Download or read book Brazilian securities and exchange commission and the main legal instruments used to regulate brazilian capital market written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: As últimas décadas têm se caracterizado pela intervenção estatal na economiamediante a atuação de diversas entidades administrativas reguladoras. A presentedissertação tem por objetivo analisar a estrutura legal da Comissão de ValoresMobiliários (CVM) e os principais instrumentos usados para a regulação do mercado decapitais brasileiro. Seguindo o modelo regulatório norte-americano, a CVM possuidesenho institucional de entidade reguladora independente. A regulação que elaestabelece segue os princípios da política de disclosure. Para cumprir o seu papel, aCVM se vale de instrumentos regulatórios de natureza normativa, executiva e judicante. O estudo sugere que a credibilidade e a eficiência do mercado de capitais brasileirodependem, em grande medida, da capacidade da CVM de conduzir a regulação domercado.
Download or read book Proxy Solicitation and Shareholder Director Nominations in Brazil written by Bruno Robert and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes Article 28 of the Instrução CVM No. 481/09, enacted by the Brazilian Securities and Exchange Commission (CVM) on December 2009. Article 28 provides the right for shareholders to include nominees for the board of directors in the company's proxy material. The Instrução CVM No. 481/09 is the first rule about proxy solicitation ever enacted in Brazil. It was released after a promising trend of ownership dispersion in the Brazilian Novo Mercado, wisely spotted by the Brazilian regulatory agency. The provision, culturally shocking for a country historically used to majority control, came to light exactly at the same time that the U.S. securities market was struggling with the SEC proposal on Facilitating Shareholder Director Nomination. That proposal's discussion has produced a vast and interesting debate on the subject. Such rich material about shareholders' rights, voting and proxy soliciting, resulted in an irrecusable invitation to confront what was being elaborated on in Brazil in this regard - Article 28 of Instrução CVM No. 481/09 - with what is being synthesized in the U.S. right at this moment. The coincidence of momentums provides, in fact, a unique opportunity to highlight the differences between both countries' regulatory approaches and to examine the Brazilian rule in light of a much more tested proposal, looking for its weaknesses, strengths, and possible ways to optimize its application or to improve its instructions. In this sense, Item 1 of the paper presents the current state of the Brazilian capital market, the context in which the Instrução CVM No. 481/09 was elaborated on, the provision in Article 28, and the proposed comparative approach of this work. Item 2 analyzes and confronts the regulation of both countries, generally and specifically concerning the shareholder director nomination. Item 3 concludes the paper arguing that although the straightforwardness of the Brazilian provision may be compatible with the current stage of the country's capital market, and despites the rule's perfect timing of enactment, its relative superficiality may result in a dangerous net of improper incentives for opportunistic investors if the trend of ownership dispersion is confirmed in the future.
Download or read book Enforcing International Financial Standards in Brazil written by Viviane Muller Prado and published by . This book was released on 2017 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreign capital and institutional investors play a key role in the Brazilian capital and financial markets. Internationally promoted regulatory patterns, especially IOSCO principles, have been increasingly influencing administrative rule making by the Brazilian Securities and Exchange Commission (CVM) as well as the adoption of transnational rules in Brazil by means of self-regulatory activity. Even though there is a certain level of convergence of market regulatory standards at the transnational level, implementation and enforcement of rules remains essentially domestic. We analyze two case studies regarding the transposition of international standards into the Brazilian legal system, which illustrate this tension between the transnational and domestic dimensions of financial markets regulation. The first case concerns a CVM rule on disclosure of executive compensation and the its interpretation by local courts. The second case refers to the adoption of suitability rules.
Download or read book Latin Securities Laws written by and published by . This book was released on 1993 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Standardization of Financial Reporting and Accounting in Latin American Countries written by Lourenço, Isabel and published by IGI Global. This book was released on 2015-07-01 with total page 371 pages. Available in PDF, EPUB and Kindle. Book excerpt: Accounting has often been described as the language of business. As the increasing competition of overseas markets begins to affect even the smallest local companies, many more business professionals must become fluent in accounting principles and practice. Standardization of Financial Reporting and Accounting in Latin American Countries highlights the recent move to International Financial Reporting Standards (IFRS) and addresses some of the concerns raised due to cultural differences and the level of enforcement of these standards in separate countries. Describing the evolution of both financial and managerial accounting due to the adoption of IFRS, this book is an essential reference source for both students and seasoned professionals in the fields of accounting, finance, and related management fields, especially those with an international emphasis.
