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Private Equity/Venture Capital Funds In Brazil (Fundos De Investimento Em Participações-Fips) - Chapter 6 - International Business Transactions with Brazil

 
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Author: Marcos Rafael Flesch & Marina da Silva Prado
Page Count: 12
Published: June 2008
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International Business Transactions with Brazil - Hardcover
International Business Transactions with Brazil - Electronic


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Private Equity/Venture Capital Funds In Brazil (Fundos De Investimento Em Participações-Fips)

Marcos Rafael Flesch & Marina da Silva Prado

I. OVERVIEW OF FIPS

       Investment funds in Brazil are a community of proceeds gathered
for application toward one sole investment purpose, enabling, among
other things, small and medium investors to access assets that are not
accessible to certain levels of investments. Investment funds also aim at
providing investors with lower market risks and with a form of
management having the skills required for investments in capital and
financial markets.
        Private Equity/Venture Capital Funds in Brazil (Fundos de
Investimento em Participações—FIP), generally considered a type of
investment fund, have some specific characteristics established by the
Brazilian Securities Commission (Comissão de Valores Mobiliários—CVM)
Regulation No. 391, dated July 16, 2003, which regulates the
incorporation, management, and operations of FIPs (the “CVM
Regulation 391”). In general terms, the purpose of the FIP is to acquire
stock, debentures, subscription bonuses, and other securities convertible
or exchangeable in stock, issued by publicly-held or closely-held
companies, provided that the FIP participate in the decision-making
process of the relevant company, notably through the appointment of
members of the board of directors.
Table of Contents

PREFACE
ABOUT THE EDITORS
ABOUT THE AUTHORS

Chapter 1
THE IPO MARKET IN BRAZIL

Andrew B. Jánszky, Tobias Stirnberg, & João Vicente Camarota

      I.     Introduction

      II.    History and Main Developments

      III.   The Typical IPO

      IV.    IPO Documentation

      V.     Rule 144A, Regulation S, and the Prospectus Directive 

      VI.    Outlook       

Chapter 2
THE BRAZILIAN LEGAL ENVIRONMENT FOR COMPANIES WITH DIFFUSE OWNERSHIP

Marcelo S. Barbosa

Chapter 3
MERGER CONTROL IN BRAZIL -- THE CURRENT REGIME, THE LATEST IMPROVEMENTS AND THE PROPOSED REFORM

Ecio Perin, Jr. & Guilherme F.C. Ribas

     I.     Introduction

     II.    The Current Brazilian Merger Control Regime

     III.   Latest Improvements to the Merger Control Regime

     IV. The Reform of the Brazilian Antitrust Law  

Chapter 4
TAKEOVERS IN BRAZIL

Syllas Tozzini & Renato Berger

      I.      Introduction

      II.     Background on Why Takeovers Never Took Off in Brazil

      III.    Winds of Change

      IV.    No Takeovers Just Yet

      V.     Legal Framework for Potential Takeovers

      VI.    Conclusion

Chapter 5
OPPORTUNITIES AND CHALLENGES FOR FOREIGN PRIVATE EQUITY INVESTORS IN BRAZIL

S. Wade Angus & Mariana Pargendler

      I.      The Private Equity Industry

      II.     The New Investment Climate in Brazil

      III.    Changes in Investment Horizon and the Development of Brazilian Capital Markets

      IV.    Enhanced Corporate Governance

      V.     Investment Strategies and Buyout Opportunities

      VI.    The Emergence of Public Takeovers and Unsolicited Offers

      VII.  Evaluating and Making a Private Equity Investment in Brazil

      VIII. Control Acquisition or Minority Investment

      IX.    New Infrastructure Opportunities through Public-Private Partnerships

      X.     Conclusion

Chapter 6
PRIVATE EQUITY/VENTURE CAPITAL FUNDS IN BRAZIL (FUNDOS DE INVESTIMENTO EMPARTICIPAÇÕES-FIPs)

