The plight of US regulators during 2011 is well known, but spare a thought for their counterparts down in Brazil.
Last year, the country's securities regulator was faced with a barrage of firsts. The first convertible notes marketed overseas, first public convertibles sold in Brazil, new tactics in IPO marketing, plus ever increasing perpetual offerings.
But Comissão de Valores Mobiliários's (CVM) toughest challenge has followed...