Depositary Receipt Programs In Brazil

The Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) issued CVM Instruction No. 559, of March 27, 2015 (CVM Inst. 559/2015), which updates the rules on the approval of programs of Depositary Receipts (DR) to be traded abroad (i.e. outside Brazil) and came in full force and effect on March 30, 2015, date of its publication in the Official Gazette of the Union (Diário Oficial da União – DOU).

For the purpose of CVM Instr. 559/2015, the following terms are defined:

1. DR means the certificates issued abroad by a depository institution representing assets authorized in specific regulations enacted by the Brazilian Monetary Council (Conselho Monetário Nacional – CMN), hereinafter referred to as "authorized assets", deposited in specific custody in Brazil;