The Brazilian monetary authorities are known worldwide to
regulate and supervise the financial sector tightly and unlike
other jurisdictions Brazil always adopted a very restrictive
approach in the derivatives market. After the global financial
crisis of 2007, several prudential initiatives have been taken in
our jurisdiction to monitor and control the risks assumed by the
participants of the Brazilian financial system and of all
derivatives transactions entered into by Brazilian companies.
The applicable rules are set forth by the Brazilian Monetary
Council (Conselho Monetário Nacional –
CMN) and the regulators in charge to monitor and supervise the
enforcement of such rules are the Central Bank of Brazil (Banco
Central do Brasil – Bacen) and, insofar the
securities market is concerned, the Brazilian Securities and
Exchange Commission (Comissão de Valores
Mobiliários – CVM)....
Specific Questions relating to this article should be addressed directly to the author.
The SEC proposed regulations that will replace Rule 12b-1 with new regulations "designed to enhance clarity, fairness and competition when investors buy mutual funds," according to SEC Chairwoman Mary Schapiro.
The Securities and Exchange Commission has adopted new Rule 14a-11 under the Securities Exchange Act of 1934 that will require public companies to permit any shareholder or group of shareholders owning at least 3% of a public company’s voting stock for at least three years to include director nominees in company proxy materials.
Welcome to this month's issue of the Heavyweight. To whet your appetite before diving into this relative short issue, you will see reference to an article on the possible abolition of s. 4 Statute of Frauds Act (under Documentation), a plea from the Ministry of Justice for evidence in the continuing attempt of the EC to create a European Contract Law (Contract) and a case on the competition aspect of a confidentiality clause (Competition).
On August 25, 2010, the Securities and Exchange Commission ("SEC"), by a 3-2 vote, adopted new Exchange Act Rule 14a-11 and related rule amendments, which are commonly referred to as the "proxy access" rules.
Earlier in 2010 we featured the article "M&A transaction or IPO: Why not pursue both?" in which Stikeman Elliott M&A partner Curtis A. Cusinato discussed the advantages of "dual-track" IPO/M&A process
In mid-August, it was reported in the press that the National Development and Reform Commission (NDRC) had received complaints that the commercial banks in China have engaged in price-fixing conduct. Pursuant to the Anti-Monopoly Law, conduct amounting to price-fixing is prohibited.
As a source of steady income, trust companies had been taking loans off the books of banks and repackaging them up as trust products. China Banking Regulatory Commission ("CBRC") became alarmed when the volumes grew too big and in early July, CBRC abruptly closed down the entire business by ordering trusts to halt all cooperation with banks.
