Brazil:
Provisional Measure Changes Publication Rules For Publicly Held And Privately Held Corporations
16 August 2019
TozziniFreire Advogados
To print this article, all you need is to be registered or login on Mondaq.com.
Corporate Law
In line with several measures aiming at reducing bureaucratic
costs for Brazilian companies, the Federal Government issued, on
August 5, the Provisional Measure (MP) No. 892, exempting Brazilian
publicly held companies from publishing their legal documents in
major newspapers, as set forth in the Brazilian Corporate Law (Law
No. 6,404/1976).
As per the MP, such publications can only be made on the
websites of these companies, as well as on the website of the
Brazilian Securities and Exchange Commission (CVM) and on the
website of the Brazilian stock exchange, B3. For privately held
corporations, which shares are not publicly traded, the publication
and disclosure of the corporate documents will be regulated by an
act of the Ministry of Economy, which was not published yet.
Such rule, even though still provisional, brings at least two
significant impacts: (a) it reduces the costs of these publications
by corporations, which were required to be made in the Official
Gazette and in one widely circulated newspaper; and (b) it
facilitates the access to information by interested third
parties.
The MP, however, will only be effective on the first day of the
month following the date of publication of the rules by Ministry of
Economy and CVM, and Brazilian Congress will have 120 days to
approve the MP and convert it definitively into Law.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Corporate/Commercial Law from Brazil
Mergers & Acquisitions 2024
Chevez Ruiz Zamarripa
En México, las leyes y regulación que rigen las fusiones y adquisiciones (M&A) están diseñadas para fomentar la inversión y mantener la competencia en el mercado, no obstante, es esencial contar con asesoría legal especializada para cumplir con los requisitos legales y llevar a cabo transacciones exitosas en México.
When Do You Need A Legal Representative In Mexico?
Biz Latin Hub Group
One of the first steps to establish a company in Mexico is to appoint a legal representative. A legal representative acts as an "official face" on behalf of your company before government...
Register A Business In Brazil In 7 Simple Steps
Biz Latin Hub Group
It's actually very simple to register a business in Brazil, the process can be completed in just seven steps. Starting a business in Brazil means you access the biggest market in Latin America!
The Guide To Corporate Compliance
Chevez Ruiz Zamarripa
Te invitamos a consultar el artículo "Rapidly Expanding Fintech Industry Brings Unique Compliance Challenges To Mexico" que escribieron nuestros(as) socios(as) Valentin Ibarra Melero y Ana Sofía Ríos Artigas, ...
Corporate Governance In Family Businesses
Vivanco & Vivanco Corporate Services LLC
Corporate Governance in a company is a concept relatively easy to define. It is the system formed by the relations between shareholders, organs of administration and of executive management...