Novo Marco Legal Do Cambio

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One of the most important changes brought about by the new stamp is that the sub-legal regulation is addressed to the central bank (BC) and no longer to the legislator. British Columbia has one year to draft and analyze the sub-legal aspects of the standard. According to Solomon, this change simplifies the regulatory process and makes the code more technical. The GF team will monitor upcoming regulations to help clients identify and take advantage of the best solutions and opportunities arising from the new exchange rate framework. At national level, this obligation was previously provided for by Legislative Decree No 857 of 11 December. September 1969 [1], in which it was stated in Article 1 that the contracts, titles and all documents, as well as the obligations enforceable in Brazil provided for payment in gold, in foreign currency or were in any case limited or refused, in their effects the legal course of the cruise was null and void. Then, of course, understood and applied to reality. Another point that has been highly controversial in the past and had a major impact on the local judicial system in the 1990s was the possibility of using foreign currency in leases between residents themselves, which shows great legal maturity in this area. The forced exchange rate of the currency is the legal obligation to use only the legally established currency for circulation in a particular country. This commitment is important for a country`s currency because they have no intrinsic value (as is the case with precious metals), which requires a law that requires their trust and use in a particular area. Under the new legal framework, the central bank includes certain tasks that were previously the responsibility of the National Monetary Council (NMC), such as the regulation of transactions, foreign exchange futures, and the organization and supervision of stock exchanges and securities dealers. The new legal framework for trade completely repealed the decree-law and provided for new, broader hypotheses in Article 13, according to which payment in foreign currency for enforceable obligations was established in Brazilian territory. What they are: The second point of the new article brought a very important innovation by allowing to organize transactions with non-residents in foreign currencies and therefore to execute them in Brazil.

The central bank says the new law will not change or innovate the way foreign currency accounts are allowed in the country, and gives no indication that this scenario will change in the future, with a possible expansion of possibilities. However, the industry expects the new exchange rate milestone to be a first step towards activating dollar accounts in the country. Before the publication of the new law, the sale of foreign currency between individuals was prohibited by the central bank. That is, if a person returns from a trip to the United States, for example, with leftover dollars, and tries to give the money to another person, the operation has been considered illegal. The possibility of dollar accounts in the country, hitherto limited to financial institutions, would bring a practical aspect to businesses. Today, when transactions on international accounts are necessary, there are local holiday disputes, banks closed on certain dates, etc. The new mechanism would already leave companies dollarized locally and put them in the “same time zone.” It is expected that the Brazilian market will open up to foreigners with the entry into force of the regulations provided for in the PL, so that the real will serve as the reference currency for the region. This expectation is largely due to the fact that the new legal framework aims to facilitate the use of Brazilian currency in international transactions. It also creates space for Brazilian banks and financial institutions to invest funds raised in Brazil and abroad. It was published in the Official Journal on Thursday (30) the law that creates the new legal framework of the foreign exchange market.

Law 14.286 of 2021 allows banks and financial institutions to invest funds raised abroad in Brazil or abroad and facilitates the use of Brazilian currency in international transactions. The new exchange brand follows the so-called “revolution in the Brazilian financial market”, which has been taking place since 2013. Gilberto Martins, Global Executive Director of Regulatory and Legal Affairs at EBANX, explains that these innovations are perceptible, among other things, through the regulation of the payments market, the creation of Pix with the open banking phases. On October 7, 2019, the Central Bank of Brazil submitted to the National Congress Bill No. 5.387/19, which proposed several changes to the Brazilian exchange rate regime and provided a new legal framework for the exchange rate. Currently, the Brazilian foreign exchange market is governed by several legal provisions that deal in one way or another with the exchange rate regime. For example, PL is seeking a regulatory reorganization that will consolidate about 39 legal provisions governing the Brazilian foreign exchange market. Two other relevant points in the amendment concern individuals. The first aspect is the change in the cash limit that each passenger can behave when leaving or entering Brazil. The new legal framework increases the current amount from R$10,000 to US$10,000 (over R$50,000 at the current exchange rate) or the equivalent in another currency. In addition, low-value transactions between individuals are also approved with a limit of $500. It will therefore no longer be prohibited to pay up to the equivalent of 500 dollars (approximately.

R$2,500) to buy or sell in any currency, without identification and tax requirements, if done in a contingent and non-professional manner.