Financial and capital markets open to foreign investors

Brazil's National Monetary Council (CMN) issued Resolution No. 2689, on January 26, 2000, which establishing the rules that will permit foreigners, corporations or individuals to invest directly in Brazil’s financial and capital markets under less rigid structures than formerly in place. As of March 31, 2000, foreign investors will be able to more freely invest in securities and fixed-income funds, and they will be allowed to easily move their funds between both positions.