Brazil’s Central Bank issued Resolution 3,447 regulating registration of unregistered foreign capital invested in Brazilian companies (‘tainted capital’). The Resolution provides that registration will be made electronically in the Central Bank’s system to the extent that the unregistered capital is duly booked in the Brazilian company’s accounting records. Registration of unregistered capital existing on December 31, 2005 must be made by June 30, 2007. Unregistered capital booked from 2006 on must be registered by the last business day of the year following the company’s balance sheet where the company was required to make such a registration, pursuant to Central Bank regulations.
15Apr 2007