You are here:


The CVM is a member of relevant international organizations and fora with an interest in capital markets. Such membership is considered of foremost importance considering the ever-increasing cross-border transactions and the worldwide usage of ever-more sophisticated products involving Brazilian entities.

At a glance, CVM participates/engages in:

  • Financial Stability Board – FSB / G20;
  • Organizations that congregate securities regulators: International Organization of Securities Commissions – IOSCO, Council of Securities Regulators of the Americas – COSRA, Instituto Ibero-americano de Mercado de Valores - IIMV, Enlarged Contact Group on Supervision of Investment Funds - ECG;
  • Economic integration activities: Mercado Comum do Sul – MERCOSUL/MERCOSUR, World Trade Organization – WTO , Organisation for Economic Co-operation and Development – OECD;
  • Other organizations: United Nations – UN, World Bank, International Monetary Fund – IMF and Inter-American Development Bank – IDB;
  • Financial Action Task Force FATF-GAFI and Financial Action Task Force of Latin America – GAFILAT
  • The Hague Conference and Unidroit.
  • Information Exchange and Technical Cooperation Agreements and Memorandum of Understanding – MoUs;
  • Bilateral relations with similar entities overseas: technical consultations, technical assistance, on-site training and visits.


Other Activities

Financial Sector Assessment Program – FSAP

The FSAP is a a joint IMF and World Bank effort introduced in 1999, following the Asian financial crisis. The Program congregates specialists who are able to provide inputs to help countries mitigate the likelihood and the severity of crises, reporting possible vulnerabilities and suggesting improvements.

The program effectively started in 2000, when 12 countries were assessed, and continued in 2001, with 24 more assessments. Voluntary engagement to the iniciative grew every year, and since then more than 130 countries have been assessed (some more than once).

Following the recent international financial crisis, the FSAP gained even greater relevance as an assessment mechanism of the quality and soundness of financial systems.

G-20 endorsed the program in 2010 and since then, together with the IMF, encourages FSAP assessments and publication by its members. In 2010 the IMF made the assessment mandatory to the 25 jurisdictions comprising the most important financial markets, while G-20 members committed themselves to effect a FSAP every 5 years. Brazil’s most recent assessment was in 2012.

The IMF-ran part of FSAP proposes a comprehensive and thorough evaluantion of a country’s financial sector, aiming to verify the stability of the financial system. The IMF specifically aims at verifying the soundness of the banking system; runs stress tests; analyzes the quality index of highest systemic risk sectors (banking, insurance and pension funds) and identifies the main vulnerabilities of financial institutions envisaging preventions of financial crises.

The Brazilian Financial System Stability Assessment (FSSA) was concluded in July 2012 and is puclicly available in English (please refer to a link at the bottom of this page)
Especially in emerging markets, FSAP is run in a joint effort with the Word Bank, thus the assessments include, besides the FSSA, other specifics on the development of financial and securities markets. The quality of the legal framework and financial infrastructure is evaluated, especially in regard of competitivity, efficiency and economic growth support.

Thus, the FSAP approach is to verify three components:

  • The soundness of the financial system and the risks that raise the probability or the potential harm of crises;
  • The need for developments in terms of structure, institutions and markets;
  • Compliance with certain rules and regulations of the financial market.

Regarding the last aspect, specific evaluations are made, namely the Reports on the Observance of Standards and Codes (ROSC). ROSCs comprise 12 different areas, related to work conducted by internationally recognized entities in their areas of expertise. Not by chance, it is the 12 Key Standards to the Financial System endorsed by the Financial Stability Board (FSB) (document at the bottom of this page).

For instance, the Basel Committee on Banking Supervision (BCBS) is the base to the ROSC of banking system, the International Association of Insurance Supervisors (IAIS) for the insurance system and IOSCO for the capital markets. Some ROSCs can be more specific, such as accounting standards (based on IASB standards) and corporate governance (OECD).

In several cases, the methodology is supplied by the international organization (IOSCO, for instance). This is considered key to attain impartial final evaluations and to allow comparison between countries.

In Brazil the following ROSCs have been performed during the last FSAP:

  • Banking Regulation and Supervision;
  • Insurance Regulation and Supervision;
  • Securities Regulation and Supervision;
  • Payment Systems;
  • Corporate Governance;
  • Accounting and Auditing;
  • Bankruptcy and Creditor Rights.