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The Public Registry of Commerce simplifies the procedure to file
the affidavit of origin and legality of funds and condition of
Politically Exposed Person.
Resolution No. 9/2012 of the Public Registry of Commerce
partially amended Resolution No. 2/2012 of such agency, concerning
the obligation to file an affidavit regarding the condition of
Politically Exposed Person and of origin and legality of funds.
On May 14, 2012 Resolution No. 9/2012 (the "Resolution
9") of the Public Registry of Commerce ("PRC") was
published in the Official Bulletin, partially amending Resolution
No. 2/2012 (the "Resolution 2") of the PRC.
Through Resolution 2, the PRC established on the one hand the
requirement to file an affidavit on the origin and legality of
funds to associations and/or foundations that receive donations or
contributions from third parties for amounts of AR$ 100,000 (or its
equivalent in kind) and evidence of the origin of the funds if the
donations or contributions received exceed AR$ 200,000.
On the other hand, the Resolution also required managers and
members of the audit organ of commercial companies and legal
representatives of foreign companies, as well as members of the
board of civil associations and foundations, to file an affidavit
on the condition of Politically Exposed Person ("PEP"),
as provided by Resolution No. 52/2011 of the Financial Information
Unit ("UIF"), which redefined the positions of PEPs.
The original text of Resolution 2 stated that the procedure to
file the affidavit had to be done through an online application in
the PRC's website, which had to be then filed in writing.
Resolution 9 established the possibility to include those
affidavits in the text of the public deed, simplifying the
procedure. In those cases, the reporting obligation will be in
charge of the notary public.
Lastly, please note that changes introduced by Resolution 9 will
come into force within 30 calendar days after its publication in
the Official Bulletin, that is, on June 13, 2012.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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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).
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.
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.
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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.
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).
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).
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