Mondaq Latin America: Finance and Banking
The Argentine Central Bank established new requirements applicable to loans with foreign currency disbursements and to payments of loans with foreign currency.
The Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) decided to amend and add provisions to CVM Instruction No. 400, of December 29, 2003 (CVM Instr. 400/2003), that regulates public offers for the distribution of securities in the primary and secondary markets in Brazil, by means of CVM Instruction No. 533, of April 24, 2013 (CVM Inst. 533/2013).
Decree no. 7,975 was published on April 2, 2013, which, under the pretext of encouraging competition in the Brazilian industry, included item XXVIII into article 8 of the Regulation of the Tax on Financial Transactions.
The Brazilian government has adopted two important measures by means of federal decrees, both dated April 1st, 2013, in order to facilitate the financing of infrastructure projects in Brazil.
The Central Bank of Brazil (Banco Central do Brasil – Bacen) has been duly authorized to perform currency swap transactions with central banks of other countries, within the limits and under the conditions set by the Brazilian Monetary Council
On March 1st, 2013, the Central Bank of Brazil (Banco Central do Brasil – Bacen) released a set of four Resolutions issued by the National Monetary Council (Conselho Monetário Nacional – CMN).
O BTG Pactual Serviços Financeiros S.A. DTVM e a Lorinvest Gestão de Recursos Ltda., respectivamente administrador e gestor do Lofoten Fundo de Investimento em Cotas de Fundos de Investimento em Participações (FICFIP), recorreram de decisão da Superintendência de Relações com Investidores Institucionais (SIN), que impugnou a transformação desse fundo (constituído nos termos da Instrução CVM 391/03) em um multimercado.
The Fourth Chamber of the Brazilian Superior Court of Justice (Superior Tribunal de Justiça – STJ) ruled that credits secured by fiduciary assignment (cessão fiduciária) of receivables are not subject to the judicial recovery plan of a Brazilian company .
On February 6, 2013, the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) issued CVM Instruction No. 531 (CVM Instr. 531/2013)
The local newspapers reported an interesting engineering financing transaction structured by the Brazilian Government aiming to increase revenues in last December and ensure compliance with the fiscal goal of the 2012.
The Brazilian Government decided to dismantle the capital constraint measures adopted previously to prevent the appreciation of the local currency (Real) to facilitate the raising of foreign credits by Brazilian companies, through foreign currency loans and export financing transactions that imply in the anticipation of funds to the Brazilian exporter by way of advance the export receipt, also known as Advance Payment (Pagamento Antecipado – PA).
Brazilian economic growth, together with the upcoming sporting events - the 2014 FIFA World Cup and the 2016 Olympic Games -, strongly encouraged the Federal Government to enact a number of measures to boost the infrastructure's development.
The Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) found a way to facilitate fund raising for Brazilian small and medium-size companies with the issuance of shares, without changing the applicable law or regulations.
Among its duties, the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) shall promote the expansion and the regular and efficient operation of the Brazilian stock market, and stimulate permanent investments in the capital stock of publicly-held corporations controlled by local private capital, as well as it shall avoid or prevent any kind of fraud or manipulation intended to create artificial conditions of supply, demand or price of the securities traded on the
On November 14, 2012 the Board of Directors (Diretoria Colegiada) of the Central Bank of Brazil (Banco Central do Brasil – Bacen) approved Circular No. 3614 of the same date (Bacen Circular 3614/2012), establishing new conditions for the issuance of the Real Estate Credit Bill (Letra de Crédito Imobiliário – LCI) and authorizing investments banks (bancos de investimento) to also issue LCI.
The Supervision of Relations with Institutional Investors (Superintendência de Relações com Investidores Institucionais) of the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) issued Directive Release (Ofício-Circular) CVM/SIN/No. 5/2012, dated November 7.
By means of CVM Instruction No. 529, the Brazilian Securities and Exchange Commission established the Ombudsman's Office within the Brazilian securities market.
Accession by Chiltern - Pesquisa Clinica Ltda. ("Chiltern Brazil") to the Intercreditor Agreement entered into in connection with a term loan facility pursuant to the terms of a Senior Facilities Agreement granted to parent Chiltern International Ltd.
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The acquisition of units of the FII is deemed to be a long-term investment.
In recent years, Argentina and other Latin American countries have faced some significant macro-economic and financial crises.
On March 1st, 2013, the Central Bank of Brazil (Banco Central do Brasil – Bacen) released a set of four Resolutions issued by the National Monetary Council (Conselho Monetário Nacional – CMN).
The Brazilian Certificates of Real Estate Receivables (Certificados de Recebíveis Imobiliários – CRI) are securities backed by real estate receivables, which are very similar to mortgage pass-through securities issued in the United States.
The Brazilian government has adopted two important measures by means of federal decrees, both dated April 1st, 2013, in order to facilitate the financing of infrastructure projects in Brazil.
The Brazilian market is very dynamic, with many sophisticated deals involving worldwide interests and cross-border activities. In many dual or multi-jurisdiction transactions, clients engage legal counsel from several different jurisdictions to assist them throughout the transaction.
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.
According to Communiqué No. 21,124, of Mary 31, 2011, issued by the Department of International Matters of the Central Bank of Brazil ("Banco Central do Brasil" - Bacen), Bacen signed a bilateral agreement with the Central Bank of Argentina ("Banco Central de la Republica Argentina") for the ongoing operations of international trade in services which are necessary in connection with the performance of civil engineering works for the construction of infrastructure and industrial plants, includin
On December 30th, 2010, the Brazilian Federal Government enacted Decree n. 7412/2010 ("Decree 7412") which changed certain rules connected with the tax on foreign currency exchange ("IOF/Exchange") and on transactions with securities ("IOF/Securities").
