The participation of the International (non-resident) investor in Brazilian Capital Markets is mainly regulated by the CMN (Monetary Brazilian Council) Resolution nº 2689 and by the Brazilian Securities and Exchange Commission (CVM) Instruction nº 419/05.

Please find below addition a complete list with information regarding Foreign Capital Investment in Brazil.

To know the laws and regulations involving foreign investment capital in Brazil (Central Bank), click here.

			CVM Instruction nº 325 of 27/01/2000
Deals with the registration at Securities Commission of investors not resident in Brazil as provided for in CMN Resolution nº 2689 os January 26,2000.

			CVM Instruction nº 387 of 28/04/2003
Establishes rules and procedures which must be complied with in transactions performed with securities on floor and electronic trading systems of stock exchanges and futures and commodities exchanges.

			CVM Instruction nº 419 of 02/05/2005
Provides for the enrollment of non resident investors, amends and alter Instructions CVM nº 387 and no 325.

			Law nº 9.613 of 03/03/1998
Legislation on money laudering crimes or concealmente of goods, rights and amounts.

			SRF Regulatory Instruction nº 188 of 06/08/02
List the countries or dependencies where taxation is either favorable or where the names of legal entities that comprise a corporation are maintained in secrecy.

			Bovespa Rules of Conduct
Contains the conduct to be respected in carrying out transactions on the BOVESPA.

			Bovespa Operating Rules
Explains the procedures in carrying out orders for transactions on the BOVESPA.

			BM&F Operating Rules
Explains the procedures in executing orders for transactions on the BM&F.

			BM&F Rules of Conduct
Contains the conduct to be respected in carrying out transactions on the BM&F.

			Regulations of the International Foreign Exchange
Contains explanations about the documentation of operations and instructions for registering clients for transactions on the exchange market.