Tag Archives: Brazil

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New rules for the application of resources from own Social Security Regimes (RPPS)

On October 19, 2017, the National Monetary Council (CMN) published Resolution 4,604 amending the standard (Resolution 3,922 / 2010), which provides for the application of the resources of the Social Security Own Regimes (RPPS) established by the Union, Federal District and Municipalities.

The changes brought by the CMN came to adapt the management of assets of the RPPS to the best investment practices, increasing to the austerity, transparency and security in the applications of the resources.

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Minimum Requirements for the Use of the Simplified Prudential Rule

On October 19, 2017, the CMN issued Resolution 4606, which sets forth the minimum requirements for the use of simplified reference equity and the additional requirements for the simplified structure of continuous risk management.

The choice of the simplified methodology of the minimum requirement of reference equity is provided to the following institutions: (i) singular credit cooperatives; (ii) non-banking institutions engaged in granting credit, except for development agencies; and (iii) non-banking institutions operating in the gold, foreign currency, or fiduciary agent markets.

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Labor Court ruling prohibits professional from devulging industrial secrets of his former employer

The 2nd Labor Court of Barueri granted early protection to a company that accused one of its former employees of revealing and disclosing information and documents of a confidential nature that would have been subtracted from the company’s premises.

According to the case, the aforementioned former employee, upon leaving the company, filed Labor Complaint against the former employer requesting the receipt of amounts for having contributed intellectually to certain of the company’s innovation projects. However, such a request was denied by the Labor Court, which understood that he had, among his work assignments, the function of collaborating with innovation projects and that, in any case, there would be no proof that he would be the creator and holder of the rights intellectual property rights over the indicated projects.

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CARF: Health plans offered to employees need not be identical to enjoy social security exemption

CARF recently decided that it is not possible to tax amounts paid by the company as medical assistance offered to its employees, even if the coverage is not identical for all employees and managers. This understanding is in line with the legal requirement of Law No. 8,212 / 91, which was recently approved by the labor reform. The decision draws attention, as it may represent a new change in the positioning of CARF.

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CARF cancels assessment involving tax planning with reduction of capital and return of shares abroad

A civil construction company was assessed for having carried out a share sale transaction preceded by a capital reduction, with consequent repayment of the shares that would be sold to companies based in Uruguay, which ultimately figured as sellers of the equity interest . As a result of the design of the operation, the capital gain was taxed at a rate of 15% (non-resident gain), instead of 34%, as preferred by inspection.

The tax planning was understood by the fiscalization as simulation of operation of alienation of shares to the foreign company. As a result, a tax assessment notice was issued that required the positive difference of IRPJ and CSLL due on the alleged disposal operation carried out by the Brazilian holding company.

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Public consultation on accounting for financial instruments

The Central Bank of Brazil has put in public consultation as of August 30, 2017 a proposal for a resolution on the accounting of financial instruments. Public Notice No. 54/2017 provides for measures to reduce asymmetries between the model established in the Accounting Plan of the National Financial System Institutions (COSIF) and the pronouncements issued by the International Accounting Standards Board(IASB).

The changes suggested by the Central Bank, in line with the guidelines of the IASB, reach the financial institutions regulated by the institution. IFRS 9 – Financial Instruments , the IASB, is one of the main accounting standards that affect the financial system.

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Amendment of the standard dealing with the prohibition on loans and advances

The National Monetary Council Resolution 4,599 was published on September 13, amending the recently published Resolution 4,596, dated August 28, 2017, which deals with loans or advances to financial institutions and other institutions authorized to operate by the Bank Central Brazil.

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New rules regarding disclosure of material act or fact

On September 11, CVM Instruction 590 was promulgated, promoting specific changes in CVM Instruction 358, which provides for disclosure of a material act or fact, and CVM Instruction 461, which regulates regulated securities markets.

There were no fundamental changes in the principles governing procedures for disclosure of material acts or facts, but rather specific changes.

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CMED opens public consultation on draft resolution regulating sanction procedures

The Medication Market Regulation Chamber (CMED) opened yesterday, September 13, 2017, public consultation on a resolution that provides for the administrative process for the determination of infractions and the application of penalties arising from conduct that violates the market regulatory norms of medicines.

The proposed resolution defines the applicable infractions and penalties, including specifying how fines are determined, through the use of predefined formulas. The intention is to optimize the management and analysis of administrative processes, outlining the steps of establishing and instructing sanctioning procedures, as well as providing for the possibility of voluntary reparation prior to the initiation of administrative proceedings and subsequent redress, important innovations of the CMED. In addition, this resolution also institutionalizes the Commitments for the Adjustment of Conduct to be concluded on the initiative of CMED itself or at the request of the interested party.

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New Rules Regarding Liens and Liens on Financial Assets

On August 28, Law No. 13,476 was enacted, establishing that liens and encumbrances, including for publicity and effectiveness purposes, should be carried out on financial assets and securities subject to registration or centralized deposit. , exclusively in the registering entities or central depositaries in which the financial assets and securities are registered or deposited, regardless of the nature of the legal transaction to which they relate.

On the same date, the Central Bank of Brazil (BACEN) promulgated Resolution No. 4,593 of the National Monetary Council (which will come into force 180 days after the date of its publication), regulating the registration and centralized deposit of financial assets and securities by financial institutions and other institutions authorized to operate by the Central Bank of Brazil, as well as on the provision of services for the custody of financial assets.

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