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The CFA Institute is seeing interest growing among Latin American regulators to establish and build on best practices on the rules, standards and training that their countries' investment professionals are held to, according to the group's senior managing director, Bob Johnson.
"The region is looking to attract capital flows, and having [ethics, competency and proper incentives in place for your investment professionals] and having transparent financial markets are extremely important, particularly now," Johnson said.
"We've seen that [there is tremendous interest in demonstrating commitment to these principles] in a number of countries in the region, including Peru, where [securities regulator] Conasev has been working with us to set regulatory standards that are best practices globally," he said.
However, the region's relatively low CFA membership numbers have slowed the advancement of these practices to some extent, with just 1,050 in all Latin America and the Caribbean. But there has been solid growth in Brazil, Chile and Peru, among other countries, in the last five years.
"The reception we've had from central bankers, regulators, key employers and universities in Latin America has been overwhelmingly positive," Johnson said. "The need to raise standards in the investment industry is no different than in the US or in the Far East, for that matter, and I think there is a lot of potential to make a difference."
The full interview with Johnson and CFA Institute's Latin American regional head, Gabriela Franco, will be published in this week's Banking Perspectives, for subscribers only.