• BRZ CB issued circular no. 3,977 re participation of natural or legal persons, who are resident/domiciled abroad, in the capital of financial institutions headquartered in BRZ.

Local Law Applies

• Per Rule No. 10,029, of 2019, transitional constitutional provisions act, foreign participation is subject to same requirements and procedures mandated by law.
• Including for organization, authorization to operate, cancellation of authorization, changes in control and corporate reorganization of the financial institutions.

Effectiveness

• Circular becomes effective on date of its publication in official gazette, 24 January 2020.