Market: Brazil

New rules for investment in private pension funds

The National Monetary Council (CMN) approved new rules on investment in the private pension funds, which are contained in Resolution No. 2720 issued by the Central Bank of Brazil on April 24, 2000.

24 April 2000

Right to exploit satellites for transportation of telecommunications signals

On April 5, 2000 the National Telecommunications Agency (ANATEL), approved the regulation on the right to exploit satellites for the transportation of telecommunications signals (Resolution 220).

05 April 2000

Tozzini, Freire, Teixeira e Silva adds new partner to its international law practice.

Gilbert Lemos Zeiger will be based in the firm's São Paulo office, concentrating in corporate law, with special focus on aircraft financing and international transactions. He was admitted to the São Paulo Bar in 1982. Zeiger has represented foreign lessors and lenders in cross-border transactions involving commercial and corporate aircraft, medical equipment, computers and manufacturing equipment.

01 April 2000

New hires at Veirano e Advogados Associados

Rio-based Veirano e Adovgados Associados has boosted its litigation, real estate and securities / capital markets practices with three new hires.

01 April 2000

Three out of five for Competition Regulator

'Rating the Regulators' survey conducted by Global Competition Review finds balance between dissatisfaction and satisfaction with the Economic Defence Administrative Council in the six key areas surveyed.

01 April 2000

Securities and Exchange Commission alters BDR's governing rules

The Securities and Exchange Commission of Brazil (CVM) has altered the rules governing the issuance of BDRs (Brazilian Depositary Receipts) with the aim of removing all restrictions which affect foreign internet companies interested in issuing BDRs. Instructions 255 and 321 have been revoked, and Instructions 331 and 332 are now in effect.

01 April 2000

Utilities close record roll over of foreign debt

In April, Light-Serviços de Eletricidade SA and Eletropaulo Metropolitana Eletricidade de São Paulo SA successfully completed what is believed to be the largest rollover of foreign debt in Brazil since the outbreak of the Russian financial crisis in 1998.

01 April 2000

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.

26 January 2000

Defending Brazil's new Tax Law

On 16 January, the Brazilian government was preparing to defend legislation aimed at reducing tax evasion after it was challenged in the courts by business associations and political opposition.

16 January 2000

Withholding tax rates on remittances abroad

The Brazilian Tax Authorities have published Law No. 9959/00, increasing the withholding tax rates on remittances abroad as of January 1st, 2000. Some tax rates applicable to such remittances increased from 0% to 15% or 25% when made to countries considered as "tax havens".Each remittance shall be analyzed individually in order to verify if there is any applicable special treatment under Brazil's existing Tax Treaty network.

01 January 2000

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