New Sheriff in Town
Marcelo Trindade, the new president of the Comissão de Valores Mobiliários, promises to put some bite into Brazil's toothless securities regulator.
Marcelo Trindade took over the top job at the CVM, Brazil's securities commission, in July after his predecessor Luiz Leonardo Cantidiano quit under a cloud. The head of the CVM is often called the xerife - the sheriff - because he is expected to be honest and clean up a lawless market but usually winds up in Boot Hill Cemetery. Trindade, who just turned 40, is the agency's third boss since 2000.
Trindade knows the CVM well. He was a director there between 2000 and 2002. As a corporate lawyer, he also knows capital markets from the issuer's perspective. His appointment was welcomed in the markets, where he is seen by most as an independent-minded, professional technocrat. He will serve out the remainder of Cantidiano's five-year term, and the three years Trindade has in the job - if he lasts - will cover a crucial period for the CVM...
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