Stock Exchange:New Disclosure Requirements

The Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) has just established a new requirement whereby corporations with stock traded in the Brazilian Stock Exchange must disclose the identity of their individual shareholders provided that any such individual shall hold at least a 5% participation in the stock capital of the corporation.

The determination is also compelling to shareholders who directly or indirectly hold a controlling position in any such corporation. The command is extensive to foreign individual shareholders.

Corporate shareholders have been since long subject to such disclosure requirements.