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On November 25, 2010, the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários - CVM) issued CVM Instruction No. 487, which amends and updates CVM Instruction No. 361, of March 5, 2002, and introduces specific provisions to regulate the hostile takeover bids in Brazil, regarding the control acquisition of publicly-held corporations with dispersed shareholding and undefined ownership (i.e., without a controlling shareholder or group of control).

Regulation adjusts risk-based inspection and self-control framework, amends establishment registration, registration deadlines, and the sanctioning regime in the sector regulated by MAPA...