Enforcing international financial standards in Brazil: limits and possibilities for adoption of IOSCO principles

Foreign capital and institutional investors play a key role in the Brazilian capital and financial markets. Internationally promoted regulatory patterns, especially IOSCO principles, have been increasingly influencing administrative rule making by the Brazilian Securities and Exchange Commission (CVM) as well as the adoption of transnational rules in Brazil by means of self-regulatory activity. Even though there is a certain level of convergence of market regulatory standards at the transnational level, implementation and enforcement of rules remains essentially domestic. We analyze two case studies regarding the transposition of international standards into the Brazilian legal system, which illustrate this tension between the transnational and domestic dimensions of financial markets regulation. The first case concerns a CVM rule on disclosure of executive compensation and the its interpretation by local courts. The second case refers to the adoption of suitability rules.

Grau de evidenciação da contabilidade de hedge nos maiores bancos brasileiros e europeus

Ao se reportar resultados voláteis e, sem a devida evidenciação contábil (disclosure), pode-se transmitir uma imagem negativa aos investidores e levantar dúvidas em relação aos resultados futuros, a transparência e a capacidade de gerenciamento do risco por parte dos gestores das instituições financeiras. Nas últimas décadas, a utilização da contabilidade de hedge para a gestão do risco e resultado tem estado em evidência nos grandes bancos do Brasil e do exterior. Isto ocorre pois é onde se dá a convergência das demonstrações financeiras tanto em 2005 na Europa quanto em 2010 no Brasil para o novo padrão contábil internacional (IFRS) aplicado pelo IASB. Este padrão tem exigido dos bancos grandes esforços para estar em conformidade com as novas regras estabelecidas. Nesta mesma lógica, enquanto a contabilidade de hedge nos bancos assume um papel de destaque na gestão dos riscos e resultados; a divulgação precisa e concisa das demonstrações financeiras fornece aos acionistas, investidores e demais usuários importantes informações sobre o desempenho e a condução do negócio. Isto proporciona ao mercado uma melhor condição de avaliar os riscos envolvidos e de estimar os resultados futuros para a tomada de decisão de investimento. Dentro deste contexto, foi avaliado a qualidade e o grau de evidenciação das demonstrações contábeis dos principais bancos brasileiros e europeus aos requisitos do IFRS 7, IFRS 9 e outros mais de elaboração do próprio autor. Todos esses requisitos referem-se à divulgação de informações qualitativas e quantitativas pertinentes a contabilidade de hedge. Portanto, estão associados a estratégias de gestão de risco e resultado. A avaliação do grau de evidenciação das demonstrações financeiras ao IFRS 7 e IFRS 9 foi feita através de um estudo exploratório onde se analisou as notas explicativas em IFRS dos dez maiores bancos no Brasil e na Europa pelo critério “tamanho dos ativos”. Os resultados obtidos neste estudo indicam que 59,6% das instituições analisadas cumprem as exigências do IFRS7. Outra descoberta é que o índice de cumprimento dos bancos brasileiros é maior que os bancos europeus; 68,3% vs. 50,8%. Em relação ao IFRS 9 o percentual é de apenas 23% o que é explicado pelo fato da norma ainda não estar em vigor em ambas as regiões onde poucas instituições tem se antecipado de forma voluntária para atendê-la. A avaliação da qualidade das notas explicativas referente ao hedge contábil foi feita de maneira discricionária através da observação das informações prestadas para atender aos requisitos do IFRS 7 e 9 e dos demais requisitos adicionados pelo autor. Os resultados obtidos indicam que as notas carecem de maior detalhamento dos instrumentos de hedge utilizados, bem como os objetivos de cada hedge, para dar maior transparência ao usuário da informação sobre os riscos protegidos nos respectivos balanços. O crescimento do volume de informações prestadas nas notas explicativas dos grandes bancos brasileiros e europeus após a adoção do IFRS não configurou um aumento proporcional do conteúdo informacional, prevalecendo, ainda, a forma sobre a essência. Este movimento abre espaço para discussões futuras com os agentes de mercado sobre o tamanho e o conteúdo informacional adequado nas notas explicativas, com o intuito de buscar um equilíbrio entre o custo e o benefício da divulgação da informação sob a ótica da relevância e da materialidade.

