The Yellow Wallpaper – Charlotte Perkins Gilman

“The Yellow Wallpaper”, by Charlotte Perkins Gilman, tells the story of a fragile woman, taken to a farm by her husband, a doctor, in a way that should work as a healing retreat. Even though it seems like the perfect destination for her emotional recovery, the room where the couple settles is covered by a mysterious yellow wallpaper. Prohibited to do any form of mental or physical effort, the narrator gets obsessed by the patterns of the wallpaper. The book was published in 1892 and for many years was considered a horror story. However, considering from the author’s background and the depth of her text, it is today considered a classic in feminist literature.

BRAZILIAN SECURITIES AND EXCHANGE COMISSION PROHIBITS DIRECT ACQUISITION OF CRYPTOCURRENCY BY LOCAL INVESTMENT FUNDS

In view of the intense repercussion of digital economy and new financial technologies on the securities market, on January 12, 2018, the Investor’s Relations Superintendence of the Brazilian Securities and Exchange Commission“CVM”) issued Circular Letter No. 1/2018 establishing that Cryptocurrencies are not financial assets, as they do not qualify under the definition of article 2, V of CVM Instruction 555/2014 and, therefore, cryptocurrencies may not be acquired by investment funds regulated by such Instruction.
In addition, CVM clarified that it is still evaluating the possibility of Brazilian funds making indirect investments in cryptocurrency, that is, acquisition of derivatives and/or investments in other vehicles that hold cryptocurrency in their portfolios, incorporated in jurisdictions where investments in cryptocurrency is admitted.
Thus, CVM recommends that managers of investment funds await until CVM takes a decision on the matter before acquiring assets that have exposure to Bitcoin, Ethereum, Ripple, Litecoin, Monero and similar.
Candido Martins Advogados is following the developments on this subject and is available for any clarification.

TAX AMNESTY PROGRAM ESTABLISHED BY 12.865/2013: CONSOLIDATION BY GENERAL ATTORNEYS OFFICE

On 02.02.2018, the General Attorneys’ OfficeProcuradoria Geral da Fazenda Nacional – “PGFN”) issued Ordinance No. 31, providing for the consolidation of the tax amnesty program established by Law No. 11,941/2009, pursuant to the reopening granted by the article 17 of the Law No. 12,865 / 2013.
The consolidation must be made on the website of the Federal Revenue Service”RFB”) on the Internethttp://rfb.gov.br) until 28.02.2018.
One of the highlights is the concession of a period of five years as from the consolidation for the RFB to analyze the amounts of tax loss and negative basis used to offset debts under the tax amnesty program.
Another innovation is the possibility of presenting a manifestation of nonconformity, with suspensive effect, in the event of nonrecognition of tax loss or negative basis credits, provided that the disallowance of credits has not occurred through notice of infraction.
The debts deposited in Court can only be included in the consolidation after the determination of the remaining balance not settled by the conversion into Federal Government income. For those who have not yet done so, it is also necessary to withdraw of all pending lawsuits regarding the consolidated debts until the last business day of the month subsequent to the consolidation.
In the cases of legal entities extinguished by incorporation, merger or spin-off before to the adhesion to the tax amnesty program, the installment will be canceled and the respective debts may be consolidated by the successor legal entity if such company has made the adhesion to the tax amnesty program. With regard to legal entities that were extinguished after the adhesion, the consolidation must be carried out by the successor even though it has not adhered to the tax amnesty program.
Candido Martins is available for any clarification required.

Submission of the Statement of Brazilian Funds located Overseas is opened

Submission of the Brazilian Central Bank’s 2018 Statement of Brazilian Funds located Overseas“DCBE”) has been opened on February 5th, 2018. The deadline to submit the DCBE is April, 5th, 2018.
All individuals and legal entities resident, domiciled or headquartered in Brazil that holds assets and rights overseas in an amount equal to or greater than US$ 100,000.00one hundred thousand US Dollars) are obliged to submit the DCBE.
If the assets and rights located overseas are equal or greater than US$ 100,000,000.00one hundred million US dollars), DCBE must be filled quarterly with the Brazilian Central Bank.
A fine imposed by the Central Bank of Brazil may apply in the cases of submission of DCBE made after the deadline, submissions with error or vice, or failure to submit the statement.
Candido Martins is available for any clarification required.

Brazilian Central Bank’s Economic and Financial Statement

Pursuant to Brazilian Central Bank’s Manual, every quarter, Brazilian companies with foreign shareholders that have total assets or net worth equal to or higher than R$250 million on March 31, June 30, September 30 and December 31, must file an Economic and Financial Statement“Statement”) with the Central Bank.
Companies that registered total assets or net worth lower than that amount in the relevant quarter must only file their current corporate chart with Central Bank.
With respect to the quarter ended on December 31, 2017, the dead-line to submit the Statement is March 31, 2018.
Candido Martins Advogados is at your disposal for further clarifications.