Marcos Rafael Flesch & Marina da Silva Prado

      I.      Overview of FIPs

      II.     Who Can Invest in Quotas of FIPs?

      III.   Who May Receive Investments from FIPs?

      IV.   Management Structure

      V.    Set Up of the FIP

      VI.   Financial Statements and Disclosure of Information Pertaining to the FIP

      VII.  Infrastructure FIP

      VIII. Foreign Investment in the FIP

      IX.    Tax Considerations
 

Chapter 7
BRAZILIAN REGULATORY PRIVATE EQUITY INVESTMENT FUNDS -- FIPs: ADVANTAGES  AND BENEFITS

Ricardo C. Veirano & Gustavo Moraes Stolagli

 
Chapter 8

JOINT VENTURES IN BRAZIL

Diane G. Kerr, Manuel Garciadiaz & Adriano Castello Branco 

      I.      Introduction

      II.     Formation101

      III.    Management and Control

      IV.    Disagreements, Deadlocks, and Termination

      V.     Agreements

      VI.    Other Comments

Chapter 9
CONSIDERATIONS FOR INVESTMENTS IN BRAZIL

Pedro Aguiar De Freitas

      I.      Introduction

      II.     Corporate Entities

      III.   Foreign Investment in Brazil

      Iv.    Immigration and Labor

      V.     Taxation

      VI.    Antitrust Filings

      VII.   Governing Law and Arbitration

      VIII. Conclusion   

Chapter 10
SOME THOUGHTS FOR BOARDS OF DIRECTORS IN 2008

Martin Lipton

      I.      Introduction

      II.     Some Key Issues Facing Boards in 2008

      III.    The Role and Duties of the Board

      IV.    The Composition and Structure of the Board

      V.     Board Committees

      VI.    Board Procedures

      VII.   Director Liability   

Chapter 11
CORPORATE GOVERNANCE IN BRAZIL AND BOVESPA’S LISTING SEGMENTS

Carlos Motta & Adriana Cortese Julião

      I.      Introduction

      II.     Corporate Governance Concepts in Brazil and Worldwide

      III.    Corporate Governance in Brazil

      IV.    Bovespa and Its Governance Levels

      V.     Conclusion     

Chapter 12
THE RISE OF A GLOBAL CHAMPION AMID CONSOLIDATION OF THE WORLD'S EXCHANGES

NYSE Euronext

      I.      Introduction

      II.     Complementing a Vibrant Home Market

      III.    Growth of Brazilian Companies

      IV.    NYSE Euronext: A Global Company

      V.     Technology and Other Efficiencies Benefit Issuers

      VI.    More Listing Choices

      VII. Conclusion 

Chapter 13
BRIDGING THE GAP -- RECENT SEC INITIATIVES TO EASE BURDENS ON FOREIGN PRIVATE ISSUERS

Antonio N. Piccirillo & Leonardo Di Cola

      I.      Overview

      II.     New Regulations regarding Termination of Registration

      III.    New Regulations Affecting Financial Statements

      IV.    Registered Public Offerings

      V.     Rule 144A Offerings

      VI.    Regulation S

      VII. Advantages and Disadvantages of a Registered Public Offering

Chapter 14
THE U.S. HIGH YIELD BOND MARKET

Peter V. Darrow & Luke S. Richbourg 

      I.      Introduction

      II.     Characteristics of U.S. High Yield Bonds

      III.    Implementing a U.S. High Yield Bond Offering

      IV.    Implementation of a U.S. High Yield BondOffering

      V.     Covenants

      VI.   Potential Liability under U.S. Securities Laws   


Chapter 15

OVERVIEW ON EUROBOND ISSUANCES BY BRAZILIAN ISSUERS

Donald E. Baker & John W. Anderson, Jr.

      I.      Introduction

      II.     Definition and History of Eurobonds

      III.    The Issuance of Eurobonds

      IV.    Documentation for Eurobond Issuances

      V.     Negative Covenants

      VI.    Conclusion 

Chapter 16
HYBRID SECURITIES -- AN OVERVIEW OF THEIR FEATURES AND ADAPTATION TO CHANGING MARKETS

Jonathan Walcoff & Beatriz Franco

      I.      Introduction

      II.     What Are Hybrid Securities?

      III.    Benefits of Hybrid Issuances

      IV.    The Brazilian Hybrid Market

      V.     Conclusion

Chapter 17
BRAZIL
'S NEW RECUPERAÇÃO JUDICIAL PROCEEDINGS -- NEW HOPE FOR BRAZILIANCOMPANIES IN SEARCH OF RELIEF UNDER THE SECTION 3(A)(10) REGISTRATION EXEMPTION?

Richard J. Cooper & Dalmau García

      I. Introduction

      II. Conclusion

Chapter 18
FUNDING IN THE BRAZILIAN MARKET AND RECEIVABLE FUNDS

Luis Peyser & Flávio Tudisco

      I.      Introduction

      II.     General Rules

      III.    Taxation

      IV.    Conclusion

Chapter 19
SECURITIZATION BY BRAZILIAN ISSUERS IN THE INTERNATIONAL CAPITAL MARKETS

Emil Arca

      I.    Future Flow Transactions

      II.   Existing Asset Transactions    

Chapter 20
THE EVOLUTION OF CREDIT DERIVATIVES DOCUMENTATION INTERNATIONALLY AND PERSPECTIVES FOR ITS DEVELOPMENT IN BRAZIL

