

• www.portaldoinvestidor.gov.br/publicacao/LivroTOP.html