Скачать или смотреть New Rules on Brazilian FIPS: A Welcome Sign to Investors (CVM RULES 578 and 579), December 15 ,2016

While Brazil’s legal and regulatory environment remains complex and comprehensive reforms still seem to belong to the future, significant progress may come from apparently small changes, which may contribute to a more “market friendly” environment. The new regulation adopted by the Brazilian Securities and Exchange Commission with respect to FIPs (Fundos de Investimentos em Participações, Brazil’s version of private equity funds) appears to be one of those changes and moves the country one step closer to a regulatory framework more familiar to international private equity investors. FIPs are now allowed to invest in a broader class of assets (including assets located outside Brazil), General Partners will have more discretion to make capital calls and bring additional investors to the fund, and restrictions regarding governance rights have been eliminated. On the flip side, FIPs will have to comply with higher reporting standards and new mark-to-market requirements may have significant tax implications.

Please join us as we bring to our breakfast roundtable [a representative from the Brazilian Securities and Exchange Commission] and a select group of leading practitioners from the legal and private equity industries in Brazil and the U.S., to discuss the new FIP rules and the expected impact such new regulation will have for international investors interested in the Brazilian market.