Opinion of Amec.




Following the decision of its Board of Directors, Amec publishes articles about important positions for the association. The “Opinion of Amec” section is published in this website, in the entity’s monthly newsletter, in www.transparenciaegovernanca.com.br and in RI magazine. The association is seeking new partnerships for the publishing of the section, which objective is to facilitate the recognition of the Amec as a reference in capital market-related discussions and to disseminate the ideas advocated by the association among the general public.

Investors that trust in the Brazilian capital markets as a tool for the economic development got scared several times in the second half of 2018.

In 1990, Merton Miller was awarded with the Nobel Prize, together with Franco Modigliani (winner of the prize in 1985), for the development of a counterintuitive theory. The so-called Modigliani-Miller… read more →
November 05, 2018

The frog in the pan

We need to wake up ...
March 01, 2018


Peripheral markets like Brazil are often hit by global trends that are far from the radar screens of local participants. Just like a tsunami, when it is too late to… read more →

September 29, 2017

Frustrating Expectations

What is a capital market? In the past, the capital market was seen as a bunch of operators yelling on the phone, buying and selling shares. Such thing does not… read more →
July 24, 2017

A setback for SOEs

The state-owned enterprises (SOEs), grew signficantly in the 20th century, as a result of the social choice made by the Brazilians to have a state with a significant participation in… read more →
May 22, 2017

Decision Time

After two years of debates, the reform of the Novo Mercado enters the homestretch. The 130 companies listed in the special corporate governance segments of the Brazilian Stock Exchange –… read more →
January 31, 2017

Meanwhile, in London…

When crossing a dense forest, it’s easy to get lost if we pay attention only to the trees. To know the exact location, it is important to stand from a… read more →

The daily hurdles can easily make us forget about the most important things – those that bring impacts in the long term. And it’s amid one of the worst crisis… read more →
September 08, 2016

The Best of Disinfectants

The Brazilian Stock Exchange – BM&F Bovespa – has just proposed, as part of the reform of Novo Mercado, that companies listed in the special segments disclose their management compensation… read more →
June 01, 2016

A Second Chance

The Reform of the Novo Mercado is underway. It’s an excellent opportunity to analyze the facts that have taken place in the Brazilian capital market for the past 20 years… read more →
February 02, 2016

Let the sheriff work

Nobody said it would be easy to please everyone. Recurrently criticized for its supposedly inefficient performance regarding many problems of our capital markets, the Brazilian Securities and Exchange Commission –… read more →

October 30, 2015

The ball is in our court

Brazil will start to change in 2016. No, we are not saying that, as if by magic, we have a solution for the dramatic political situation we find ourselves in… read more →
August 14, 2015

To rescue our SOEs

There’s consensus that something must be changed in the way Brazilian state-owned enterprises (SOEs) are managed. Regardless the ideological bias, that is, whether one defends free markets or state-owned enterprises,… read more →
March 13, 2015

Dear Mr. Minister

Amid the stunning scenario experienced by the economic participants today, your nomination represents an important event. We are not talking about your economic view. Neither about the school you graduated… read more →

November 25, 2014

Instructed Vote

A major shareholder of a listed company sells his/her share interest. Immediately thereafter, the Board member nominated and elected by that shareholder resigns from his/her position. What seems the natural… read more →
A lot of ink has been spilled over the lack of efficiency of the tag along rights in Brazilian companies. The major claim made by minority shareholders in the 90’s… read more →
October 01, 2014


Of the species that inhabit Boards of Directors, there are two that are probably the most pernicious ones: the “accomplice” and the “dodger.” The accomplice is the one who agrees… read more →
July 28, 2014

Virtus in medium est

If the market is efficient, why are non-voting shares discriminated? Questions like this are blandly repeated by ‘the more radical liberals’ when they want to criticize many of the regulatory… read more →
We have already briefly explored the topic of appraisals in this session (The “Majority of the Minority,” Dec/13, and “That Simple,” May/14). Now it’s time to tackle this subject head… read more →
May 13, 2014

That Simple

The Brazilian Exchange and Securities Commission – CVM – made a mistake. The decision taken by CVM’s board in March about the restructuring of Grupo Oi may be the most… read more →
To regulate goes beyond issuing standards, supervising and punishing. To regulate is also to guide. And maybe this is the most efficient way a regulatory body can operate. Everybody is… read more →
In December, Amec participated in the announcement of an important partnership between CVM (the Brazilian Securities and Exchange Commission) and Columbia University. The objective is to share information to help… read more →

“There is no legal risk in the country” Dilma Rousseff, September 2013 According to Warren Buffett, “you will never know who is swimming naked until the tide goes out.” And… read more →
September 19, 2013

An inspiring speech

The speech delivered by the president of CVM (the Brazilian Securities and Exchange Commission), Leonardo Pereira, in the 6th International Financial and Capital Markets Conference organized by BMF Bovespa in… read more →
August 14, 2013

The Emperor of All Evils

Scene 1: 1 Blue Horseshoe loves Blue Star Airlines. Scene 2: The handcuffed Bud Fox (Charlie Sheen) is taken by policemen through the trading room at Jackson Steinme’s brokerage house.… read more →
Complaining is easy. We often see investors publicly complaining about their rights before the CVM (Brazilian Securities and Exchange Commission) or in relation to the companies. But so that these… read more →
June 17, 2013

Habemus CAF

After more than four years of negotiations, the Mergers and Acquisitions Commission – CAF, popularly known as Brazilian Take Over Panel, will be finally set up in the next weeks.… read more →
May 01, 2013


April 30th marks the deadline for Brazilians to settle accounts with the Federal Internal Revenue by filing their tax returns. But, in addition to the appalling meeting with the “Lion,”… read more →
The capital market is built on a basic ingredient: confidence. As the popular saying goes, “a deal is a deal.” Therefore, disseminating that a specific country “complies with contracts” is… read more →
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