{"id":5790,"date":"2019-01-16T09:50:00","date_gmt":"2019-01-16T11:50:00","guid":{"rendered":"http:\/\/www.vivacquaadvogados.com\/?p=5790"},"modified":"2019-07-30T09:50:44","modified_gmt":"2019-07-30T12:50:44","slug":"brazilian-securities-and-exchange-comission-comissao-de-valores-mobiliarios-cvm-discloses-circular-letter-with-guidelines-on-adoption-of-the-kno","status":"publish","type":"post","link":"https:\/\/www.vivacquaadvogados.com\/en\/brazilian-securities-and-exchange-comission-comissao-de-valores-mobiliarios-cvm-discloses-circular-letter-with-guidelines-on-adoption-of-the-kno\/","title":{"rendered":"BRAZILIAN SECURITIES AND EXCHANGE COMISSION (\u201cCOMISS\u00c3O DE VALORES MOBILI\u00c1RIOS\u201d \u2013\u201cCVM\u201d) DISCLOSES CIRCULAR LETTER WITH GUIDELINES ON ADOPTION OF THE \u201cKNOW YOUR CLIENT\u201d POLICY BY BRAZILIAN INTERMEDIARIES"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling gradient-container-1\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-margin-top:0px;--awb-margin-bottom:80px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;--awb-margin-bottom:0px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-1\"><p style=\"text-align: left; font-size: 20px; line-height: 30px;\">On November 29th , 2011, the Superintendencies of Market Relations and Intermediary (\u201cSuperintend\u00eancia de Rela\u00e7\u00f5es com o Mercado e Intermedi\u00e1rios\u201d &#8211; &#8220;SMI&#8221;) and Institutional Investor Relations (\u201cSuperintend\u00eancia Rela\u00e7\u00f5es com Investidores Institucionais\u201d &#8211;  &#8220;SIN&#8221;) of the Brazilian Securities and Exchange Commission (\u201cCVM\u201d) published Circular Letter 3\/2018 &#8211; CVM \/ SMI \/ SIN (&#8220;Circular Letter&#8221;), which provides guidelines for the adoption, by Brazilian intermediaries, of the <u>&#8220;Know Your Client&#8221; Policy<\/u> of the Financial Activities Control Council (\u201cConselho de Controle de Atividades Financeiras\u201d \u2013 \u201cCOAF\u201d), considered one of the pillars of money laundering and terrorist financing .<\/p>\n<p style=\"text-align: left; font-size: 20px; line-height: 30px;\">The purpose of the Circular Letter is to guide Brazilian intermediaries who adopt the simplified register for <u>non-resident investors<\/u>, as provided in art. 9\u00ba of \u201cCVM\u201d Instruction No. 505\/2011, on the measures to be adopted in cases in which the foreign intermediary has not provided the necessary information to the full knowledge of the non-resident investor.<\/p>\n<p style=\"text-align: left; font-size: 20px; line-height: 30px;\">In this sense, art. 9\u00ba of \u201cCVM\u201d Instruction No. 505\/2011 establishes that the agreement between the Brazilian intermediary and the <u>foreign intermediary<\/u> must include the <u>obligation of the foreign intermediary<\/u> to submit to the Brazilian intermediary the duly updated registration information, capable of meeting the requirements of the \u201cCVM\u201d regulations which regulates the client registry in the scope of the securities market.<\/p>\n<p style=\"text-align: left; font-size: 20px; line-height: 30px;\">It should be noted that the aforementioned Circular Letter also states that the <u>non-knowledge of the final beneficiary of the foreign client is not, in itself, sufficient element to send suspicious transaction reporting to the \u201cCVM\u201d Segment in (\u201cConselho de Controle de Atividades Financeiras\u201d \u2013 \u201cCOAF\u201d).<\/u><\/p>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-5790","post","type-post","status-publish","format-standard","hentry","category-publications"],"_links":{"self":[{"href":"https:\/\/www.vivacquaadvogados.com\/en\/wp-json\/wp\/v2\/posts\/5790\/"}],"collection":[{"href":"https:\/\/www.vivacquaadvogados.com\/en\/wp-json\/wp\/v2\/posts\/"}],"about":[{"href":"https:\/\/www.vivacquaadvogados.com\/en\/wp-json\/wp\/v2\/types\/post\/"}],"author":[{"embeddable":true,"href":"https:\/\/www.vivacquaadvogados.com\/en\/wp-json\/wp\/v2\/users\/1\/"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vivacquaadvogados.com\/en\/wp-json\/wp\/v2\/comments\/?post=5790"}],"version-history":[{"count":1,"href":"https:\/\/www.vivacquaadvogados.com\/en\/wp-json\/wp\/v2\/posts\/5790\/revisions\/"}],"predecessor-version":[{"id":5791,"href":"https:\/\/www.vivacquaadvogados.com\/en\/wp-json\/wp\/v2\/posts\/5790\/revisions\/5791\/"}],"wp:attachment":[{"href":"https:\/\/www.vivacquaadvogados.com\/en\/wp-json\/wp\/v2\/media\/?parent=5790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vivacquaadvogados.com\/en\/wp-json\/wp\/v2\/categories\/?post=5790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vivacquaadvogados.com\/en\/wp-json\/wp\/v2\/tags\/?post=5790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}