Differences in the perception of interest representation: a comparision of Brasília and Brussels lobbying activity

The research topic of this paper is focused on the analysis of how trade associations perceive lobbying in Brussels and in Brasília. The analysis will be centered on business associations located in Brasília and Brussels as the two core centers of decision-making and as an attraction for the lobbying practice. The underlying principles behind the comparison between Brussels and Brasilia are two. Firstof all because the European Union and Brazil have maintained diplomatic relations since 1960. Through these relations they have built up close historical, cultural, economic and political ties. Their bilateral political relations culminated in 2007 with the establishment of a Strategic Partnership (EEAS website,n.d.). Over the years, Brazil has become a key interlocutor for the EU and it is the most important market for the EU in Latin America (European Commission, 2007). Taking into account the relations between EU and Brazil, this research could contribute to the reciprocal knowledge about the perception of lobby in the respective systems and the importance of the non-market strategy when conducting business. Second both EU and Brazilian systems have a multi-level governance structure: 28 Member States in the EU and 26 Member States in Brazil; in both systems there are three main institutions targeted by lobbying practice. The objective is to compare how differences in the institutional environments affect the perception and practice of lobbying, where institutions are defined as ‘‘regulative, normative, and cognitive structures and activities that provide stability and meaning to social behavior’’ (Peng et al., 2009). Brussels, the self-proclaimed "Capital of Europe”, is the headquarters of the European Union and has one of the highest concentrations of political power in the world. Four of the seven Institutions of the European Union are based in Brussels: the European Parliament, the European Council, the Council and the European Commission (EU website, n.d.). As the power of the EU institutions has grown, Brussels has become a magnet for lobbyists, with the latest estimates ranging from between 15,000 and 30,000 professionals representing companies, industry sectors, farmers, civil society groups, unions etc. (Burson Marsteller, 2013). Brasília is the capital of Brazil and the seat of government of the Federal District and the three branches of the federal government of Brazilian legislative, executive and judiciary. The 4 city also hosts 124 foreign embassies. The presence of the formal representations of companies and trade associations in Brasília is very limited, but the governmental interests remain there and the professionals dealing with government affairs commute there. In the European Union, Brussels has established a Transparency Register that allows the interactions between the European institutions and citizen’s associations, NGOs, businesses, trade and professional organizations, trade unions and think tanks. The register provides citizens with a direct and single access to information about who is engaged in This process is important for the quality of democracy, and for its capacity to deliver adequate policies, matching activities aimed at influencing the EU decision-making process, which interests are being pursued and what level of resources are invested in these activities (Celgene, n.d). It offers a single code of conduct, binding all organizations and self-employed individuals who accept to “play by the rules” in full respect of ethical principles (EC website, n.d). A complaints and sanctions mechanism ensures the enforcement of the rules and addresses suspected breaches of the code. In Brazil, there is no specific legislation regulating lobbying. The National Congress is currently discussing dozens of bills that address regulation of lobbying and the action of interest groups (De Aragão, 2012), but none of them has been enacted for the moment. This work will focus on class lobbying (Oliveira, 2004), which refers to the performance of the federation of national labour or industrial unions, like CNI (National Industry Confederation) in Brazil and the European Banking Federation (EBF) in Brussels. Their performance aims to influence the Executive and Legislative branches in order to defend the interests of their affiliates. When representing unions and federations, class entities cover a wide range of different and, more often than not, conflicting interests. That is why they are limited to defending the consensual and majority interest of their affiliates (Oliveira, 2004). The basic assumption of this work is that institutions matter (Peng et al, 2009) and that the trade associations and their affiliates, when doing business, have to take into account the institutional and regulatory framework where they do business.

Ambulatory blood pressure monitoring in children with obstructive sleep apnea and primary snoring

Objective: To evaluate the systemic blood pressure (BP) during daytime and nighttime in children with sleep breathing disorders (SBD) and compare parameters of BP in children with diagnosis of obstructive sleep apnea syndrome (OSA) to those one with primary snoring (PS).Methods: Children, both genders, aged from 8 to 12 years, with symptoms of SBD realized an overnight polysomnography followed by a 24 h recording of ambulatory BP.Results: All subjects presented with a history of snoring 7 nights per week. Children who have apnea/hipoapnea index >= four or a apnea index >= one presented a mean BP of 93 +/- 7 mmHg and 85 +/- 9 mmHg diurnal and nocturnal respectively whereas children who have a apnea/hipoapnea < four or a apnea index < one presented 90 +/- 7 mmHg and 77 +/- 2 mmHg. Eight children out of fourteen, from OSA group, lost the physiologic nocturnal dipping of the blood pressure. Among OSA children 57% were considered non-dippers. Two (16%) have presented absence of nocturnal dipping among children with primary snoring. The possibility of OSA children loosing physiologic blood pressure dipping was 6.66 higher than the possibilities of patients from PS group.Discussion: Our results indicate that children with sleep apnea syndrome exhibit a higher 24 h blood pressure when compared with those of primary snoring in form of decreased degree of nocturnal dipping and increased levels of diastolic and mean blood pressure, according to previous studies in literature. OSA in children seems to be associated to the development of hypertension or other cardiovascular disease. (C) 2012 Elsevier B.V. All rights reserved.