Download or read book Brazilian Corporate Law written by Paulo Byron Oliveira Soares Neto and published by Clube de Autores. This book was released on 2017-12-19 with total page 426 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book aims to provide the reader an insight, a broad and objective manner with regard to the Corporate Law, exposing the historicity, general theory, company business, types of business companies, trademarks and patents in the light of doctrine and Brazilian legislation. Thus, in writing this book I meant as much as possible to facilitate the understanding of some trainers institutes of business law. Obviously it is up to the reader, if you wish, to deepen their knowledge in this field of law. I thank my sons, Caio and Giovanna for being extremely sympathetic to this father who loves you!
Download or read book Public Debt written by Otavio Ladeira de Medeiros and published by . This book was released on 2010 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Globalization and National Financial Systems written by James A. Hanson and published by World Bank Publications. This book was released on 2003 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book breaks new ground by exploring the challenges, constraints, and opportunities of national financial systems in developing countries, while noting that all such systems must be considered small when viewed in the context of global finance. Banking, securities, contractual savings, and systemic macroeconomic aspects are all considered.
Download or read book Governments as Controlling Shareholders written by Breno Casiuch and published by . This book was released on 2016 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mercado de capitais brasileiro e tutela coletiva dos interesses written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: O presente trabalho tem por objetivo analisar em que medida os instrumentos para a tutela coletiva de interesses transindividuais previstos no ordenamento jurídico brasileiro, em especial a ação coletiva, podem contribuir para o fortalecimento do mercado de capitais. Apresenta-se inicialmente a evolução histórica do mercado de capitais brasileiro. É apresentado o debate doutrinário a respeito das principais justificativas para a regulação e auto-regulação do mercado de capitais, seguido do panorama dos instrumentos atribuídos pelo legislador brasileiro à Comissão de Valores Mobiliários, às entidades autoreguladoras e aos investidores. O trabalho também trata da experiência norte-americana acerca das securities class actions, da atuação da Securities and Exchange Commission, e da possibilidade de aplicação das soluções desenvolvidas naquele país ao mercado de capitais brasileiro. Apresentam-se a evolução legislativa sobre os instrumentos de tutela coletiva e a análise sobre a utilização destes instrumentos atualmente, suas virtudes e limitações, com o objetivo de identificar os elementos para a sua adequada aplicação.
Download or read book Fintech and Financial Inclusion in Latin America and the Caribbean written by Mr. Dmitry Gershenson and published by International Monetary Fund. This book was released on 2021-08-20 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite some improvement since 2011, Latin America and the Caribbean continue to lag behind other regions in terms of financial inclusion. There is no clear evidence that fintech developments have supported greater financial inclusion in LAC, contrary to what has been observed elsewhere in the world. Case studies by national policy experts suggest that barriers to entry in the financial sector, along with a constraining regulatory environment, may have hindered a faster adoption of fintech. However, fintech development seems to have accelerated in the wake of the COVID-19 pandemic and with the support of recent policy initiatives.
Download or read book The Brazilian Economy written by and published by . This book was released on 1975 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Brazil written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2013-10-23 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2013 Article IV Consultation highlights that Brazil’s economy is recovering gradually from the slowdown that began in mid-2011. Consumption remained resilient last year underpinned by low unemployment and broad gains in real wages, although it has slowed somewhat more recently. After a protracted period of weakness, investment has begun to recover in recent quarters while business confidence has firmed. With the economy estimated to be operating close to potential, supply-side constraints have restrained near-term growth and exacerbated inflationary pressures. Financial conditions have tightened but credit growth has remained strong, driven by public banks’ lending.
