By Walter Douglas Stuber and Adriana M. Gödel Stuber*
On September 10, 2002, the Brazilian Securities and Exchange Commission (CVM) issued rules to regulate transactions and investments made on the worldwide net ("Internet"), that is, rules that electronic brokers will be required to abide by when placing purchase and sale orders and when trading securities1 on stock exchanges or organized over the counter entities over the Internet. These rules were set forth by Instruction CVM nº 376, of September 11, 20022 and are discussed ahead. Importantly, said rules do not apply to electronic brokers only but also to other members of the securities distribution system, as applicable, whenever those members intermediate securities transactions through an electronic broker.
