ANBIMA discloses new certification model for asset managers
The new model was reformulated in three certifications that complement each other
On October 15, 2020, the Brazilian Financial and Capital Markets Association (ANBIMA) released Circular No. 43/2020, which introduced a new certification model for asset managers.
According to this new model, the ANBIMA Managers Certification (CGA) was reformulated into three complementary certifications, which are:
- the ANBIMA Certification of Fundamentals in Management (CFG) aimed at those who intend to start or accelerate their careers in the area of asset management of third parties. The CFG is not mandatory for any function and does not qualify the professional to be a manager, however, it is a prerequisite for obtaining the CGA and/or the CGE (as defined below);
- the CGA, which becomes mandatory only for professionals who occupy positions with the power to decide the purchase and sale of assets that are part of the portfolios of the funds regulated by the CVM Instruction No. 555, of 17 December 2014, as amended, as is the case with fixed income, equity, foreign exchange, and multimarket funds; and
- the ANBIMA Managers Certification for Structured Funds (CGE), mandatory for those who occupy positions with the power to decide on purchase and sale of assets that integrate the portfolios of structured funds, as is the case of investment funds in equity – FIP, investments in credit rights – FIDC, and real estate investment funds – FII.
The validity period of the CFG, CGA, and CGE is of three years from the date of passing the exam, and the professionals who work as managers in companies adhering to the ANBIMA Code of Regulation and Best Practices for the Continuous Certification Program have a valid certification as long as they are working in this function.
Professionals who already have the CGA will have their certifications automatically converted to the new model, starting to hold the three certifications. Professionals who are already enrolled in the current CGA exam will be able to continue the process normally and must pass one of the two exam modules by March 2021.
The exams for the new certifications will begin to be applied as of March 2021 and enrollment will open soon.