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Brazilian Securities Commission

Brazil:
Capital Markets and the Securities Commission

by Euchério Lerner Rodrigues

June, 1996

Table of Contents

I. The Country

  1. Geography
  2. Demography
  3. Political Scenario

II. Macroeconomic Features

  1. Income and Production
  2. Foreign Trade
  3. Prices, Interest, and Exchange Rates
  4. Foreign Investments

III. The National Financial System

  1. Institutional Structure
  2. Characteristics of the Leading Institutions
  3. Statistics

IV. The Capital and Derivative Markets

  1. The Brazilian Capital Market: Institutional Features

    Intermediation System
    Stock Exchanges
    BOVESPA
    BVRJ
    The Over-the-counter Market
    The Clearing and Settlement System
    Client Guarantees
  2. The Brazilian Capital Market: Statistics

    Listed Companies
    Capitalization
    Segmentation of Volumes Negotiated
    Performance of the Principal Indices
  3. The Brazilian Investment Funds Industry
  4. The Brazilian Derivatives Market

V. Regulatory Agencies and Regulation of the Capital and Derivative Markets

  1. Regulatory Structure
  2. Principal Laws and Regulations of the Capital Market
  3. Regulation of the Derivatives Market

VI. The Securities Commission (CVM)

  1. The CVM and Legislation Regarding the Capital Market
  2. Regulation and Self-Regulation
  3. Organisational Structure of the CVM
  4. Sphere of Competence of the CVM
  5. Functions and Powers of CVM
  6. Imposing Penalties
  7. Legislation over Public Companies

    Principal Features
    Opening of Capital
    Types of Shares
    Requirements for Information Disclosure
    The Shareholders Rights

VII. The CVM in an International Context

  1. Globalization/ International Co-operation
  2. Participation in International Organizations

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