ARTICLE · 04 NOVEMBER 2015

Public Offering Distribution Of Brazilian Structured Operations Certificates (COE)

Walter Stuber Consultoria Jurídica

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On October 14, 2015, the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) issued CVM Instruction No. 569 (ICVM 569/2015), dealing with the distribution of the Structured Operations Certificates (Certificados de Operações Estruturadas – COEs), ..

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On October 14, 2015, the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) issued CVM Instruction No. 569 (ICVM 569/2015), dealing with the distribution of the Structured Operations Certificates (Certificados de Operações Estruturadas – COEs), created by Law No. 12,249, of June 11, 2010, and regulated by the Brazilian Monetary Council (Conselho Monetário Nacional – CMN) Resolution No. 4,263, of September 5, 2013 (CMN Res. 4,263/2013).

I. Introduction

The COE is similar to the structured note as adopted in other jurisdictions, which is a hybrid security that includes several financial products, typically a stock or bond plus a derivative, and it allows to offer investments with alternative profiles of risk and have a fixed and variable (stock market) income as return.

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