<\/p>\n
O cen\u00e1rio regulat\u00f3rio brasileiro atual prev\u00ea 2 (dois) principais mecanismos de investimento para os capitais estrangeiros, quais sejam: aplica\u00e7\u00e3o direta ou nos mercados financeiro e de capitais.<\/p>\n
<\/p>\n
O investimento direto est\u00e1 previsto na Lei 4.131\/62, configura aquele realizado em sociedades brasileiras, fora dos mercados organizados de balc\u00e3o e bolsas de valores, e tem o perfil de longo prazo.<\/p>\n
<\/p>\n
J\u00e1 o investimento nos mercados financeiro e de capitais \u00e9 regulado pela Resolu\u00e7\u00e3o n\u00ba 4.373\/2014 do CMN – Conselho Monet\u00e1rio Nacional e pela Resolu\u00e7\u00e3o n\u00ba 13\/2020 da CVM. S\u00e3o opera\u00e7\u00f5es com t\u00edtulos e valores mobili\u00e1rios emitidos no Brasil, que ocorrem dentro dos mercados organizados de balc\u00e3o e bolsas de valores (salvo exce\u00e7\u00f5es previstas na legisla\u00e7\u00e3o ou autorizadas pela CVM).<\/p>\n
<\/p>\n
Devido a sua complexidade, atratividade e os volumes transacionados nos mercados financeiro e de capitais brasileiro, vamos nos aprofundar nos requisitos para que o INR invista dele e detalhar os servi\u00e7os prestados pelo Representante.<\/p>\n
<\/p>\n
<\/p>\n
Afinal, segundo a legisla\u00e7\u00e3o brasileira, quem pode ser considerado INR e quais s\u00e3o as premissas para que suas opera\u00e7\u00f5es nos mercados financeiro e de capitais, bem como as respectivas transfer\u00eancias financeiras do e para o exterior, ocorram de forma legal?<\/p>\n
<\/p>\n
O termo INR representa a pessoa f\u00edsica ou jur\u00eddica, os fundos ou outras entidades de investimento coletivo, com resid\u00eancia, sede ou domic\u00edlio no exterior, independentemente de sua nacionalidade, e que pode investir no pa\u00eds de forma individual ou coletiva, atrav\u00e9s de alguns mecanismos legalmente previstos.<\/p>\n
<\/p>\n
Antes, durante e ap\u00f3s o per\u00edodo de seu investimento nos mercados financeiro e de capitais, o INR deve contratar e manter um Representante no Brasil.<\/p>\n
<\/p>\n
<\/p>\n
Representante \u00e9 respons\u00e1vel legal e tribut\u00e1ria do INR, detendo os poderes estritamente necess\u00e1rios para agir em nome desse investidor perante os \u00f3rg\u00e3os reguladores, autorreguladores e demais entidades brasileiras, p\u00fablicas ou privadas, visando dar transpar\u00eancia quanto aos recursos movimentados e \u00e0 regularidade das opera\u00e7\u00f5es, bem como protegendo os melhores interesses do seu cliente.<\/p>\n
<\/p>\n
Assim, est\u00e3o compreendidas entre as atividades de Representante: cadastrar e manter a atualiza\u00e7\u00e3o cadastral do INR; fazer o registro pr\u00e9vio da entrada e sa\u00edda de recursos e reporte mensal do portf\u00f3lio de investimento do INR ao BACEN; enviar os informes peri\u00f3dicos \u00e0 CVM; receber cita\u00e7\u00f5es e atender a demandas regulat\u00f3rias \/ ordens judiciais ou extrajudiciais recebidas com rela\u00e7\u00e3o ao portf\u00f3lio e\/ou cadastro do investidor e manter a regularidade fiscal do INR.<\/p>\n
<\/p>\n
Como Representante do INR, cabe a institui\u00e7\u00e3o ainda acompanhar a adequa\u00e7\u00e3o da opera\u00e7\u00e3o \u00e0s autoriza\u00e7\u00f5es previstas na regulamenta\u00e7\u00e3o brasileira; monitorar os investimentos, as posi\u00e7\u00f5es e eventos relacionados ao portf\u00f3lio do INR, fazendo a interface entre o investidor e o mercado, inclusive mediante o envio de comunicados; auxiliar nas opera\u00e7\u00f5es de c\u00e2mbio para remessa e retorno de recursos ao exterior, desde que relacionados \u00e0 aplica\u00e7\u00e3o nos mercados financeiro e de capitais no Brasil etc.<\/p>\n
<\/p>\n
<\/p>\n
Em vista da complexidade e abrang\u00eancia das obriga\u00e7\u00f5es decorrentes do investimento por INR no pa\u00eds, \u00e9 recomend\u00e1vel que o INR contrate Representante\u00a0 com capacidade t\u00e9cnica, dilig\u00eancia, experi\u00eancia, profundo conhecimento dos ve\u00edculos dispon\u00edveis e expertise no atendimento da legisla\u00e7\u00e3o em vigor que, por sua natureza, est\u00e1 em constante atualiza\u00e7\u00e3o. Tudo isso visando assegurar a manuten\u00e7\u00e3o da regularidade das opera\u00e7\u00f5es e do cumprimento dos requisitos regulat\u00f3rios, inclusive para retorno do investimento.<\/p>\n
<\/p>\n
