Empiricus and the CVM (Brazilian Securities and Exchange Commission) reached an agreement to end a process that has been running since 2018 at the municipality. And one of the terms refers to the certification of the broker's analysts with Apimec (Association of Capital Market Investment Analysts and Professionals), within 60 days.
To achieve this part of the agreement, Empiricus analysts will need to obtain the CNPI (National Certificate of Investment Professional). Without it, analysts are irregular to operate in the market.
The lack of this registration, denounced by Apimec, was the origin of the complaint that led Empiricus to enter the CVM's sights.
What is CNPI
CNPI is the certificate that aims to prove the necessary technical qualification of professionals working in the financial and capital markets in Brazil. It also serves to show that the analyst follows a Code of Ethics and Standards of Professional Conduct that offer safeguards to investors.
To apply for CNPI, you must have completed higher education, regardless of the area. Higher technology courses are valid as an undergraduate, provided they are recognized as such by MEC and not just as a technologist.
The certificate is obtained by passing at least two exams: CB (Brazilian Content) and CG1 (Global Content 1), or CB and CT1 (Technical Content 1). The choice of exams will determine the category to be obtained by the analyst.
In CB, the candidate is evaluated on the following topics: National Financial System, Capital Markets, Fixed Income Market, Derivatives Market, Economic Concepts, Conduct and Relationship, Corporate Governance, Investor Relations and Sustainability.
CG1 tests demand knowledge about analysis and evaluation of actions and reports, corporate finance and financial accounting.
Finally, the assessment for CT1 requires knowledge in areas such as Fundamentals of Technical Analysis, Trend Concept, Graphical Figures, Indicators, Risk Management, Operational Strategies and Trading Systems.
There are three possible categories within the certification. The successful candidate in CB and CG1 is categorized as CNPI (fundamentalist analyst); already approved in CB and CT1 becomes CNPI-T (technical analyst). And the pass in the three exams is classified as CNPI-P (full analyst).
The commitment agreement between Empiricus and the CVM does not specify a type of categorization to be obtained by analysts in order to regularize themselves.
The Empiricus vs. CVM dispute
Empiricus and Inversa, according to the opinion of the CVM Commitment Term Committee, had been distributing market analysis reports on a professional basis, without due registration.
This fact would have led Apimec, the entity that accredits the activity of securities analysts, to file a complaint with the CVM.
Still from the point of view of the complaint brought to the CVM, Empiricus was still operating with misleading advertising.
Before the CVM accepted this proposal, there was another one that had been rejected last year. Empiricus and Inversa offered R $ 500 thousand at the time to recover “possible diffuse damage to the market”.
The agreement marks a setback by the company and ends a dispute with the CVM that has been going on for two years. Empiricus wanted to be recognized as a content publisher and not as a house of analysis – so it would not be regulated by the CVM.
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