New Certifications for Third Party Asset Managers
On October 15th, 2020, ANBIMA released Circular No. 43/2020 (“Circular 43”), which provides for a new certification model for third party asset managers aiming to meet new demands imposed on these professionals due to the market evolution.
The traditional ANBIMA Managers Certification – CGA is now divided into three (3) complementary certifications:
(i) ANBIMA Managers Certification (“CGA”):
The CGA becomes mandatory only for professionals who manage fixed income, equity, multimarket and foreign exchange funds, considered the most traditional sectors of the market.
(ii) ANBIMA Managers Certification for Structured Funds (“CGE”):
The new CGE is mandatory for professionals who manage real estate funds (FII), private equity funds (FIP) and receivables investment funds (FIDC), in other words, it is intended for professionals who manage structured products.
(iii) ANBIMA Certification of Management Fundamentals (“CFG”):
The new CFG is an entry certification for professionals in the asset management market and is aimed at those looking to speed up their career.
CFG does not qualify the professional to be an asset manager and will not be mandatory for any specific function. However, it is a prerequisite for obtaining the CGA and/or the CGE.
The validity period of the CGA, CGE and CFG certifications will be of three (3) years from the date of passing the exam. Certified professionals will need to update their certifications until the expiration date to keep them valid for another three (3) years. Exception is made to asset managers who work in companies adhering to the ANBIMA Code of Regulation and Best Practices for the Continuous Certification Program, whose certifications will be indefinitely valid while working in this role.
The first exams under the new model are scheduled for March 2021 and the application for such exams will open soon. Until then, the public will be able to take the CGA tests in the current model.
The professionals who already have the CGA will have their certification automatically converted to the new model, starting to hold the three (3) certifications described above.
Our partners and associates are available to discuss the different matters and impacts related to the Circular 43.