INTERNATIONAL AGREEMENTS ENDORSED BY THE CVM BILATERAL AGREEMENTS (MOUS) MULTILATERAL AGREEMENTS THE IOSCO MULTILATERAL MEMORANDUM OF UNDERSTANDING       I. BILATERAL AGREEMENTS OR MEMORANDA OF UNDERSTANDING (MOUs) SIGNED WITH THE CVM   Click on the corresponding country or refer to the list below for further information     ARGENTINA Regulator: Comisión Nacional de Valores (CNV) Date of signature: December 17th, 1991 Authorities: Ary Oswaldo Mattos Filho, Chairman of the CVM Martín P. Redrado, Chairman of CNV Languages: Portuguese (click here to visualise) Spanish (click here to visualise)     AUSTRALIA Regulator: Australian Securities Commission (ASC) Currently Australian Securities and Investments Commission (ASIC) Date of signature: November 7th, 1997 Authorities: Francisco da Costa e Silva, Chairman of the CVM Alan Cameron, Chairman of ASC Languages: Portuguese (click here to visualise) English (click here to visualise)     BOLIVIA Regulator: Superintendencia Nacional de Valores de Bolívia (SNV) currently Superintendencia de Pensiones, Valores y Seguros (SPVS) Date of signature: November 20th, 1997 Authorities: Francisco da Costa e Silva, Chairman of the CVM Guido Pena Von Borries, Chairman of SNV Languages: Portuguese (click here to visualise) Spanish (click here to visualise)     CANADA (QUEBEC) Regulator: Commission des Valeurs Mobiliéres du Quebéc (CVMQ) Date of signature: March 23rd, 1998 Authorities: Francisco da Costa e Silva, Chairman of the CVM Jean Martel, Chairman of CVMQ Languages: Portuguese (click here to visualise) French (click here to visualise)     CAYMAN ISLANDS Regulator: Cayman Islands Monetary Authority Date of signature: February 24,th 2009(Published in the DOU on March 6th, 2009) Authorities: Maria Helena dos Santos Fernandes de Santana, Chairman of the CVM Cindy Scotland, CIMA's Managing Director Languages: Portuguese (click here to visualise) English (click here to visualise)     CHILE Regulator: Superintendencia Valores Y Seguros (SVS) Date of signature: June 21st, 1996 Authorities: Francisco da Costa e Silva, Chairman of the CVM Daniel Yarur Elsaca, Chairman of SVS Languages: Portuguese (click here to visualise) Spanish (click here to visualise)     CHINA Regulator: (China Securities Regulatory Commission - CSRC) Date of signature: November 13th, 1997 Authorities: Francisco da Costa e Silva, Chairman of the CVM Zhou Zhengqing, Chairman of CSRC Languages: Portuguese (click here to visualise) Chinese English (click here to visualise)     ECUADOR Regulator: Superintendencia de Compañias Date of signature: June 21st, 1996 Authorities: Francisco da Costa e Silva, Chairman of the CVM Juan Carlos Arízaga González, Chairman of Superintendencia de Compañias Languages: Portuguese (click here to visualise) Spanish (click here to visualise)     FRANCE Regulator: Commission des Opérations de Bourse (COB) Date of signature: October 10th, 1997 Authorities: Francisco da Costa e Silva, Chairman of the CVM Michel Prada, Chairman of COB Languages: Portuguese (click here to visualise) French (click here to visualise)     GERMANY Regulator: Bundesaufsichtammt für den Wertpapierhandel (BAWe) currently Bundesanstalt für Finanzdienstleistungsaufsicht (BAFi) Date of signature: May 26th, 1999 Authorities: Francisco da Costa e Silva, Chairman of the CVM Georg Wittich, Chairman of BAWe Languages: Portuguese (click here to visualise) German (click here to visualise) English (click here to visualise)     GREECE Regulator: Ellhnikh Dhmokratia Epitpoph Kefalaiagoras (Hellenic Capital Markets Commission) Date of signature: May 17th, 2000 Authorities: José Luis Osorio, Chairman of the CVM Stravos Thomadakis, Chairman of EDEK Languages: Portuguese (click here to visualise) Greek English (click here to visualise)     HONG KONG Regulator: Securities and Futures Commission (SFC) Date of signature: May 30th, 1997 Authorities: Francisco da Costa e Silva, Chairman of the CVM Anthony Neoh, Chairman of SFC Languages: Portuguese (click here to visualise) English (click here to visualise)     ISRAEL Regulator: (Israel Securities Authority) Date of signature: March 20th, 2006 Authorities: Marcelo Fernandez Trindade, Chairman of the CVM Moshe Tery, Chairman of the ISA Languages: Portuguese (click here to visualise) Hebraic (click here to visualise) English (click here to visualise)     ITALY Regulator: Commissione Nazionale per le Societá