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Foreign credit transactions will enjoy modifications on the central bank system of registration

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5/10/2018 12:00 AM Demarest News

 

Foreign credit transactions will enjoy modifications on the central bank system of registration

Through Resolução 4.637 of 02/22/2018 (which modified Resolução 3.844/2010) and Circular 3.883 of 03/07/2018 (which modified Circular 3.689/2013), National Monetary Council and the Central Bank continued the process of decreasing bureaucracy and increasing flexibility to the rules and procedures applicable to registration of the foreign capitals entered Brazil, in respect of the foreign credits.

A few, but relevant modifications were made in the text of the rules currently in place. In practical terms the modifications introduced reflect a change in the way that the electronic system of registration of foreign credits module  ROF - Registro de Operações Financeiras works, bringing more flexibility to the registration of the terms and conditions of each transaction. The modifications introduced also include provisions related to the registration of acquisition, in Brazil, of private placement debentures, which did not exist in the prior rules - the lack of provisions used to bring uncertainties as to the treatment that should be observed in such situations.

Hence, the main purpose of the modifications was the modernization and softening of the credit registration system that, currently, in many situations limits the input of data representing difficulties for adequacy of the terms and conditions of the international agreements inside the electronic system environment. The new system has the purpose, therefore, of accommodating itself to the reality of the international credit market.

The new rules as well as the new foreign credits registration system will come into force as from next July 2nd, and the all data currently registered under the ROF module will be migrated to the new system.

Please note that the superior rules (Laws and Decrees) that regulate and give the directions of the exchange market and of the foreign capital in Brazil shall remain the same and unaltered. Therefore, the changes represented by the new rules reflect solely structural changes in the way under which the registrations of credit transactions are made.

We have been closely following the process of modernization and softening of the systems and rules to which the Central Bank has been dedicating itself during the last years and we are at your entire disposal in case you have any doubts and to help you in the transactions that may involve the new system.

Demarest Advogados


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