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Legal Briefing
Investing to and fro
Practice Area: Capital Markets and Debt Securities
Sector: Investment Management
Jurisdiction: Brazil
Published: 25 September 2008
Law Firm: Carter Ledyard & Milburn
Overview
Most emerging market companies look to the US, the UK and European exchanges for their primary listings. However, since 2004, Brazilian companies have increasingly been choosing the Sao Paulo Stock Exchange, known as BOVESPA.
This has been, in part, because of the enactment in 2003 by the Brazilian Securities Commission (the CVM) of a new set of rules governing securities offerings in 2003. It is similar in many respects to US securities regulation. BOVESPA is now the largest and most liquid stock exchange in Latin America, with 62 Brazilian initial public offerings (IPOs) in 2007.
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