The great Sambodian smoking hole, above: Collapse of excavations at the future Pinheiros Station of the São Paulo Metrõ system.
After all these years, and thank you for your concern, Brazil seems to have adequate control over its nuclear reactors — even if the location Angra dos Reis along the south-cenral coast, teeming with life, is a constant cause for nervousness and target for activism.
The government has plans to build three more in the coming years.
Nevertheless, it is natural enough for the local press here to imagine what a Brazilian Fukushima might be like at a moment like this, when Japan is constantly in the news. Experts are trotted out to offer explanations:
José Manuel Diaz Francisco, a spokesman on security for the state-owned Eletronuclear, the technology used at Brazilian plants is safer than that used at the Japanese complex damaged by the March 11 earthquake.
“Here in Brazil we use PWR (pressurized water reactors). In Japan, the boiling water reactor ( BWR) is used. And we have isolated the two circuits in a way the Japanese have not,” Francisco said.
Following the same logic, I often find myself wondering what a Brazilian market crash might be like, especially if it came as the result of massive fraud by inadequately supervised market operators.
If it can happen to the NYSE, with its PWR model of self-regulation, what might happen to a pot with the lid left off, boiling over with first-time individual investors — grist to a rumor mill that operates at full steam day and night?
As Brasil Econômico reports, the Brazilian securities regulator — the CVM — has finally established credentialing and oversight system for independent securities brokers — selecting a rickety organization that looks to have been knocked together for the occasion as the autoregulator of these “liberal professionals.”
The official ceremony too place yesterday.
With the new rule, No. 434, the National Association of Brokerage and Securities Distribution FIrms (Ancord) will become the licensing body for these professionals in Brazil.
The prior that makes registration with the Comissão de Valores Mobiliários (CVM) obligatory will make this registration automatic as soon as a private accreditation is obtained, much like the current system for accrediting stock analysts run by the professional association Apimec.
Ancord already administers the qualifying exam for investment professionals and has lobbied the CVM for the job.
The organization produced through this union, however, seems to have little in common with SIFMA, its U.S. counterpart — formed by the merge of the Bond Association and the Securities Industry Association mid-decade.
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