On November 14th 2014, Federal Law no. 13,043/2014 was enacted. Among its main goals are the dynamization of Brazilian Capital Market and the improvement of the tax norms applied to its operations. It also extended until 2020 the deadlines listed in Federal Law no. 12,341/2011 regarding the private fundraising to infrastructure projects through the grant of tax benefits.

In order to attract investments to the areas considered as priority by the Federal Government, namely: electric energy, oil and natural gas, logistics, transportation and telecommunications, were established lower tax rates or tax exemption over the capital earned from investments in the so-called "infrastructure debentures" to allow that these sectors continue to benefit from the incentives given to this type of issuance to finance their projects.

Due to low market adherence to the 14 issues performed until now, the Government has been using the BNDES to enable a greater participation of individuals in the acquisition of these securities. Keeping this in mind, BNDES will release its first infrastructure bond fund in the first quarter of 2015, whose appraisal is expected to reach the equity of R$ 1 billion.

If nothing else, the Head of the BNDES' Alternative Energies Department, Antonio Tovar, in an interview to Valor Econômico journal, assesses that the success of the referred fund demands a range of diversified debentures, so as to attract investors and, as well, to lessen the risks beared by them.

The news seems to be cheering for those who intend to make use of this sort of issuance to finance their infrastructure-related projects, whose adherence to the debenture model has been stimulated through the simplification of the marketable securities issuance's authorization procedure. Hence, the interested companies shall, through a Specific Purpose Entity, proceed to frame their infrastructure projects as overriding along with the specific Ministry of its area of activity.

The Ministries whose areas deal with major part of the debentures' offering, namely transportation and energy, published respectively Ordinances no. 09/2012 and 90/12, that established the procedure to frame overriding investment projects, in such a way to allow the issue of infrastructure debentures by those who are interested. The referred Ordinances state, also, that the occasional verification of the projects' implementation shall be held by the regulatory agency of the concerned area.

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