ARTICLE · 21 SEPTEMBER 2005

International Hedging in Brazil

Walter Stuber Consultoria Jurídica

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By publishing Resolution CMN nº 3312, of August 31, 2005, the Brazilian Monetary Council (CMN) decided to increase the number of players in transactions known as international hedging, which is a security for commercial or financial rights and obligations subject to risks of variation, in the international market, of interest rates, foreign exchange parity or of commodities prices, carried out by financial institutions abroad or at international stock exchanges.

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Article By Walter Douglas Stuber*

By publishing Resolution CMN nº 3312, of August 31, 2005, the Brazilian Monetary Council (CMN) decided to increase the number of players in transactions known as international hedging, which is a security for commercial or financial rights and obligations subject to risks of variation, in the international market, of interest rates, foreign exchange parity or of commodities prices, carried out by financial institutions abroad or at international stock exchanges. That resolution was published on the Federal Official Gazette of September 5, 2005 edition and came into effectiveness on September 19, 2005.

The new rules applicable to international hedging are found in Chapter 7, Title 2 of the Exchange and Foreign Capitals Market Regulation ("RMCCI"), with wording approved by the Brazilian Central Bank (Bacen) in Circular nº 3291, of September 8, 2005. These rules, however, do not apply to transactions made by investment funds of any kind, even those

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