Nesse ponto, \u00e9 importante mencionar a complexidade do processo de KYC \u2013 Know Your Client<\/em>\u00b8 bem como aos procedimentos visando identificar e reportar ind\u00edcios de lavagem de dinheiro. Por exemplo, a an\u00e1lise da documenta\u00e7\u00e3o do INR e de sua estrutura corporativa, bem como a identifica\u00e7\u00e3o dos benefici\u00e1rios, devem ser feitos com t\u00e9cnica e dilig\u00eancia, por institui\u00e7\u00e3o com vasta experi\u00eancia no pa\u00eds. Adicionalmente, tendo em vista que esse processo envolve a apresenta\u00e7\u00e3o e guarda de uma s\u00e9rie de documentos cadastrais do INR, a exist\u00eancia de pol\u00edticas de KYC, gera agilidade ao processo de cadastro do investidor e atendimento aos \u00f3rg\u00e3os reguladores e autorreguladores.<\/p>\n <\/p>\n <\/p>\n \u00c9 esperado que o INR n\u00e3o esteja habituado \u00e0 complexidade do mercado brasileiro, \u00e0s modalidades variadas de investimento e seus requisitos, \u00e0 diversidade de participantes de cada estrutura – que refletem na din\u00e2mica das opera\u00e7\u00f5es-, \u00e0s min\u00facias da tributa\u00e7\u00e3o de rendimentos, isso sem falar das exig\u00eancias dos \u00f3rg\u00e3os reguladores a respeito da identifica\u00e7\u00e3o de benefici\u00e1rio, previsto em ampla legisla\u00e7\u00e3o.<\/p>\n <\/p>\n Por todo o acima, somente uma institui\u00e7\u00e3o com experi\u00eancia, que gere confian\u00e7a e que atue como prestadora de servi\u00e7os dos ativos a serem investidos, que possua estrutura pr\u00f3pria para cumprir com suas obriga\u00e7\u00f5es perante o INR e o mercado e tamb\u00e9m para acompanhar se as posi\u00e7\u00f5es do INR est\u00e3o de acordo com a regulamenta\u00e7\u00e3o do ativo investido, de forma permanente, \u00e9 capaz de assegurar que os requisitos regulat\u00f3rios sejam atendidos, com agilidade e seguran\u00e7a, diminuindo o risco de autua\u00e7\u00f5es por infra\u00e7\u00f5es de diversas naturezas.<\/p>\n <\/p>\n N\u00e3o obstante o que \u00e9 da al\u00e7ada do Representante, cabe ressaltar que os investimentos dispon\u00edveis ao INR s\u00e3o os previstos na regulamenta\u00e7\u00e3o em vigor, apresentando, por sua natureza, riscos de perda de capital equivalentes ao tipo de aplica\u00e7\u00e3o. Al\u00e9m disso, os servi\u00e7os por ele prestados n\u00e3o abrangem gest\u00e3o de portf\u00f3lio, garantia ou promessa de retorno do produto escolhido pelo INR.<\/p>\n <\/p>\n <\/p>\n Portanto, n\u00e3o basta cumprir com as obriga\u00e7\u00f5es legais, o INR, ao contratar Representante no pa\u00eds, institui\u00e7\u00e3o essa devidamente habilitada perante o BACEN e a CVM, deve verificar se se trata de institui\u00e7\u00e3o associada \u00e0 ANBIMA \u2013 Associa\u00e7\u00e3o Brasileira das Entidades dos Mercados Financeiro e de Capitais, aderente ao seu C\u00f3digo de Melhores Pr\u00e1ticas para Servi\u00e7os Qualificados, se possui s\u00f3lida experi\u00eancia nos mercados financeiro e de capitais – especialmente em fundos de investimento e ativos financeiros -, bem como reputa\u00e7\u00e3o ilibada e estrutura robusta para controle de contratos e documentos, se mant\u00e9m pol\u00edtica consistente para cadastro e KYC, al\u00e9m de sistemas para o monitoramento de opera\u00e7\u00f5es no mercado, se \u00e9 refer\u00eancia na cust\u00f3dia de ativos e, com isso, seja capaz de assegurar o acompanhamento de eventos e cumprimento de obriga\u00e7\u00f5es relacionados ao seu portf\u00f3lio e do atendimento aos \u00f3rg\u00e3os integrantes do Sistema Financeiro Nacional e \u00e0 RFB \u2013 Receita Federal do Brasil.<\/p>\n <\/p>\n ________________________________________________________________________<\/p>\n <\/p>\n English Version<\/em><\/p>\n <\/p>\n The present regulatory scenario sets forth 2 (two) main investment paths for foreign investments: whether direct or in financial and capital markets.<\/p>\n <\/p>\n The direct investment was established by Law n. 4.131\/1962 and is a long-term profile investment, represented by those resources applied directly in Brazilian companies with, out of the OTC markets and the stock, futures and commodities exchange structure.<\/p>\n <\/p>\n The investment in the financial and capital markets though is regulated by the CMN – National Monetary Council Resolution n. 4.373\/2014 and the CVM Resolution n. 13\/2020. These are operations with securities and assets issued in Brazil, which take place in the OTC markets and the stock, futures and commodities exchange structure (except for some cases set forth in the applicable legislation or authorized by CVM).