In a letter sent to the Chairman of the Brazilian Securities and Exchange Commission – CVM – Mr. Leonardo Pereira, in the beginning of this November, Amec – the Association of Capital Market Investors – introduced a study conducted by its members in which it points out that the average length of time to make a tender offer concrete was of 187 days in 2015, 55% above that in 2011, when the average length of time was of 120 days.

In October, the Brazilian Securities and Exchange Commission – CVM - decided to bar the change proposed by BM&F Bovespa - the Brazilian Stock Exchange – to the rules on the differentiated corporate governance regulations, which would allow companies with super preferred shares to register in Levels 1 and 2.

In the end of October, CVM – the Brazilian Securities and Exchange Commission – board rejected both the proposal on the plea agreement presented by Othniel Rodrigues Lopes and the request for reconsideration filed by Rodrigo Ferraz da Cunha, Arthur Gilberto Voorsluys, Armando Tadeu Buchina, Rodrigo Andrés Pimenta Hoffman, Luis Álvaro Moreira Ferreira Filho, Nilton Batista Muniz, Silvana Dino, and Tarcísio Antônio de Rezende Duque. They are accused of selling LAEP Investimentos’ BDRs based on privileged information.

In October, Apimec Nacional – the Association of Investment Analysts and Professionals of the Capital Market – publicly supported the request made by Amec – the Association of Capital Market Investors – that listed companies do not turn to the injunction obtained by the Brazilian Institute of Finance Executives (Instituto Brasileiro de Executivos de Finanças - Ibef Rio de Janeiro), which allows them to refrain from disclosing their management compensation as required by the Brazilian Securities and Exchange Commission – CVM.

In November, Dov Rawet, Superintendent of Securities Registration at CVM – announced that the regulator has been negotiating to extend the partnership with CAF – the Brazilian Takeover Panel – referring to the analysis of unregistered tender offers included in the Risk-based Supervision System.

After discussions with market participants and the understanding that companies and providers responsible for submitting proxy cards needed more time to adjust to the new rules, the Brazilian Securities and Exchange Commission - CVM – has decided to postpone the requirement on the use of proxy cards to 2017. As established by the regulator, the use of the proxy card by listed companies in the 2016 season of shareholders’ meetings is optional.

G20 Leaders endorsed the new global standard on corporate governance that will help policy makers to evaluate and improve their national corporate governance frameworks with a view to promote market-based financing and to boost long-term investment.