By means of Decree No. 8263, of June 3, 2014 (Decree 8263/2014), published in the Official Gazette of the Union of June 4, 2014, the Brazilian Federal Government decided to reduce to six months the term of the foreign currency loans which are subject to the tax on exchange transactions (IOF) at the rate of 6%.

On October 31, 2014 the Central Banks of Brazil and Uruguay signed the Agreement for the establishment of the System of Payments in Local Currency (Sistema de Pagamentos em Moeda Local - SML), to facilitate and enhance the trade of goods and services between the two countries.

There is a controversy between the Administrative Council for Economic Defense (Conselho Administrativo de Defesa Econômica - Cade) and the Central Bank of Brazil (Banco Central do Brasil - Bacen) about who should judge merger and acquisition (m&a) transactions in the banking industry in Brazil.

On September 29, 2014, the Brazilian Monetary Council (Conselho Monetário Nacional – CMN) issued Resolution No. 4373 (CMN Res. 4373/2014) that improves the regulation on investments made by non-residents in the Brazilian financial and capital markets, including those made through the Depositary Receipts (DRs) mechanism.

Resolution nº 3221, of July 29, 2004, of the National Monetary Council addresses an old claim of the financial market and expressly authorizes Brazilian companies to raise funds abroad by issuing real-denominated securities.

Fastening of public access to information is a critical aspect of the regulation of the secondary market of securities.

The Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) adopted measures to expedite the public offering of the collective investment contracts (contratos de investimento coletivo - CICs).

The Brazilian Monetary Council (Conselho Monetário Nacional – CMN) issued CMN Resolution No. 4379, of October 30, 2014 (CMN Res. 4379/2014) changing the exposure limits per customer governed by CMN Resolution No. 2844, of June 29, 2001.

The Brazilian Monetary Council (Conselho Monetário Nacional - CMN) approved a resolution allowing banks authorized to operate in the foreign exchange market, with a minimum net worth of R$ 5 billion, to use funds raised in foreign markets to extend credit abroad. The matter is provided for in CMN Resolution No. 4033 of November 30, 2011 (Res. 4033/2011).

By means of CVM Instruction No. 529, the Brazilian Securities and Exchange Commission established the Ombudsman's Office within the Brazilian securities market.

The latest list of favored taxation and privileged fiscal regimes countries and dependencies announced by the Secretary of the Brazilian Federal Revenue Office ("Receita Federal do Brasil" – RFB), through RFB Normative Instruction nº 1037, of June 4, 2010, which included Switzerland as a favored taxation jurisdiction and the Dutch Holding Companies as privileged fiscal regime entities, disliked many people who did not agree with such classification!

The Internal Revenue Service of the United States issued Notice 2014-21 stating that virtual currencies such as bitcoins will be treated as property.

Law No. 13097, of January 19, 2015 (Law 13097/2015), which amended Law No. 8080 of September 19, 1990 (Law 8080/1990), allows the direct or indirect participation of foreign capital companies in the health care business in Brazil.

The acquisition of units of the FII is deemed to be a long-term investment.

The Brazilian Government decided to withdraw another obstacle to the entry of foreign capital in Brazil.

As of June 13, 2013 the Brazilian government reduced from 1% to zero the applicable rate of the Brazilian Tax on Financial Transactions (Imposto sobre Operações de Crédito, Câmbio e Seguro, ou relativas a Títulos ou Valores Mobiliários – IOF) on derivatives contracts.

Brazilian authorities see with restrictions the use of virtual currencies like the bitcoin. The main concern of the Brazilian Government at this moment is that this type of instrument be used in connection with pyramid financial schemes.

By means of Provisional Measure No. 685, dated July 21, 2015 (MP 685/2015), that creates the Tax Litigation Reduction Program (Programa de Redução de Litígios Tributários – PRORELIT), the Brazilian federal government imposed a new obligation to the taxpayers ..