<\/p>\n <\/p>\n Due to its complexity, attractivity and the high amounts transitioned through the Brazilian financial and capital markets, we are going to detain on the requirements for the NRI invest in it and detail the services supplied by the Representative.<\/p>\n <\/p>\n <\/p>\n By the way, according with the Brazilian law, who could be considered a NRI and upon which basis would its operations in the financial and capital markets, as well as their respective capital transfers in\/out of Brazil, legally happen?<\/p>\n <\/p>\n The term \u201cNRI\u201d represents the natural person or legal person, the investment funds or other joint investments entities, residing, headquartered or domiciled outside Brazil, independently of its nationality, which are able to invest herein, either individual or collectively, though some lawfully set mechanisms.<\/p>\n <\/p>\n Before, throughout and after the investment period in the financial and capital markets, the NRI must hire and keep hired a Representative in Brazil.<\/p>\n <\/p>\n <\/p>\n The Representative is the legal and tax responsible for the NRI, bearing the strictly necessary powers to act on behalf the investor before the regulatory and self-regulatory bodies, along with other Brazilian entities, public or private, which aims to provide transparency towards the funds handled and the legality of the operations, as well as protection to the client’s best interests.<\/p>\n <\/p>\n So, the activities in charge of the Representative are: registering and maintaining the INR registration updated; making the prior registration of the funds\u00b4 inflow and outflow and monthly report of the NRI\u00b4s investment portfolio to BACEN; send periodic reports to CVM; receive judicial or extrajudicial citations \/ summons \/ subpoenas and meet the regulatory demands related to the investor’s portfolio and\/or registration and maintain the tax and fiscal regularity of the NRI.<\/p>\n <\/p>\n As NRI Representative, the respective institution is also liable for: accompanying the suitability of the operation to the authorizations foreseen in the Brazilian law; monitor investments, positions and events related to the NRI portfolio, interfacing the investor with the market, including by sending any necessary communication; assist in the foreign exchange transactions for the inflow and the outflow of the invested funds, as long as they are related to the operations in the Brazilian financial and capital markets etc.<\/p>\n <\/p>\n <\/p>\n Taking into consideration the complexity and broadness of the obligations arising from the NRI\u00b4s investments in Brazil, \u00a0it is recommended that the NRI hires a Representative with technical capacity, diligence, experience, deep knowledge concerning the available investment vehicles and expertise on the fulfillment of the provisions set by legislation in force which, by its own nature, is frequently updated. All that just to assure the maintenance of the of the legality of the operations and to comply with the regulatory requirements, including regarding the return of the funds.<\/p>\n <\/p>\n Along with the forestated, it is important to point out the complexity of the KYC \u2013 Know Your Client\u00b8 process, as well as the procedures aiming to identify and report signs of money laundering. For example, the analysis of the NRI\u00b4s documentation and of its corporate structure, in addition to the identification its beneficiaries, must be carried out with technique and diligence, by a skilled institution with vast experience in Brazil. Additionally, considering that this process involves the presentation and storage of a series of NRI documents, the existence of KYC policies speeds up the investor registration process and provides compliance with regulatory and self-regulatory bodies.<\/p>\n <\/p>\n <\/p>\n It is expected that the NRI is not used to the complexity of the Brazilian market, to the variety of investment mechanisms and its requisites, to the diversity of participants of each structure – which reflect on the operations dynamics -, to the details of the tax applied to the investment\u00b4s income, not to mention the demands of the regulatory bodies regarding the beneficiary identification, widely established in legislation.