Download or read book Brazil written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2018-11-30 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brazilian FMIs are among the top twenty worldwide. All together there are sixteen financial market infrastructures2 (FMIs) operating in the Brazilian payment system (SPB), out of which nine3 are systemically important and four belong to the top twenty FMIs in the world4. FMIs play an essential role in the Brazilian financial system and are highly relevant in terms of domestic financial stability. In terms of value of transactions, STR (Reserves Transfer System - Sistema de Transferência de Reservas), the Brazilian Real Time Gross Settlement system (RTGS) is the backbone of the SPB, and belongs to the top ten large value payment systems worldwide. SELIC is among the top ten central securities depository/securities settlement systems (CSD/SSSs), CETIP among the top twenty SSSs, and BM&FBOVESPA Clearinghouse, the largest central counterparty (CCP) in Latin America, belongs to the top ten. These infrastructures facilitate the clearing, settlement, and recording of monetary and other financial transactions, such as payments, securities, and derivatives contracts (including derivatives contracts for commodities). Brazilian post-trading services are integrated. The entities providing securities settlement services also provide other post-trade processing, acting both as a clearing house, and a CSD or as a trade repository (TR).
Download or read book Capital Markets and Investment Decision Making written by Raj S. Dhankar and published by Springer. This book was released on 2019-04-25 with total page 355 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses capital markets and investment decision-making, focusing on the globalisation of the world economy. It presents empirically tested results from Indian and Southwest Asian stock markets and offers valuable insights into the working of Indian capital markets. The book is divided into four parts: the first part examines capital-market operations, particularly clearance and settlement processes, and stock market operations. The second part then addresses the functioning of global markets and investment decisions; more specifically it explores calendar anomalies, dependencies, overreaction effect, causality effect and stock returns volatility in South Asia, U.S. and global stock markets as a whole. Part three covers issues relating to capital structure, values of firm and investment strategies. Lastly, part four discusses emerging issues in finance like behavioral finance, Islamic finance, and international financial reporting standards. The book fills the gap in the existing finance literature and helps fund managers and individual investors make more accurate investment decisions.
Download or read book Crop Receipts A New Financing Instrument for Africa written by Food and Agriculture Organization of the United Nations and published by Food & Agriculture Org.. This book was released on 2019-01-22 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: Crop receipts are a promising innovation in agricultural finance first developed in Brazil about 20 years ago and recently replicated in Eastern Europe. Crop Receipts allow farmers to obtain pre-harvest finance against a promise to produce a certain amount of crops, with their future farm production serving as main collateral. Taking inspiration from past successes, this study examines the scope for adapting crop receipts to the African context and for introducing them on a pilot basis. The study analysis of the evolution of crop receipts and explores opportunities, challenges and entry points for crop receipt in Africa. Crop receipt pilots in Uganda and Zambia are considered based on a detailed assessment of the legal frameworks, financial and agricultural sectors, and stakeholder consultations. The report closes with the main findings and offers some strategic and operational considerations for introducing crop receipt finance in Africa. The study was conducted by the FAO investment Centre within its partnership with the International Finance Corporation (IFC) with co-funding from the GAFSP Private Sector Window. While the primary objective of the study is to guide IFC in exploring concrete investment opportunities for piloting crop receipts, its findings and recommendations could be of interest to a broader set of stakeholders in agricultural finance and development.
Download or read book Regulatory Governance in Infrastructure Industries written by Bernardo Mueller and published by World Bank Publications. This book was released on 2006-01-01 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper assesses and measures regulatory governance in 21 infrastructure regulators in Brazil. Regulatory Governance is decomposed into four main attributes: autonomy; decision-rules; means and tools; and accountability. A ranking is proposed and the main areas for improvement identified. A comparison of the proposed regulatory governance index and other indexes internationally available is performed. Section 2 sets up the analytical framework for the report, identifying key components of regulatory governance, namely, autonomy (political and financial), procedures for decision-making, tools and means (including personnel), and accountability. Section 3 assesses each of these components in practice, reporting the results of a survey with 21 regulatory agencies in Brazil, which was designed and implemented in 2005. Section 4 measures regulatory governance based on three related indexes, ranks the Brazilian regulators among themselves, and compares the proposed indexes with other two indicators available in the literature. Section 5 presents the conclusions."
