Dr. Édison Freitas de Siqueira
As it was
released by the end of August, 2011, by the President of CVM – Comissão de
Valores Mobiliários -, it is a project to make the institution’s criteria for
classification of risks more transparent, as well as regulate, in a more
specific way, the operation and certification of agencies, operating in Brazil,
that evaluate risk level.
Internationally, the institutions that
one wants to control are
called "Rating Agencies", private companies that
are hired or accredited by the markets, to issue opinions on the credibility of the market, assessment of economic
potential and liquidity of
companies, the issuing and marketing of shares, debentures, and other market assets. They also evaluate the
operations of stock exchanges, issue and trading of securities representing debts public and private, for example.
In Brazil, it is
up to CVM, as well as the Central Bank, to regulate and inspect the Securities
and Financial Market. In the U.S., Canada, Japan, Hong Kong, and in almost all European
countries, that is done through the prevailing international operating agreement, known as the
"current system in the NYSE - New York Stock Exchange," in which the agencies overseeing the Rating Agencies, in
general, follow the guidelines of
the SEC - Securities
and Exchange Commission -, which follows and enforces the standards and requirements in three consolidated North American acts: (1) Securities
and Exchange Act, (2) Sarbanes Oxley Act and more recently, the (3) Dodd-Frank Act.
It
happens that the CVM in Brazil, contrary
to what happens in the other
cases mentioned above, is not an independent organ. CVM has its president and
directors chosen, sworn, kept in office and / or dismissed by the same center of power that chooses presidents and directors of the largest private players operating within the Financial and Securities Brazilian Markets,
and very strongly, even among other important countries. Namely, it is
noteworthy, 06 examples demonstrate that the CVM acts 100% of the time, in full "Conflict
of Interest."
The power that
nominates the directors of the CVM is the same center of power that
nominates directors and
presidents, for example, (1) of the 36 largest private pension
funds in Latin America (which
administrate investments, over 200 billion dollars, in cash, in Brazil and in the rest of the world), (2) of
Bank of Brazil (whose stock investment funds managed by the bank, have
the resources of its clients close
to US$ 140 billion), (3) of Caixa Econômica Federal (which manages investment
funds of 80 billion dollars of its clients, that are - normally-
applied in stocks of companies linked to that same center of power, along with resources of more than $ 100 billion, related to the use of the Guarantee Fund for Time of Service brazilian employee-owned), (4) of BNDES and BNDESPAR (whose budgets and resources of hundreds of billions of dollars are
managed directly or indirectly -
through private funds equity - alongside private
pension funds to finance the looming international and the choice of directors and the Group AMBEV / Interbrew, VALE, Hi-Brazil Telecom, BRASIL FOODS ,
EMBRAER, among other giants in the main sectors of world economy),
(5) of the 22 private
companies that make up the Mega Group PETROBRAS and (6) of the 18 private companies that make up the Mega Group ELETROBRAS.
For
this simple objective evaluation, it is correct to conclude that there is a significant casual directioning - or perhaps deliberately – of most of the trades that occurred in BOVESPA, because the
two other major banks that exist in Brazil, namely Banco Bradesco and Banco Itaú /
Unibanco, are hired, almost 100%
of the time, by the companies already mentioned, as its agents, emitting billions of dollars in ADRs, or simply as trustees of the issuance of stocks, bonds, Bills of Exchange, eurobonds and
other bonds .
Therefore,
if registration,
liberty to publicize and even the way the Risk Assessment Agencies establish the
evaluation criteria also happens to be subject to the command of CVM,
certainly it will be the last of muzzling independent
tools, whose performance has guaranteed the market, at least in part, a free evaluation regarding the truth of business that happens in of Brazil.
If
this occurs, it is important to answer the following question: who will control the CVM and the Center of Power that, with the absence of transparency, controls
all Financial and Securities Market and it is plagued by conflicts of interest?
In times of crisis, "the worst blind is the one who does
not want to see"!
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