BEST – Brazil: Excellence in Securities Transactions

Best is a medium and long-term project sponsored by ANBID, BM&F, BOVESPA and CBLC (in their capacity as self-regulatory agencies) with the support of the Central Bank, the CVM and the National Treasury, for the systematic promotion if the Brazilian capital markets, with the following purposes:

	To provide information on the Brazilian capital markets to the international investment community;
	To increase the knowledge of participants, regulators and infrastructure providers as to the requirements of international investors;
	To increase the k nowledge of participants, regulators and infrastructure providers as to the market aspects on which foreign investors place greater value;
	To create a learning process that enables us to increase our competitiveness vis-à-vis other countries;
	To increase our knowledge on other countries that compete with Brazil for investors;
	To ensure that transaction volume in Brazilian assets is executed principally in Brazil; regardless of asset type.

The organization’s purpose is to run annual roadshows for investors in the United States, Europe and Asia. During such events, the participating institutions and regulators make presentations, which are then followed by customized meetings of the participants with Brazilian regulators and agencies sponsoring BEST. BEST’s target market is decision makers at global custodians and institutional investors.

For additional information, access www.bestbrazil.org.

IIFA – International Investment Fund Association

The IIFA encompasses the associations that represent the mutual fund industry in 42 countries, being responsible for more than 90% of the assets managed under mutual investment funds throughout the world.
Its main objectives are:

	To protect the interests of fund investors;
	To foster the continuous growth of the industry;
	To promote the knowledge of the public on the industry and to encourage the use of best practice.

Furthermore, IIFA discusses how to increase investor access to the information that is necessary to allow more efficient comparisons before reaching investment decisions. The IIFA holds working meetings annually.

IOSCO – International Organization of Securities Commissions

The International Organization of Securities Commission – IOSCO was officially set up in 1983. It has currently over 130 members in 80 countries, representing almost the entire capitalization of the capital markets throughout the world. The organization has thus become the main international forum of regulatory authorities for the capital and futures markets.

The objectives of IOSCO are:

	To promote, through cooperation, high regulatory standards for ensuring market security, efficiency and equitability;
	To exchange information and experience required in the development of domestic markets;
	To unify the drive to establish international accounting and auditing standards and an effective surveillance system of the international transactions executed across the capital markets;
	To provide mutual assistance in investigations, to ensure the rigorous application of laws and the punishment of those infringing the law.

The affiliation of ANBID to IOSCO was ratified at the annual conference of the organization held in April 2005 in Sri Lanka. ANBID integrates the Advisory Committee of the Self-Regulatory Agencies, a forum of the organization for self-regulatory entities.

With this initiative, ANBID reaffirms its leading role in the discussion on the future of the capital markets in Brazil and contributing further to their improvement, given that IOSCO’s decisions are taken only after far-reaching discussions by representatives.