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OECD releases report on private means of protecting shareholder rights

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This post was translated by Regulatory.News for informational purposes only; the content below is not an official translation from the regulator. See the content in its original language here.

Publication is the result of the 2nd phase of the project carried out by CVM and the Ministry of Economy with the OECD

The Organization for Economic Cooperation and Development (OECD) released the report Private Enforcement of Shareholder Rights, result of the 2nd phase of the project carried out by the Working Group formed between the Securities Commission (CVM) and the Ministry of Economy (ME) together with the OECD.

According to the OECD, the purpose of the material is to recommend the adoption of measures that can strengthen the framework of derivative actions and arbitration in Brazil, based on a comparative review of the structures of nine countries: France, Germany, Israel, Italy, Portugal, Singapore , Spain, United States and United Kingdom.

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“The work is yet another delivery that results from the project initiated by CVM and the Ministry of Economy and which counted on the OECD’s expertise and consultancy. Measures are suggested that can make the Brazilian system offer more effective instruments so that investors can assert their rights ”.

Gustavo Gonzalez, Director of the CVM.

About the Working Group

The WG, which has already ended, was created to study and propose measures that contribute to the improvement of the legal mechanisms available to shareholders to protect their rights and, when necessary, obtain compensation for damages.

The project had the financial support of the Prosperity Fund Britain and technical support from the Corporate Governance Committee of the Organization for Economic Cooperation and Development (OECD).

Recalling the 1st phase of the Project

The first phase of the project published the study Strengthening of remedial remedies for shareholders’ rights in the Brazilian capital market, which analyzed judicial mechanisms for resolving conflicts involving shareholders, lawsuits, available for corporate demands in Brazil, procedural issues, use of arbitration in the Brazilian capital market, legal framework and challenges related to the use of arbitration in publicly-held companies, among other matters related to the capital market.

The study proposes improvements to the private protection mechanisms currently existing in Brazil in order to make them more effective, especially in damage repair.
According to the CVM Director, Gustavo Gonzalez, the improvement of private tutelage mechanisms is an extremely important measure for the development of the Brazilian capital market and highlights how the Autarchy has been acting on this front and the importance of private reparation mechanisms.

To learn more about the WG and the study, access the news published on the CVM website on 12/2/2019.

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Regulator Information

Abbreviation: CVM
Jurisdiction: Brazil

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