e la Borsa da Ita´lia - CONSOB Date of signature: March 6th, 1996 Authorities: Francisco da Costa e Silva, Chairman of the CVM Enzo Berlanda, Chairman of CONSOB Languages: Portuguese Italian English (obs: text not disclosed upon request of CONSOB)     LUXEMBOURG Regulator: Commission de Surveillance du Secteur Financier Date of signature: October 6th, 2000 Authorities: José Luis Osorio, Chairman of the CVM Jean Nicholas Schauss, Director General of CSSF Languages: Portuguese (click here to visualise) English (click here to visualise)     MALAYSIA Regulator: Suruhanjaya Sekuriti (Securities Commission (SEC)) Date of signature: November 7th, 1997 Authorities: Francisco da Costa e Silva, Chairman of the CVM Mohd Munir Abdul Majid, Chairman of SEC Languages: Portuguese (click here to visualise) English (click here to visualise)     MEXICO Regulator: Comisión Nacional Bancária y de Valores - CNBV Date of signature: November 16th, 1990 Authorities: Ary Mattos Filho, Chairman of the CVM Oscar Espinosa Villarreal, Chairman of CNBV Languages: Spanish (obs: text not disclosed upon request of CNBV)     PARAGUAY Regulator: Comisión Nacional de Valores - CNV Date of signature: November 24th, 1994 Authorities: Thomás Tosta de Sá, Chairman of the CVM Herman Velilla Garcia, Chairman of CNV Languages: Portuguese (click here to visualise) Spanish (click here to visualise)     PERU Regulator: Comisión Nacional Supervisora de Seguros y Valores (CONASEV) Date of signature: June 21st, 1996 Authorities: Francisco da Costa e Silva, Chairman of the CVM Alberto Yagui Tomona, Chairman of CONASEV Languages: Portuguese (click here to visualise) Spanish (click here to visualise)     PORTUGAL Regulator: Comissão do Mercado de Valores Mobiliários - CMVM Date of signature: July 7th, 1995 Authorities: Thomás Tosta de Sá, Chairman of the CVM Álvaro Cordeiro Dâmaso, Chairman of CMVM Languages: Portuguese (click here to visualise)     ROMANIA Regulator: Romanian National Securities Commission Date of signature: September 20, 2004 Authorities: Marcelo Fernandez Trindade, Chairman of the CVM Gabriela Anghelache, Chairman of CNVM Languages: Portuguese (click here to visualise) English (click here to visualise)     RUSSIA Regulator: Serviço Federal do Mercado Financeiro da Rússia (Federal Commission for the Securities Market of the Russian Federation – FFMS) Date of signature: May 12th, 2006 Authorities: Marcelo Fernandez Trindade, Chairman of the CVM Oleg Vyugin, Chairman of the FFMS Languages: Portuguese (click here to visualise) English (click here to visualise)     SINGAPURE Regulator: Monetary Authority of Singapore Date of signature: February 22nd, 2001 Authorities: José Luis Osorio, Chairman of the CVM Tharman Shanmugaratnam, Vice-diretor de Supervisão Financeira da MAS Languages: Portuguese (click here to visualise) English (click here to visualise)     SOUTH AFRICA Regulator: Financial Services Board (FSB) Date of signature: June 25th, 2001 Authorities: José Luiz Osorio, Chairman of the CVM J. van Rooyen, executive officer of FSB Languages: Portuguese (click here to visualise) English (click here to visualise)     SPAIN Regulator: Comisión Nacional del Mercado de Valores - CNMV Date of signature: March 12th, 1996 Authorities: Francisco da Costa e Silva, Chairman of the CVM Luis Carlos Croissier Batista, Chairman of CNMV Languages: Portuguese (click here to visualise) Spanish (click here to visualise)     TAIWAN Regulator: (Securities and Futures Commission) Date of signature: November 7th, 1997 Authorities: Francisco da Costa e Silva, Chairman of the CVM Daung-yen Lu, Chairman of SEC Languages: Portuguese (click here to visualise) English (click here to visualise)     THAILAND Regulator: (Securities and Exchange Commission - SEC) Date of signature: November 31st, 1997 Authorities: Francisco da Costa e Silva, Chairman of the CVM Pakorn Malakul Na Ayudhya, Presidente SEC Languages: English (click here to visualise)     UNITED STATES OF AMERICA Regulator: Securitites and Exchange Commission (SEC) Date of signature: June 1st, 1988 Authorities: Arnoldo Wald, Chairman of the CVM David S. Ruder, Chairman of the SEC Languages: English (click here to visualise) Regulator: Commodity Futures Trading Commission - CFTC Date of signature: April 12th, 1991 Authorities: Ary Oswaldo Mattos Filho, Chairman of the CVM Wendy L. Gramm, Chairman of CFTC Languages: English (click here to visualise)     What is an MOU? MOU or Memorandum of Understanding in an agreement signed between securities regulators worldwide to promote cooperation and exchange of information. It varies in nature from the interchange of public information (aspects of regulation, data on companies) to the exchange of confidential information for investigative purposes. The CVM has been making efforts to increase the number of such agreements, as the growth of cross-border securities transactions provokes a growing need to develop ties with authorities elsewhere in order to ensure an adequate level of protection for investors and preserve the integrity of markets.     Legal Base The following are free translations of the legal texts that empower the CVM to sign the MOUs:   Constitutional Complimentary Law 105/01: 2nd Article(...) Paragraph 4. The Banco Central do Brasil and the Comissão de Valores Mobiliários, may sign agreements, according to their authorities: (...) II - with central banks or foreign supervisory entities, regardingo: a) supervising branches and subsidiaries of foreign financial entities, when operating in Brazil, as well as Brazilian branches and subdidiaries of financial institutions functioning abroad; b) mutual cooperation and exchange of information in order to investigate activities or operations regarding investment, trading, hiding ou transfering of financial assets and securities related to ilicit transactions. Law 6385/76 (as ammended by Law no. 10303/01) 10th Article. The Comissão de Valores Mobiliários may sign agreements with similar entities in other countries, or with international entities, for assistance and cooperation in the investigations related to the breach of regulations pertaining to the securities market occurring in Brazil and abroad. Paragraph 1 The Comissão de Valores Mobiliários may refure to provide the assistance refered in the "caput" when there is public interest to be protected. Paragraph 2 This article applies also to the information that are protected by secrecy under legal provisions. The CVM's By-laws (Portaria MF 327/77) 10th Article. Pursuant to the dispositions of the Law n. 6.385, of December 7, 1976, THE CVM shall, within its authority: (...) VIII - establish relationship with any public or private legal entity, in Brazil or abroad, in order to exchange experience and information, as well as signing agreements.     The Basic Structure of an MOU: A Memorandum of Understanding is normally structured in the following way:   Introduction Description of the agencies which are signing the M.O.U. Definitions Glossary of terms used Principles Basic principles behind the M.O.U. Purpose Circumstances in which the M.O.U. may be used Requests for assistance or information Formal aspects of a request Unsolicited information Exchange of information without a M.O.U. (normally public information) Permitted use of information Defines the purposes for which the information will be used Confidentiality Prohibition on the disclosure of non-public information to third-parties Costs of investigation and assistance Possibility of charging for the costs of obtaining information, when they are substantial Buration In normal circumstances, comes into force on signing and is valid for an indefinite period of time Contact persons Persons to contact when a request relating to an M.O.U. is made   Click here for the list of countries with which the CVM has signed MOUs and to obtain the respective texts   II. MULTILATERAL AGREEMENTS ENDORSED BY THE CVM   Windsor Declaration (1995): The CVM has signed this Declaration, endorsed by the regulators of 16 countries, responsible for the supervision of the main derivatives markets of the world. These regulators have met in Windsor (United Kingdom), in May 1995 in order to evaluate the consequences of the increasing cross-border activities of the international derivatives markets. As result, the regulators issued the Windsor Declaration, which looks forward to international cooperation and the exchange of information between regulators to improve the standards of regulation and monitoring on futures markets, which in turn can minimize risk and help provide more protection to the investor. Boca Raton Declaration (1996): The CVM has also endorsed the Declaration of Boca Raton (Declaration on cooperation and supervision of international futures markets and clearing organizations). This is a declaration to be considered in parallel with a Memorandum of Understanding signed by more than 50 futures exchanges worldwide, in which the regulators endorse the memorandum, whose purpose is to facilitate and reinforce the exchange of information between the signatories. Regulators from the following countries signed: Australia, Austria, Brazil, Canada, Denmark, Eire, England, France, Germany, Holland, Hong Kong, Hungary, Ireland, Malaysia, Portugal, Singapore, South Africa, Spain, Sweden, and the United States of America.   