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1
The Social And Environmental Responsibility Policy Of The Brazilian Financial Institutions
On April 24, 2014, the Brazilian Monetary Council (Conselho Monetário Nacional – CMN) approved the guidelines that must be observed in the establishment and implementation of the Social and Environmental Responsibility Policy (Política de Responsabilidade Socioambiental - PRSA) by the financial institutions and other entities authorized to operate by Central Bank of Brazil ...
Brazil
6 May 2014
2
The Brazilian Government Changes Again The IOF Rules On Foreign Currency Loans
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%.
Brazil
14 Jun 2012
3
New Criteria For Admission In The Novo Mercado*
The "Novo Mercado" is a listing segment created by the Brazilian Securities, Commodities and Futures Exchange ("BM&FBOVESPA S.A – Bolsa de Valores, Mercadorias e Futuros" – BVMF) and designed for shares issued by companies that voluntarily undertake to abide by good corporate governance practices and transparency which are more rigid than those already required by the Brazilian legislation and by the Brazilian Securities and Exchange Commission ("Comissão de Valores Mobiliários" - CVM).
Brazil
8 May 2012
4
New Rules For M&A Transactions Involving Brazilian Banks
On April 24, 2012, the Board of Directors of the Central Bank of Brazil (Banco Central do Brasil – Bacen) decided to adopt new rules for merger and acquisition (M&A) transactions involving two or more financial institutions or other similar entities duly authorized to operate in Brazil by Bacen, and from now on Bacen may require that the efficiency gains resulting from this type of operation be shared with the consumers.
Brazil
3 May 2012
5
The Brazilian Regulator Must Approve The Purchase Of Non-Financial Entities By Brazilian Financial Institutions
On March 29, 2012, the Brazilian Monetary Council (Conselho Monetário Nacional – CMN) decided to amend the provisions of CMN Resolution No. 2723, of May 31, 2000 (CMN Res. 2723/2000), which sets forth detailed rules, conditions and procedures for installing dependencies abroad and for the direct or indirect equity interest in Brazil or abroad by financial institutions and other entities authorized to operate by the Central Bank of Brazil (Banco Central do Brasil – Bacen).
Brazil
2 Apr 2012
6
Derivatives Contracts For Export Transactions Are Not Subject To The Brazilian IOF
As already explained in several of our articles about the different changes introduced from time to time by the Brazilian government to the Tax on Exchange Transactions (Imposto sobre Operações de Crédito, Câmbio e Seguro, ou relativas a Títulos ou Valores Mobiliários - IOF), the IOF is a tax on credit and exchange transactions, insurance and securities assessed on the amount of bank loans and similar transactions, on the amount of foreign currency purchased or sold, on insurance premiums and t
Brazil
19 Mar 2012
7
Another IOF Change Affects Foreign Currency Loans In Brazil
For the second time this year, by means of Decree No. 7698, of March 9, 2012 (Decree 7698/2012), published in the Official Gazette of the Union of March 12, 2012, the Brazilian Federal Government decided to increase from three to five years the term of the foreign currency loans which are subject to the tax on exchange transactions (IOF) at the rate of 6%.
Brazil
13 Mar 2012
8
New Regulation For Overseas Investments Of Brazilian Funds
By means of CVM Instruction No. 512, issued on December 20, 2011 (CVM Instr. 512/2011), the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários - CVM) amended CVM Instruction No. 409, of August 18, 2004 (CVM Instr. 409/2004), that contains the general rules governing the constitution, administration, operation and disclosure of information on Brazilian Funds ("Fundos de Investimento") which invest in stock funds (fundos de investimento em ações).
Brazil
10 Jan 2012
9
The New Brazilian Reference Exchange Rate (TCR)
As of December 19, 2011 the Brazilian Exchange (BM&FBOVESPA S.A. – Bolsa de Valores, Mercadorias e Futuros - BVMF) started the daily calculation and publication of a new indicator for the spot foreign exchange (FX) market named Reference Exchange Rate (Taxa de Câmbio de Referência – TCR), which is available on the BVMF website.
