January | 2019

Kingman Report analyzes UK regulator

In response to a request made by the Department of State in April 2018, the UK government prepared and published the “Independent Review of the Financial Reporting Council,” an independent report about the strengths and weaknesses of the Financial Reporting Council (FRC), the regulator responsible for transparency (including audit), governance and stewardship in the UK market. Published at the end of 2018, the document sets out 83 recommendations, among which an extensive review of the FRC itself. Read more
The next meetings of Amec are confirmed, only for members:

» Board of Directors – February 7, 2019, at Amec’s headquarters, in São Paulo, with remote access.

» Technical Commission – February 20, 2019, at Amec’s headquarters, in São Paulo, with remote access.

» Management Board – February 21, 2019, at Amec’s headquarters, in São Paulo, with remote access.

» Foreigners Commission – February 26, 2019, via conference call.

Confirmations of attendance must be submitted to maria.alice@amecbrasil.org.br.

Click here to access the Association’s annual calendar of meetings.

For a safer Brazilian market

Investors that trust in the Brazilian capital markets as a tool for the economic development got scared several times in the second half of 2018. A “crop” of corporate operations raised serious doubts about the enforceability of our market, about whether investors are actually treated fairly and about the responsibility of some companies’ executives. Many of the cases involve companies listed in the Novo Mercado – what raised further doubts about the ability of our market’s premium listing segment to effectively protect investors’ rights.

This worrying wave of corporate operations, which share the common characteristic of benefiting few people to the detriment of many, demands not only an in-depth discussion about topics of utmost importance for the Brazilian capital markets, but also the adoption of regulatory measures based on analyses of specific cases, new discussions on current laws or review of past decisions. Read more

BNDESPar and foundations to analyze the sustainability and governance of invested companies

BNDESPar and four of the country’s main pension funds – Previ (Banco do Brasil), Petros (Petrobras), Valia (Vale), and Real Grandeza (Furnas) – will start to perform a joint analysis of the social, environmental and corporate governance criteria adopted by the companies in which they invest. According to the announcement, published by the Valor Econômico newspaper at the end of 2018, the idea is that companies explain their actions through a questionnaire to be prepared by the institutions. Read more

Ministry of Finance and Federal Revenue Service voice their opinion about taxation in tender offers

Brazil’s Federal Revenue Service and the Ministry of Finance voiced their understanding in relation to the taxation of foreign investors that participate in tender offers. In a document sent to Amec in response to the declaration the association sent in July, the authorities restated that, in tax terms, sales of shares in tender offers are different from the purchase and selling of shares in the stock exchange. Read more

São Paulo’s Public Prosecutor’s Office establishes that civil investigation about Qualicorp be initiated

The São Paulo’s Public Prosecutor’s Office has established that a civil investigation to verify Qualicorp’s civil responsibility be initiated. The investigation is related to the indemnity agreement signed between the company and its founder José Seripieri Filho, known as Júnior, totaling BRL 150,000,000.00. Read more

Philippine Stock Exchange plans to tighten fairness evaluation rule

To protect minority shareholders, reduce complaints and ensure fairer tender offers, the Philippine Stock Exchange (PSE) plans to reinforce the selection of opinion evaluators. According to Mr. Ramon S. Monzon, PSE president and CEO, the new rule shall include a selection requirement based on a three-factor list. Today, offers are made based on the opinion report prepared by an evaluator chosen by the company itself. The new rule is expected to be ready in the first quarter of 2019 after getting public comments on the proposal. Learn more here
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Amec - Associação de Investidores no Mercado de Capitais
R. Joaquim Floriano, 1.120, 10º andar/101
Itaim Bibi - São Paulo - SP - Brasil
CEP: 04534-004