Public Hearing on Insider Trading in Real Estate Funds
By: André Jerusalmy On December 14, 2021, CVM put on the agenda the proposal to change CVM Instruction 472, which deals with Real Estate Investment Funds (“FIIs”) to include an express prohibition on the use of privileged information in the trading of shares of such Funds. The basis is based on […]
Substantial Consolidation in light of changes to the Bankruptcy and Judicial Reorganization Law
By: Vitor Antony Ferrari and Ivan Kubala Substantial Consolidation is the union of rights and obligations of all the Companies Under Reorganization that make up a recognized Economic Group of Companies, which are now treated as a single entity, without, however, implying the definitive union of the legal personalities of the Companies, producing effects only in relation to […]
Amazon coupons case
By Vitor Ferrari and Ivan Kubala In the early hours of Wednesday, January 25, 2021, Amazon Brazil launched a series of discount coupons for various products on its online delivery website. However, a flaw in the system for generating and applying these coupons allowed customers to accumulate discounts by entering more than one […]
Shared custody of PETs
By: Vitor Antony Ferrari, Ivan Kubala A law is much more than a legal device created to regulate a certain conduct. It is a cultural trait of a society, since the legal asset protected and the reason for the norm having been created says a lot about the universe in which the legislator is inserted. The changes […]
STJ decides that ITBI must be calculated based on the property acquisition value
No último dia 24, a 1ª Seção do Superior Tribunal de Justiça (STJ), ao julgar o Recurso Especial nº 1.937.821/SP sob a sistemática de Recursos Repetitivos, decidiu que o Imposto sobre Transmissão de Bens Imóveis (ITBI) deve ser calculado com base no valor da venda do imóvel em vez do valor venal, critério utilizado para […]
STJ will rule on the exclusion of ICMS-ST from the PIS and COFINS calculation basis
The 1st Section of the Superior Court of Justice (STJ) will judge Special Appeals 1,896,678/RS and 1,958,265/SP, under the Repetitive Appeals system, in which the possibility of excluding the Tax on Circulation of Goods and Services due under the substitution tax system (ICMS-ST) from the calculation basis for contributions to the Integration Program is discussed […]
PGFN requests modulation of the effects of the STF decision that excluded IRPJ and CSLL on Selic
On the 7th, the National Treasury Attorney General's Office (PGFN) filed a Motion for Clarification against the decision handed down by the Federal Supreme Court (STF) in Extraordinary Appeal 1,063,187/SC (Theme 962). The judgment of the RE unanimously dismissed the incidence of Corporate Income Tax (IRPJ) and the Social Contribution on Profit […]
DECLARATION OF BRAZILIAN CAPITAL ABROAD 2022
By: André Jerusalmy We inform you that on February 15, 2022, the deadline for submitting the declaration of the Census of Brazilian Capital Abroad (“CBE”) opened, in which residents in Brazil must declare to the Central Bank the existence of values of any nature held outside the country, including assets, rights, instruments […]
CVM extends validity of Sandbox Rules for Tokenizers
By: André Jerusalmy On February 15th, the CVM (Brazilian Securities and Exchange Commission) board, supported by a statement from the Sandbox Committee (CDS), extended the validity period of resolution 875 by one month, which temporarily authorized Vórtx Distribuidora de Títulos e Valores Mobiliários Ltda. and Vórtx QR Tokenizadora […]
CVM promotes specific change in the rules for processing administrative proceedings
By André Jerusalmy On February 10, 2022, the Brazilian Securities and Exchange Commission (CVM) published CVM Resolution No. 65, which amends CVM Resolutions 45 and 46 and regulates, respectively, the procedures for sanctioning activities within the scope of the CVM and the processing of non-sanctioning administrative proceedings […]