Searching Content indexed under Debt Capital Markets by Walter Stuber Consultoria Jurídica ordered by Published Date Descending.
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The Rules On BDRs Change Again For Better
On April 5, 2017 the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) enacted CVM Instruction No. 585 (ICVM 585/2017), which amends the applicable regulation on Brazilian Depositary Receipts (BDRs) constituted by ..
6 Apr 2017
Program To Encourage The Fixed Income Market In Brazil
As of June 5, 2015 Brazilian companies have access to a program launched by the Brazilian Development Bank that should expand the alternatives for financing long-term projects in Brazil.
12 Jun 2015
New Rules For Foreign Investments In The Brazilian Financial And Capital Markets
On September 29, 2014, the Brazilian Monetary Council (Conselho Monetário Nacional – CMN) issued Resolution No. 4373 (CMN Res. 4373/2014) that improves the regulation on investments made by non-residents in the Brazilian financial and capital markets, including those made through the Depositary Receipts (DRs) mechanism.
3 Oct 2014
New Measures To Encourage The Brazilian Capital Market
On June 16, 2014, the Brazilian Minister of Finance announced the tax benefits that will be adopted with the goal of opening a new source of fund raising for companies that normally do not have access to the local capital market ..
19 Jun 2014
Brazil Eliminates The IOF On Foreign Investments On Fixed Income
As of June 5, 2013 the Brazilian government decided to attract and foster the return of foreign investors to the Brazilian market by reducing from 6% to zero the applicable rate of the Tax on Financial Transactions (IOF) on fixed income instruments,
6 Jun 2013
The Treatment Given To Credits Secured By Fiduciary Assignment In The Judicial Recovery Plan Of A Brazilian Company
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 .
22 Feb 2013
The Adoption Of the Mergers And Acquisitions Committee In Brazil
Another important measure is being taken in Brazil which affects merger and acquisition (m&a) transactions in our jurisdiction involving publicly-held corporations (companhias abertas).
29 Jun 2012
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).
8 May 2012
Credit Risk Rating In Brazil
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).
26 Apr 2012
The Same Trustee May Now Participate In Different Issues Of The Same Company In Brazil
The Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários) issued CVM Instruction No. 519, of January 26, 2012 (CVM Instr. 519/2012), which amends CVM Instruction No. 28, of November 23, 1983 (CVM Instr. 28/1983), dealing with the fiduciary activity performed by the debenture holders' trustee (agente fiduciário dos debenturistas) in the Brazilian capital market. The changes introduced by CVM Instr. 519/2012 are described herein.
31 Jan 2012
The Adoption Of The True And Fair View And Substance Over Form Concepts In Brazil
On September 20, 2011, the Board of the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários - CVM) decided to adopt the concepts of true and fair view or faithful representation (representação verdadeira e apropriada) and substance over form (primazia da essência sobre a forma) in the Brazilian accounting system.
27 Sep 2011
The New Regulation Of The Autonomous Investment Agents' Activities in Brazil
On June 3, 2011, the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) issued CVM Instruction No. 497 (CVM Instr. 497/2011), which contains the new rules recently adopted to govern the autonomous investment agents’ (agentes autônomos de investimento) activities in Brazil, and will replace CVM Instruction No. 434, of June 22, 2006 (CVM Instr. 434/2006). These rules will come into force on January 1st, 2012.
9 Jun 2011
Brazil Opens the Possibility to Review of the Status of the Countries or Dependencies Classified as Favored Taxation Jurisdictions or Privileged Fiscal Regimes
The latest list of favored taxation and privileged fiscal regimes countries and dependencies announced by the Secretary of the Brazilian Federal Revenue Office ("Receita Federal do Brasil" – RFB), through RFB Normative Instruction nº 1037, of June 4, 2010, which included Switzerland as a favored taxation jurisdiction and the Dutch Holding Companies as privileged fiscal regime entities, disliked many people who did not agree with such classification!
29 Jun 2010
Brazilian Tax Authorities Issue a New List of Favored Taxation Countries
On June 4, 2010, the Secretary of the Brazilian Federal Revenue Office ("Receita Federal do Brasil" – RFB) issued RFB Normative Instruction nº 1037, which contains an updated list of favored taxation countries ("países com tributação favorecida") formed by the so-called "tax haven countries" ("paraísos fiscais").
10 Jun 2010
Recent Measures Adopted By The Brazilian Government Which Affect The Financial And Capital Markets
The purpose of this article is to present an overview of the recent measures adopted by the Brazilian Government which deal with the financial and capital markets and deserve to be highlighted to those individuals and legal entities interested in investing in Brazil.
17 Feb 2010
The Role Of BNDES In The Brazilian Capital Markets
The growth of companies is attributed to capital investments from shareholders, reinvestment of profits and credit operations. .
26 Nov 2009
Intermediation of Operations and Offering of Securities on the Internet
The amazingly easy transmission and virtual dissemination of information offered by the Internet has made possible for institutions performing in the securities intermediation business to offer their services to clients residing in any foreign country irrespective of any physical representation in the country. This means of communications has been a concern for regulatory authorities in several jurisdictions due to the difficulty to actually oversee and monitor Internet transactions, especially
28 Nov 2005
International Hedging in Brazil
By publishing Resolution CMN nº 3312, of August 31, 2005, the Brazilian Monetary Council (CMN) decided to increase the number of players in transactions known as international hedging, which is a security for commercial or financial rights and obligations subject to risks of variation, in the international market, of interest rates, foreign exchange parity or of commodities prices, carried out by financial institutions abroad or at international stock exchanges.
21 Sep 2005
Legal and Statutory Liability of Boards and Committees Members in Brazil
The liability of administrators (Directors and Officers), auditors and consultants has been of great concern, especially after the advent of the Sarbanes-Oxley Act in 2002.
18 Nov 2004
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
16 Jun 2004
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