Brazil
22 Dec 2011
10
The Brazilian Monetary Council Decides To Facilitate The Internalization Of Brazilian Companies
The Brazilian Monetary Council (Conselho Monetário Nacional - CMN) approved a resolution allowing banks authorized to operate in the foreign exchange market, with a minimum net worth of R$ 5 billion, to use funds raised in foreign markets to extend credit abroad. The matter is provided for in CMN Resolution No. 4033 of November 30, 2011 (Res. 4033/2011).
Brazil
1 Dec 2011
11
The Bilateral Agreement Entered Into Between The Central Banks Of Brazil And Argentia
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
Brazil
2 Jun 2011
12
New Rules on Brazilian Financial Bills
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.
Brazil
22 Dec 2010
13
Boilerplate Clauses – A Brazilian Perspective*
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.
Brazil
29 Oct 2010
14
Brazil Increases Again The IOF Rate
The tax on credit and exchange transactions, insurance and securities (Imposto sobre Operações de Crédito, Câmbio e Seguro, ou relativas a Títulos ou Valores Mobiliários - IOF) in Brazil is assessed on the amount of bank loans and similar transactions, on the amount of foreign currency purchased or sold, on insurance premiums and the price of securities purchased or sold.
Brazil
22 Oct 2010
15
The First Non-Sponsored Brazilian Depositary Receipts - Level I - to be Traded in Brazil
On April 28, 2010, the Brazilian Securities, Commodities and Futures Exchange (BM&FBOVESPA S.A – Bolsa de Valores, Mercadorias e Futuros – BVMF) announced that the first 10 Non-Sponsored Brazilian Depositary Receipts (BDRs) Level I, which represent stocks issued by foreign companies that are traded in Brazil, will be: Apple (click link below to read more)
Brazil
6 May 2010
16
Brazil Releases Exchange Controls
On March 24, 2010, the Brazilian Monetary Council (Conselho Monetário Nacional – CMN) and the Central Bank of Brazil (Banco Central do Brasil – Bacen) adopted a series of measures to consolidate and simplify the normative acts and proceedings applicable to the international capitals and the exchange market regulations in our jurisdiction.
Brazil
29 Mar 2010
17
Brazilian Banks And Other Financial Institutions Are Now Authorized To Issue Financial Bills
Long-term financing in Brazil has been traditionally granted to Brazilian companies by the Brazilian Development Bank (Banco Nacional de Desenvolvimento Econômico e Social – BNDES) and the domestic banks have limited their activities to short-term and medium-term loans.
Brazil
24 Mar 2010
18
Private Banking In Brazil
According to the current policy recently adopted by the Central Bank of Brazil ("Banco Central do Brasil" – Bacen), the opening and functioning of representative offices of foreign banks continues to be subject to the prior approval of Bacen but now is only limited to those international financial institutions that still do not have a branch or subsidiary in Brazil and would like to know the local market more closely in order to decide whether it would be convenient or not to establish a bank i
Brazil
26 Nov 2009
19
Court Precedent Confirms That Brazilian Credit Card Management Companies Are Allowed To Charge Up To 12% Delinquent Interest A Year
Justice Cesar Asfor Rocha, of the 4th Panel of Judges of the Superior Court of Appeals (STJ), gave partial approval to appeal filed by the Brazilian credit card management company Fininvest S/A Negócios de Varejo (Fininvest) from the decision handed out by the Rio Grande do Sul Court State of Appeal
Brazil
16 Jun 2004
20
Hybrid Fund May Attract US$ 500 Mil Worth Investments To Brazil
The Brazilian Securities and Exchange Commission (CVM) published Instruction CVM 406, dated April 27, 2004, which regulates a new investment fund. This is a hybrid fund combining private equity and debt. The rules have been designed specially to fit in the Bradesco-tailored investment fund (whose temporary name is Brazil Infrastructure Investment Fund - BIIF) whereby the Interamerican Development Bank (IADB) will investment US$ 500 million in Brazilian infrastructure projects this year.
Brazil
16 Jun 2004
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