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Let the sheriff work |
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Nobody said it would be easy to please everyone. Recurrently criticized for its supposedly inefficient performance regarding many problems of our capital markets, the Brazilian Securities and Exchange Commission – CVM – usually comes under criticism for opposite reasons. When it takes courageous decisions that repel acts harmful to investors, it is eventually subject to strong criticism from several interested parties.
One of such criticisms is related to alleged “innovations”, that is, decisions that surprise players or revert precedents previously established by the regulator itself. |
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The meetings of Amec – the Association of the Capital Market Investors - to take place in January – for members only – are confirmed as follows:
Technical Commission – February 18th, at Amec’s headquarters, with remote access.
Foreigners Commission – February 23rd, via conference call.
Executive Board – February 25th, at Amec’s headquarters, in São Paulo.
Confirmations of attendance must be submitted to maria.alice@amecbrasil.org.br.
Click here to access the association’s annual calendar of meetings. |
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After Amec’s request, CVM creates Tender Offer Enforcement Department |
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In November 2015, the Association of Capital Market Investors (Amec) sent a letter to the Chairman of the Brazilian Securities and Exchange Commission (CVM), Leonardo Pereira, addressing its members’ opinion about the growing creativity of companies and offering shareholders in delisting, divestiture of control and other operations that culminate in tender offers. Replying to the request, CVM has recently announced to Agência Estado the creation of a department focused on enhancing the enforcement of tender offers and suppressing violations in these operations. |
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CAF could have been consulted in the event of a merger between Cetip and BM&F Bovespa |
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Amec – the Association of Capital Market Investors – has expressed its opinion about the merger of the companies some days before Cetip rejected the offer made by BM&F Bovespa. In a letter sent to the Chairmen of the Board of Directors of the two companies, Amec’s members suggested that the operation was submitted to CAF – the Brazilian Takeover Panel. |
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Second edition of Amec-IBGC course is a success |
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Amec – the Association of Capital Market Investors – and IBGC – the Brazilian Institute of Corporate Governance – promoted, in November, the second edition of the “Corporate Governance for Investors” course – the first one held in the city of Rio de Janeiro, in Mercure Botafogo hotel. |
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Book addresses the challenges to the development of the capital market in Brazil |
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Launched in December, the book Desenvolvimento do Mercado de Capitais no Brasil – Temas para Reflexão (Development of the Capital Market in Brasil – Topics for Reflection) brings the discussions held in the 2014 and 2015 meetings of the Capital Market Group of NBEE (Núcleo Brasil de Estudos Estratégicos) and FESPSP (Fundação Escola de Sociologia e Política de São Paulo). |
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Pressure from shareholders leads BR Malls to cancel the reinforcement of the poison pill |
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The proposal to change BR Mall’s bylaws brought forward by the company’s board of directors was not well received by shareholders. According to some of them, the proposal would be a maneuver by the board to maintain its position of power in the shopping mall company, which does not have a defined controlling shareholder. |
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Vice President of Amec contributed to the debate about appraisal reports |
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In a debate promoted by Capital Aberto magazine in the end of 2015, Guilherme Vicente, Vice President of the Association of Capital Market Investors (Amec), called the attention to the possibility of conflict of interests in the preparing of appraisal reports, what can result in parameters that benefit those responsible for contracting the report. |
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Samarco, defendant. Petrobras, victim |
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By Carlos Henrique Abrão and Érica Gorga
The Brazilian authorities have finally decided to admit that companies can be made accountable for damages resulting from the non compliance with legal obligations. The Attorney’s General Office filed a public civil action against Samarco and its controlled companies - Vale (domestic) and BHP (Australian), claiming a 20 billion reais indemnity for the incalculable losses caused by the toxic mud poured down the Rio Doce basin, with severe consequences for the environment and for lots of people who suffered material, moral and health damages. |
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Governance in State-Owned Enterprises Seminar |
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The event is aimed to debate the corporate governance content of the Draft Law of State-Owned Enterprise Responsibility (PLS 555/2015) and make recommendations on the best practices for listed and fully state-owned companies.
DATE: February 3rd, 2016, Wednesday.
VENUE: BM&FBOVESPA – Rio de Janeiro Office Rua do Mercado, 11, loja – Centro - Rio de Janeiro – RJ
HOUR:
1:30 pm – Registration
2 pm – Speech and Debates
6 pm – Closing session
FREE REGISTRATION: places are limited.
Car parking available (non-complimentary service) |
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