After public consultation, on April 30, 2007 the Brazilian Securities Commission issued CVM Instruction 452, which revokes CVM Instruction 273/98 and establishes more detailed rules on the application of coercive fines by the Commission.

There has been a significant increase of investment in Brazilian companies via Private Equity Funds (“FIP”), created under Brazilian Securities and Exchange Commission – CVM Instruction No. 391, dated July 16, 2003.

The "Novo Mercado" is a listing segment created by the Brazilian Securities, Commodities and Futures Exchange ("BM&FBOVESPA S.A – Bolsa de Valores, Mercadorias e Futuros" – BVMF) and designed for shares issued by companies that voluntarily undertake to abide by good corporate governance practices and transparency which are more rigid than those already required by the Brazilian legislation and by the Brazilian Securities and Exchange Commission ("Comissão de Valores Mobiliários" - CVM).

On December 16, 2010, the Brazilian government announced two measures which deal with the issuance of Financial Bills ("Letras Financeiras" - LFs), created by means of article 39 of Law No. 12249, of June 11, 2010, and aims to foster long-term debt instruments which may be issued by certain financial institutions.

The activities of the autonomous agents (agentes autônomos de investimento) in Brazil are regulated by CVM Instruction No. 497, of June 3, 2011 (CVM Instr. 497/2011). On December 29, 2011, the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) issued CVM Instruction No. 515 (CVM Instr. 515/2011), which amends paragraph 2 of article 13 of CVM Instr. 497/2011, and also added a new paragraph in the same article. The reasons behind the enactment of CVM Instr. 515/20

Em sessão datada de 16 de janeiro de 2018, o colegiado da CVM autorizou a emissão de CRIs lastreados em empréstimo pessoal com pacto adjeto de alienação fiduciária de imóvel em garantia.

Foi divulgada em 07 de junho, pela Comissão de Valores Mobiliários.

The international bond market all but closed its doors to Brazilian companies in 2015.

As already explained in several of our articles about the different changes introduced from time to time by the Brazilian government to the Tax on Exchange Transactions (Imposto sobre Operações de Crédito, Câmbio e Seguro, ou relativas a Títulos ou Valores Mobiliários - IOF), the IOF is a tax on credit and exchange transactions, insurance and securities assessed on the amount of bank loans and similar transactions, on the amount of foreign currency purchased or sold, on insurance premiums and t

Dizem que é mais difícil explicar o óbvio. Sempre me recordo disso quando um aspecto crucial da alienação fiduciária de imóveis é colocado em discussão.

On June 3, 2011, the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) issued CVM Instruction No. 497 (CVM Instr. 497/2011), which contains the new rules recently adopted to govern the autonomous investment agents’ (agentes autônomos de investimento) activities in Brazil, and will replace CVM Instruction No. 434, of June 22, 2006 (CVM Instr. 434/2006). These rules will come into force on January 1st, 2012.

O Conselho Monetário Nacional (CMN) publicou no dia 1° de fevereiro a Resolução CMN n° 5.118 e a Resolução CMN n° 5.119, que restringiram as regras...

On December 31, 2010, Brazil enacted Provisional Measure 517 (MP 517/10) and Decree No. 7.412 (Decree 7412/10), which generally provide several tax benefits intended to foster the development of infrastructure in Brazil and changes in the taxation related to investments in Brazilian financial and capital markets.

On October 11, 2017 the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) issued a Note, published in CVM´s webpage, about this matter.

On July 21, 2009, the Brazilian Securities and Exchange Commission ("Comissão de Valores Mobiliários" – CVM) informed to the market that the Certified Emission Reductions, or CERs, also known as carbon credits, are not derivatives or assets to which investment funds are linked ("títulos de investimento coletivo"), and consequently shall not be treated as securities ("valores mobiliários") or regulated as such by CVM at least for the time being, and consequently are not subject to the requirement

On December 7, 2009, the Brazilian Securities and Exchange Commission ("Comissão de Valores Mobiliários" – CVM) released to the public CVM Instruction No. 480, of the same date, which establishes rules for registry of issuers of securities admitted for trading in the local regulated markets.

Brazilian Depositary Receipts (BDRs) are certificates issued by a depositary institution in Brazil that represent securities (stocks) issued by publicly-held corporations with headquarters overseas.

By means of CVM Instruction No. 512, issued on December 20, 2011 (CVM Instr. 512/2011), the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários - CVM) amended CVM Instruction No. 409, of August 18, 2004 (CVM Instr. 409/2004), that contains the general rules governing the constitution, administration, operation and disclosure of information on Brazilian Funds ("Fundos de Investimento") which invest in stock funds (fundos de investimento em ações).

The growth of companies is attributed to capital investments from shareholders, reinvestment of profits and credit operations. .

Em consonância com as inovações na regulamentação do mercado de capitais, foram publicados pela ANBIMA (Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais) ...