Analysis by Campos Mello Advogados in Brazil (in cooperation with DLA Piper)

For more information, please contact Lynn Cadwalader (US).

The Brazilian Securities Exchange Commission (Comissão de Valores Mobiliários – CVM) has submitted for public comment a proposal for a new ruling (Instrução Normativa) (the CVM Bill) − aiming to regulate the public offering of hotel-related collective investment contracts (Hotel CICs).

A Comissão de Valores Mobiliários (“CVM”), por meio do Edital de Audiência Pública SDM Nº 08/16, submeteu à audiência pública minuta de instrução (“Minuta de Instrução”) dispondo sobre a oferta pública de distribuição de contratos de investimento coletivo hoteleiro (“CIC Hoteleiro”)Continue Reading New Bill Proposal – Public Offering of Hotel Units || Projeto Regulador de Oferta Pública de Projetos Hoteleiros

The following is a guest post from Bergstein Abogados, Montevideo, Uruguay

Over the last few years, Uruguay has fully aligned with OECD standards. For example, Uruguay has entered into more than 10 tax information exchange agreements and more than 15 double taxation agreements. Uruguay became a member of the Committee on Fiscal Affairs, signed the Convention on Mutual Administrative Assistance in Tax Matters. Uruguay, and also agreed to start the automatic exchange of information in September 2018.

In this context, on December 29, 2016, Uruguayan Parliament passed the Tax Transparency Act.
Continue Reading Uruguay Fully Aligns with OECD Standards: Tax Transparency Law Enacted

The Brazilian Supreme Court recently suspended the permission granted by Normative Opinion No. 461/12E, issued by the General Internal Affairs of State of São Paulo (Corregedoria-Geral de Justiça de São Paulo) in December 2012, which had recently permitted the acquisition of rural properties in the State of São Paulo by Brazilian companies controlled by foreign entities. This Normative Opinion stated that article 1 §1° of Federal No. 5.709/1971 is contrary to the Constitution. As a result, companies controlled by foreign entities (either an individual or a corporation) should be allowed to purchase rural properties without special restrictions.
Continue Reading Brazil: Supreme Court suspends acquisition of rural land in São Paulo by Brazilian companies controlled by foreign entities