The "Comissão de Valores
Mobiliários" (CVM), the Brazilian SEC equivalent,
has issued the opinion that on-line General Meeting is legal under
Since middle 2008, the CVM understands that on-line proxy voting
is permitted, however, the means to execute it was missing. Now
there are a couple of hi-tech service providers that offer on-line
voting for General Meetings of Corporations, Funds and
The on-line General Meetings service offers the option of
on-line voting and on-line proxy granting, as well as innovations
including live audio and video online transmission of the
The procedures require digital authentication provided by
specialized authentication firms, such as Certisign, the Verisign
representative in Brazil.
Even though the purpose of the service is to provide for the
valid submission of digital votes at investor's meetings at
companies and funds, the result has become much broader. Besides
enhancing the number of investors that will be able to effectively
participate in the decision-making process of the companies and
funds in which they invest, it will also create additional spaces
for debates amongst the parties involved, promoting proximity,
transparency, and cohesion.
A new ruling will be issued by the CVM during 2009 in order to
fully regulate the procedures for on-line voting as well as on-line
Needless to say that this achievement will ease the burden of
organizing massive events, such as General Meetings for large
corporations around the World.
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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On July 12, 2010, the Brazilian Securities and Exchange Commission ("Comissão de Valores Mobiliários" – CVM) announced the new rules applied to the securities analysts ("analistas de valores mobiliários") established by CVM Instruction No. 483, dated July 6, 2010, which will become valid as of October 1st, 2010.
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%.
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