The Financial Information Unit partially amended rules which
regulate the obligations imposed by Law No. 25.246 on the Central
Bank of Argentina, the Superintendent of Insurance and the
Securities and Exchange Commission.
On May 30, 2012, Resolution No. 92/2012 ("Resolution
92") of the Financial Information Unit ("UIF"),
which partially amends Resolutions No. 12/2011 ("Resolution
12"), No. 19/2011 ("Resolution 19") and No. 22/2011
("Resolution 22"), was published in the Official
Resolution 92 mainly amends the definition of "client"
provided in the above mentioned resolutions, replacing Subsection b
of Section 2 of each of them.
In the particular case of Resolution 12, that regulates the
obligations of the Central Bank of Argentina ("BCRA") as
an obliged subject, Resolution 92 states that "clients of the
Central Bank of Argentina are all entities governed by Law No.
21.526 and Law No. 18.924 as amended, and all individuals and legal
entities under its regulation, supervision, and/or
In addition, Resolution 92 replaced the definition of
"client" for the Superintendent of Insurance
("SSN", to which Resolution 19 is applicable) and
provides that clients are "individuals and legal entities
regulated by Law No. 17,418, Law No. 20,091, Law No. 22,400 and Law
No. 24,557 as amended, related and complementary laws, and any
under its regulation, supervision and/or control".
Lastly, Section 2, Subsection b of Resolution 22 related to the
Exchange Commission ("CNV") presently states:
"clients of the Exchange Commission are individuals or legal
entities under its regulation, supervision and/or
On the other hand, Resolution 92 revokes the provisions of
Resolution 12, Resolution 19 and Resolution 22 regarding the
obligation of cooperation and supervision of the BCRA, the SSN and
the CNV, respectively, due to the fact that those obligations are
governed by the provisions of the annex approved by Resolution No.
165/11 of the UIF.
It is important to highlight that Resolution 92 came into force
after its publication in the Official Gazette, i.e. on May 30,
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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 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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