As of December 1, 2011 the Brazilian government decided to attract and foster the return of foreign investors to the Brazilian market by reducing to zero the applicable rate of the Tax on Financial Transactions (IOF) levied on foreign investments in shares and private securities.
The Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) decided to amend and add provisions to CVM Instruction No. 400, of December 29, 2003 (CVM Instr. 400/2003), that regulates public offers for the distribution of securities in the primary and secondary markets in Brazil, by means of CVM Instruction No. 533, of April 24, 2013 (CVM Inst. 533/2013).
On December 16, 2010, the Brazilian government announced two measures which deal with the issuance of Financial Bills ("Letras Financeiras" - LFs), created by means of article 39 of Law No. 12249, of June 11, 2010, and aims to foster long-term debt instruments which may be issued by certain financial institutions.
As a result of the reduction of the liquidity in the international market, which affects the raising of loans abroad by Brazilian borrowers and the inflow of foreign currency funds into the country, the Brazilian government decided to reduce from five to two years the term of the transactions which are subject to the Brazilian Tax on Exchange Transactions (Imposto sobre Operações de Crédito, Câmbio e Seguro, ou relativas a Títulos ou Valores Mobiliários - IOF) at the rate of 6%.
On November 14, 2012 the Board of Directors (Diretoria Colegiada) of the Central Bank of Brazil (Banco Central do Brasil – Bacen) approved Circular No. 3614 of the same date (Bacen Circular 3614/2012), establishing new conditions for the issuance of the Real Estate Credit Bill (Letra de Crédito Imobiliário – LCI) and authorizing investments banks (bancos de investimento) to also issue LCI.
By means of Resolution No. 4123, of August 23, 2012 (Res. 4123/2012), the Brazilian Monetary Council (Conselho Monetário Nacional – CMN) amended and consolidated the rules on the issuance of Financial Bills (Letras Financeiras – LFs) by the authorized financial institutions.
On April 25, 2012, the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários - CVM) issued CVM Instruction No. 521 (CVM Instr. 521/2012), regulating the activity of credit risk rating (classificação de risco de crédito) in the Brazilian securities market, with emphasis on registration and recognition requirements, information disclosure, and rules of conduct and internal controls of the credit rating agencies (CRAs).
The Fourth Chamber of the Brazilian Superior Court of Justice (Superior Tribunal de Justiça – STJ) ruled that credits secured by fiduciary assignment (cessão fiduciária) of receivables are not subject to the judicial recovery plan of a Brazilian company .
In this article we shall attempt to outline the definition of interest, so called( Riba) under the Sharia or Islamic law , followed by a short survey of the laws of some Arab countries which have prohibited or permitted charging interest.
A new Securities Market Law (Ley del Mercado de Valores) (the "New LMV") was approved on December 6, 2005 by the House of Representatives of Mexico and on December 8, 2005 by the Senate.
Two important legislative events have modified the legal regime applicable to Limited Scope Financial Institutions or Mexican Non-Bank Banks (Sociedades Financieras de Objeto Limitado), also known as Sofoles ("Sofoles"), Financial Leasing Companies Arrendadoras Financieras) ("Financial Leasing Companies") and Factoring Companies (Empresas de Factoraje Financiero) ("Factoring Companies").
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The Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) decided to amend and add provisions to CVM Instruction No. 400, of December 29, 2003 (CVM Instr. 400/2003), that regulates public offers for the distribution of securities in the primary and secondary markets in Brazil, by means of CVM Instruction No. 533, of April 24, 2013 (CVM Inst. 533/2013).
On March 1st, 2013, the Central Bank of Brazil (Banco Central do Brasil – Bacen) released a set of four Resolutions issued by the National Monetary Council (Conselho Monetário Nacional – CMN).
By means of Decree No. 7894, of January 30, 2013 (Decree 7894/2013), published in the Official Gazette of the Union of January 31, 2013, the Brazilian government decided to reduce from 6% to zero the Tax on Exchange Transactions (Imposto sobre Operações de Crédito, Câmbio e Seguro, ou relativas a Títulos ou Valores Mobiliários - IOF) in the exchange transactions made as from January 31, 2013, for the acquisition of units (quotas) of local Real Estate Investment Funds (Fundos de Investimento Imob
The Brazilian government has adopted two important measures by means of federal decrees, both dated April 1st, 2013, in order to facilitate the financing of infrastructure projects in Brazil.
The Brazilian Certificates of Real Estate Receivables (Certificados de Recebíveis Imobiliários – CRI) are securities backed by real estate receivables, which are very similar to mortgage pass-through securities issued in the United States.
The Second Chamber of the Brazilian Superior Court of Justice (Superior Tribunal de Justiça – STJ) recently ruled that international conventions signed by Brazil with the government of other countries for the avoidance of double taxation with respect to taxes on income (Tax Treaties) shall prevail over the domestic income tax legislation in the case of a foreign company contracted by a Brazilian company for the provision of services to be performed abroad without transfer of technology .
In recent months Argentina has been experiencing both formal and informal additional foreign exchange restrictions both to purchase in the country and to transfer foreign currency abroad.
RFB Normative Instruction nº 1.271/2012 was published on May 22, 2012, to amend RFB Normative Instruction nº 1.207/11, and govern the IOF applicability to operations with derivatives.
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