| Investment laws shortcuts
Capital Markets Law:
The
main stocks regulation are Laws 6404 and 6385. Such laws created the
stocks markets, the stocks exchange, the governmental institution that
policy the financial operations, and regulate all the process of issuance
of papers. This principal regulation is passing through a transformation
that protects the interests of minority shareholders in general. On
the current moment, there's an amendment to be approved at the Brazilian
National Congress, that will obligate a higher valuation of stocks in
case of tender offer. In consequence, some companies are speeding the
closing capital process. (ver
mais)
CVM 384 Market Maker
Introduce a role for brokerages to improve securities of some corporation.
Is another step to strenghten the brazilian capital markets, increasing
deals of securities leaded by market maker brokerages.
Bankruptcy under discussion
A modernization of bankruptcy process is expected along the ongoing
approval process of a new Law. Focusing the concept of making a turnaround
possible, instead of blocking the company by creditors. The project
tries to create conditions for financial recovery, if possible.
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CVM 361 Securities
Public Offer New rule regarding public
offer of open capital companies. Several details now specified for
takeover offers, increase of capital and for closing capital as well.
CVM 400 Securities
Registration This rule takes place occupied
before by the well known CVM 13. This is the main rule to be considered
whenever making an offer with needed registration. Defines conditions
an all information to be displayed in order to obtain registration
for public offer of securities.
Law 10303 -
New Corporation Law Recently
approved by Brazilian Congress, defines some changes over the Corporation
Law. With special attention considering rights of minority shareholders.
After wide discussion, is still being studied by legal operators,
to better apply the new commands.
Limited Liability Corporation
Now without the wide flexibility available as
before. Several changes adapted from the Corporation Law, giving the
limited liability a possible complex structure as the Company of Corporation
Law. Still under discussion by legal operators, once brings a revolution
compared with former law. In decorrence of great number of new aspects,
needs to be well interpreted by Courts, to firm clear stands for the
legal advisers.
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