The central bank's circular 2.785 of November 27 1997 limited the total amount of margins and premiums paid by foreign capital vehicles to 5% (or 20% or 50%) of their respective net assets, when equivalent total investments in derivatives are the same as (or up to three or more than three times) their net assets.
Employee Stock Option Plan (ESOP)
Multinational groups with subsidiaries in Brazil now have another alternative for including their Brazilian employees in their international ESOPs. The central bank's circular 2.974 of December 17 1997 eliminated some exchange restrictions to allow international transfers of foreign currency, so that employees of Brazilian subsidiaries can acquire shares of the parent company abroad.
Eliana Maria Filippozzi
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