Anthony R.G. Nolan & Rodrigo de Moraes Salles

      I.      Introduction

      II.     Overview of Credit Derivatives in the Context of the Broader Derivatives Market338

      III.    Legal/Regulatory Issues

      IV.    Documentation and Settlement

      V.     Representative Cases Involving CDS

      VI.    Conclusion

Chapter 21
AN OUTLOOK ON BRAZILIAN REAL ESTATE FUNDS AS VEHICLE TO REAL ESTATE INVESTMENT IN BRAZIL

Lúcio Feijó Lopes

      I.      Introduction

      II.     Concept

      III.    Formation

      IV.    The Charter Document or Regulamento

      V.     Management

      VI.    Shareholders' General Meeting

      VII. Assets

      VIII. Risk Factors

      IX.    Taxation

      X.     Liquidation

      XI.    Conclusion

Chapter 22
DUE DILIGENCE IN SECURITIES OFFERINGS BY INTERNATIONAL ISSUERS

Eduardo Vidal, Sofia Grafanaki-Fasouli & Alexis Alvarez

      I.      The Purpose of Due Diligence

      II.     Special Considerations for International Issuers

      III.    Timing

      IV.    Components of the Due Diligence Process

      V.     Due Diligence Considerations Specifically For Debt Offerings

      VI.    Conclusion

Chapter 23
PUBLIC-PRIVATE PARTNERSHIPS ("PPP") 
IN BRAZIL

Isabel C. Franco & Renato Poltronieri

      I.      Introduction

      II.     PPPs in the World

      III.    The Brazilian PPP Law

      IV.    Conclusion 

Chapter 24
GUARANTEES AND SECURITY INTEREST IN PROJECT FINANCE TRANSACTIONS FOR THE OIL AND GAS INDUSTRY IN BRAZIL

Ricardo E. Vieira Coelho

      I.      Project Finance under Brazilian Law

      II.     The Oil and Gas Basic Legal Framework

      III.    Priority of Credits in Brazil

      IV.    Guarantees and Security Interests under Brazilian Law

      V.     Fiduciary Property

      VI.    Debt vs. Risk: The Insurance Market in Brazil

      VII.  Subrogation

      VIII. Limitations Applicable to Petrobras

      IX.    Currency and Adjustment of Local Payment Obligations

      X.     Foreign Exchange Regulations

      XI.    Infrastructure Sharing

      XII. Step-In Rights

Chapter 25
PROJECT FINANCE AT PETROBRAS -HOW THE COMPANY MADE USE OF PROJECT FINANCE STRUCTURES TO OVERCOME ITS BIGGEST 
FINANCIAL CHALLENGES AND FEASIBLY DEVELOPED ITS BEST PROJECTS BETWEEN 1995 AND 2004

João Carlos M. Ferraz

      I.      Introduction

      II.     Macroeconomic Scenario

      III.    The Solution: Project Finance

      IV.    Critical Factors in the Success of Project Finance

      V.     Additional Motivators for Petrobras

      VI.    Main Benefits Obtained

      VII.  Benefits for the Country

      VIII. Conclusion

Chapter 26
RENEWABLE ENERGY AND GREEN TECHNOLOGY -- AN ANALYSIS OF OPPORTUNITIES BETWEEN THE UNITED STATES AND BRAZIL

Rafael Figueiredo & Rodney Alves

      I.      Introduction

      II.     Important Climate-Change and Energy Efficiency Laws in the United States: An Incentive to Look Abroad

      III.    Brazil's Energy Autonomy and Status under The Kyoto Protocol

      IV.    Specific Business Opportunities between The United States and Brazil for Renewable Energy Projects and Biofuels

Chapter 27
CHALLENGES AND OPPORTUNITIES FOR BRAZIL IN THE CARBON MARKETS -- THE UNRESOLVED ISSUE OF FOREST CONSERVATION

                                                                                                                                        
Rubén Kraiem                                                                                                                                                      

      I.      The International Context

      II.     Conclusion

Chapter 28
A GUIDELINE TO TRANSNATIONAL BANKRUPTCY AND THE NEW BRAZILIAN REORGANIZATION LAW

     Paulo Cezar Aragão & Laura Mendes Bumachar     

Chapter 29
THE APPLICATION OF THE NEW BRAZILIAN BANKRUPTCY LAW AND PROPOSED REFORMS: OUR EXPERIENCE IN THE ACQUISITION OF DISTRESSED ASSETS -THE VARIG CASE

Paulo Penalva Santos, Otto Eduardo Fonseca de Albuquerque Lobo & Daniel Kalansky

      I.      Introduction

      II.     The New Brazilian Bankruptcy Law -- Overview

      III.    The Judicial Recovery Procedure

      IV.    The Extrajudicial Recovery Procedure

      V.     The Falência Liquidation Procedure

      VI.    International Cases and ProposedReforms of the Law

      VII. Conclusion

Chapter 30
ARBITRATION IN BRAZIL ON CORPORATE MATTERS
 

Joaquim de Paiva Muniz

      I.      Outline of the Issue

      II.     Arbitration Clauses in By-Laws of Corporations

      III.    Arbitration Clauses in Articles of Association of Limited Liability Companies

      IV.    Enforceability of Choice of Burdensome Arbitration Venue in By-Laws and Articles of Association

      V.     Enforceability of Arbitration Clauses against Directors and Officers

      VI.    Arbitration Clauses in Shareholders' Agreements

      VII. Conclusion

 

Author Detail

About the Authors:

Marcos Rafael Flesch is a member of ABRASCA – the Brazilian Association of Publicly Held Companies. He is a Member of the Board of Fundação Visconde de Porto Seguro. His professional experience includes: founding Partner of the law firm Souza, Cescon Avedissian, Barrieu e Flesch; and Attorney with the law firms of Simpson Thacher & Bartlett and Brown & Wood.

Marina da Silva Prado is an Attorney with the law firm Souza, Cescon Avedissian, Barrieu e Flesch. Her fields of expertise are mergers and acquisitions, corporate law, capital markets, foreign investments, and contracts.

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