New Rules On Market Infrastructure In Brazil

On December 20, 2013, the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) issued a set of Instructions that regulate the rendering of services related to the infrastructure of the Brazilian securities market, as follows: (i) CVM Instruction No. 541 deals with the provision of centralized deposit of securities; (ii) CVM Instruction No. 542 rules on the provision of securities custody services; (iii) CVM Instruction No. 543 is about the securities bookkeeping services and the issuance of securities certificates; and (iv) CVM Instruction No. 544 amends CVM Instruction No. 461, of October 23, 2007, which contains the securities market regulation and provides on the formation, organization, operation and dissolution of stock exchanges, futures and commodities exchanges, organized markets and non-organized markets.