Neighborhood Interactions and Larval Dispersal Behavior in Blowflies

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Influence of different levels of aluminum on the development of citrus rootstock swingle citrumelo (Citrus paradisi mcf. x Poncirus trifoliata raf.) in nutrient solution

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Non-pharmacological interventions on cognitive functions in older people with mild cognitive impairment (MCI)

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

GRAMMAR and COMMUNICATION IN PORTUGUESE AS A FOREIGN LANGUAGE A Study in the Context of Teletandem Interactions

This paper presents a study about the role of grammar in on-line interactions conducted in Portuguese and in English, between Brazilian and English-speaking interactants, with the aim of teaching Portuguese as a foreign language (PFL). The interactions occurred by means of chat and the MSN Messenger, and generated audio and video data for language analysis. Grammar is dealt with from two perspectives, an inductive and a deductive approach, so as to investigate the relevance of systematization of grammar rules in the process of learning PFL in teletandem interactions.

Direct instantons, topological charge screening, and QCD glueball sum rules

Nonperturbative Wilson coefficients of the operator product expansion (OPE) for the spin-0 glueball correlators are derived and analyzed. A systematic treatment of the direct instanton contributions is given, based on a realistic instanton size distribution and renormalization at the operator scale. In the pseudoscalar channel, topological charge screening is identified as an additional source of (semi-) hard nonperturbative physics. The screening contributions are shown to be vital for consistency with the anomalous axial Ward identity, and previously encountered pathologies (positivity violations and the disappearance of the 0(-+) glueball signal) are traced to their neglect. on the basis of the extended OPE, a comprehensive quantitative analysis of eight Borel-moment sum rules in both spin-0 glueball channels is then performed. The nonperturbative OPE coefficients turn out to be indispensable for consistent sum rules and for their reconciliation with the underlying low-energy theorems. The topological short-distance physics strongly affects the sum rule results and reveals a rather diverse pattern of glueball properties. New predictions for the spin-0 glueball masses and decay constants and an estimate of the scalar glueball width are given, and several implications for glueball structure and experimental glueball searches are discussed.

QCD glueball sum rules revisited

We discuss several key problems of conventional QCD glueball sum rules in the spin-0 channels and show how they are overcome by nonperturbative Wilson coefficients. The nonperturbative contributions originate from direct instantons and, in the pseudoscalar channel, additionally from topological charge screening. The treatment of the direct-instanton sector is based on realistic instanton size distributions and renormalization at the operator scale. The resulting predictions for spin-0 glueball properties as well as their implications for experimental glueball searches are discussed.

Sintering of tin oxide and its applications in electronics and processing of high purity optical glasses

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Morphological aspects of the mid-palatal suture in the human foetus: A light and scanning electron microscopy study

Morphological features of the mid-palatal suture were studied in human foetuses from 4 to 9 months of intra-uterine life. The foetuses were divided into three age groups, GI (16-23 weeks), GII (24-31 weeks) and GIII (32-39 weeks). The mid-palatal suture in GI foetuses is rectilineal in form with a wide space between the palatal processes of the maxilla. The suture has a sinuous nature in GII and GIII foetuses due to growth of the bone processes crossing the mid-line. A wide zone of cellular proliferation observed in GI narrows in GII and GIII foetuses. The imbricating nature of the suture in GII and GIII is caused by bone growth adjacent to the mid-palatal suture. Sharpey's fibres, emerging from the bone processes, run to the median region of the mid-palatal suture and are observed from GI foetuses onwards. The collagen fibres of the mid-palatal suture are orientated transversely under the oral epithelium and exhibit a regular meshwork with a predominance of sagittal fibres in the median region of the suture. These fibres are orientated transversely and obliquely at the junction with the nasal septum.

Inversely symmetric interpolatory quadrature rules

We consider interpolatory quadrature rules with nodes and weights satisfying symmetric properties in terms of the division operator. Information concerning these quadrature rules is obtained using a transformation that exists between these rules and classical symmetric interpolatory quadrature rules. In particular, we study those interpolatory quadrature rules with two fixed nodes. We obtain specific examples of such quadrature rules.

Fostering economic policy coordination in Latin America: the REDIMA approach to escaping the prisoner's dilemma

Includes bibliography

Post-processing association rules with clustering and objective measures

The post-processing of association rules is a difficult task, since a large number of patterns can be obtained. Many approaches have been developed to overcome this problem, as objective measures and clustering, which are respectively used to: (i) highlight the potentially interesting knowledge in domain; (ii) structure the domain, organizing the rules in groups that contain, somehow, similar knowledge. However, objective measures don't reduce nor organize the collection of rules, making the understanding of the domain difficult. On the other hand, clustering doesn't reduce the exploration space nor direct the user to find interesting knowledge, making the search for relevant knowledge not so easy. This work proposes the PAR-COM (Post-processing Association Rules with Clustering and Objective Measures) methodology that, combining clustering and objective measures, reduces the association rule exploration space directing the user to what is potentially interesting. Thereby, PAR-COM minimizes the user's effort during the post-processing process.