<\/p>\n <\/p>\n Due to all the above, only an institution with experience, reliable and which acts as a service provider to the invested securities, which relies on its own structure to fulfill its obligations before the NRI and the market and also to accompany if the NRI\u00b4s positions are in accordance with the regulations in force, on a permanent basis, is capable of ensuring that the regulatory requirements are met, with agility and security, reducing the risk of fines for violations of different natures.<\/p>\n <\/p>\n Notwithstanding the responsibility of the Representative, it should be noted that the investments available to the INR are those set forth in the regulations in force, which, by their nature, are exposed to risks of capital loss equivalent to the type of investment. Also, the services provided by it do not include portfolio management, warranty or promise of return of the investment chosen by INR.<\/p>\n <\/p>\n <\/p>\n Hence, is not enough to comply with the legal obligations, the NRI, when hiring a Representative in Brazil, which is duly enabled by BACEN and CVM, must verify if it is institution associated to ANBIMA – Financial and Capital Market Entities Association, adherent to its Code of Best Practices for Qualified Services, if it has solid experience in the financial and capital markets – especially in investment funds and financial assets -, as well as unblemished reputation and robust structure to control contracts and documents, if it maintains a consistent policy for registration and KYC, besides systems for monitoring operations in the market, if it is a reference in the securities custody and so is able to ensure the accompanying of events and fulfillment of obligations related to the NRI\u00b4s portfolio, in addition to answering to the bodies that are part of the National Financial System and the RFB \u2013 Brazilian Federal Revenue.<\/p>\n \n","protected":false},"excerpt":{"rendered":" Introdu\u00e7\u00e3o \u00e0 regulamenta\u00e7\u00e3o do investimento por capitais estrangeiros no pa\u00eds O cen\u00e1rio regulat\u00f3rio brasileiro atual prev\u00ea 2 (dois) principais mecanismos de investimento para os capitais estrangeiros, quais sejam: aplica\u00e7\u00e3o direta ou nos mercados financeiro e de capitais. O investimento direto est\u00e1 previsto na Lei 4.131\/62, configura aquele realizado em sociedades brasileiras, fora dos […]<\/p>\n","protected":false},"author":222,"featured_media":13842,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/api-site.oliveiratrust.com.br\/wp-content\/uploads\/2022\/02\/Header-BP-1-Fevereiro.png?fit=950%2C850&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/api-site.oliveiratrust.com.br\/api\/wp\/v2\/posts\/13822"}],"collection":[{"href":"https:\/\/api-site.oliveiratrust.com.br\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/api-site.oliveiratrust.com.br\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/api-site.oliveiratrust.com.br\/api\/wp\/v2\/users\/222"}],"replies":[{"embeddable":true,"href":"https:\/\/api-site.oliveiratrust.com.br\/api\/wp\/v2\/comments?post=13822"}],"version-history":[{"count":7,"href":"https:\/\/api-site.oliveiratrust.com.br\/api\/wp\/v2\/posts\/13822\/revisions"}],"predecessor-version":[{"id":17102,"href":"https:\/\/api-site.oliveiratrust.com.br\/api\/wp\/v2\/posts\/13822\/revisions\/17102"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/api-site.oliveiratrust.com.br\/api\/wp\/v2\/media\/13842"}],"wp:attachment":[{"href":"https:\/\/api-site.oliveiratrust.com.br\/api\/wp\/v2\/media?parent=13822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/api-site.oliveiratrust.com.br\/api\/wp\/v2\/categories?post=13822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/api-site.oliveiratrust.com.br\/api\/wp\/v2\/tags?post=13822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Pr\u00f3s e Contras<\/h3>\n
Responsabilidade<\/h3>\n
Introduction to the Brazilian foreign capital regulation<\/h3>\n
The NRI and the requirements for its investments in the Brazilian financial and capital markets<\/h3>\n
Legal and Tax Representation and Custody for NRI<\/h3>\n
Singularities of the Representation and Custody in the Brazilian financial and capital markets<\/h3>\n
Pros and Cons<\/h3>\n
Conclusion<\/h3>\n