III. THE IOSCO MULTILATERAL MEMORANDUM OF UNDERSTANDING   Text of the IOSCO MMoU: English Spanish List of Signatories to the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange Of Information:   Member Agency Date of Formal Signing Alberta Securities Commission (SC), Alberta November 10, 2003 Australian Securities and Investments Commission (ASIC), Australia October 8, 2002 Central Bank of Bahrain (CBB), Bahrain, Kingdom of February 12, 2008 Banking, Finance And Insurance Commission, Belgium April 3, 2005 Bermuda Monetary Authority, Bermuda 7 June, 2007 British Columbia Securities Commission (BCSC), British Columbia November 10, 2003 Financial Services Commission of the British Virgin Islands, British Virgin Islands 21 May, 2007 China Securities Regulatory Commission, China May 29, 2007 Czech National Bank, Czech Republic March 29, 2007 Denmark Financial Supervisory Authority (Finanstilsynet), Denmark August 17, 2006 Dubai Financial Services Authority (DFSA), Dubai July 3, 2006 Financial Supervision Authority, Finland November 22, 2007 Autorité des Marchés Financiers, France February 19, 2003 Bundesanstalt für Finanzdienstleistungaufsicht (BAFin), Germany November 5, 2003 Capital Market Commission (CMC), Greece October 18, 2002 Guernsey Financial Services Commission (FSC), Guernsey February 25, 2009 Securities and Futures Commission, Hong Kong March 3, 2003 Hungarian Financial Supervisory Authority, Hungary July 9, 2003 Securities and Exchange Board of India (SEBI), India April 22, 2003 Financial Supervision Commission, Isle of Man October 21, 2005 Israel Securities Authority (ISA), Israel July 2, 2006 Commissione Nazionale per le Società e la Borsa, Italy September 15, 2003 Financial Services Agency (FSA), Japan February 19, 2008 Jersey Financial Services Commission (FSC), Jersey March 6, 2003 Jordan Securities Commission (JSC), Jordan February 13, 2008 Capital Markets Authority of the Republic of Kenya (CMA), Kenya February 27, 2009 Lithuanian Securities Commission, Lithuania July 15, 2003 Commission de surveillance du secteur financier of Luxembourg, Luxembourg May 8, 2007 Securities Commission of Malaysia, Malaysia May 7, 2007 Malta Financial Services Authority (MFSA), Malta March 9, 2006 Comision Nacional Bancaria Y De Valores (CNBV), Mexico March 14, 2003 Montenegro Securities Commission (MSC), Montenegro February 25, 2009 Conseil Déontologique des Valeurs Mobilières (CDVM), Morocco December 10, 2007 The Netherlands Authority for the Financial Markets (AFM), Netherlands, The November 22, 2007 Securities Commission of New Zealand (SC), New Zealand December 1, 2003 Securities and Exchange Commission of Nigeria (NSEC), Nigeria June 8, 2006 The Financial Supervisory Authority of Norway (Kredittilsynet), Norway December 11, 2006 Ontario Securities Commission (OSC), Ontario October 23, 2002 Polish Securities and Exchange Commission (PSEC), Poland November 4, 2003 Comissão do Mercado de Valores Mobiliários (CMVM), Portugal November 4, 2002 Autorité des Marchés Financiers, Québec December 17, 2002 Romanian National Securities Commission, Romania November 04, 2008 Monetary Authority of Singapore, Singapore November 17, 2005 The National Bank of Slovakia, Slovak Republic June 17, 2004 Financial Services Board (FSB), South Africa March 18, 2003 Comisión Nacional del Mercado de Valores (CNMV), Spain March 24, 2003 Securities and Exchange Commission, Sri Lanka March 31, 2004 Securities and Exchange Commission of Thailand (SEC), Thailand June 19, 2008 Capital Markets Board (CMB), Turkey November 14, 2002 Financial Services Authority (FSA), United Kingdom March 10, 2003 Commodity Futures Trading Commission (CFTC), United States of America December 19, 2002 Securities and Exchange Commission (SEC), United States of America November 19, 2002     E-mail: intl@cvm.gov.br