141x Filetype PPTX File size 1.80 MB Source: www.bcb.gov.br
Outline • Securities • Deposit Accounts • Operations in Foreign Exchange • Other Operations Securities: Items IV to VII Securities: - IV: Capital Markets (shares and bonds- original maturity > one yr) List A - V: Operations on Money Markets (original maturity < one yr) List B - VI: Other Negotiable Instruments and Non—Securitised Claims List B - VII: Collective Investment Securities List A Freedom for transactions and transfers: - No discrimination towards foreign securities Securities: Freedom for which transactions and transfers? -Admission of domestic -Admission of foreign securities on foreign securities on domestic markets markets - Introduction & Issue - Introduction & Issue - Private placement & public - Private placement & public offer offer -Residents abroad -Non-residents in the - Buy & sell country On recognised markets as well - Buy & sell as through private transactions On recognised markets as well as through private transactions Securities • Operations abroad by securities firms on account of clients. • Investments abroad of financial institutions. For pension funds and insurance, only rules for share of foreign assets. • Currency rules: • In the country: subject to domestic legislation. • Outside the country: according to rules of foreign jurisdiction. Securities: Liberalisation obligations are qualified: - Transactions and transfers may be required to be channelled through authorised resident agents. - Admission is subject to securities market regulations. - For operations (buy/sell) in the country: - Measures to protect investors are permitted – including regulation of promotional activities – but non-discriminatory. - Securities must be “legally marketable”. - For operations abroad: regulation of promotional activities is permitted.
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