“On December 01, 2011, the Brazilian Monetary Council (Conselho Monetário Nacional– “CMN”)published Resolution No. 4033,of November 30, 2011(“CMN Resolution No. 4033/11”), which revokes CMN Resolution No. 3,443 of February 28, 2007 (“CMN Resolution No. 3443/07”)and allows banks authorized to operate in the foreign exchange market, with a minimum net worth of R$ 5 billion, to use funds raised in foreign (“FX”) markets to extend credit abroad, among other provisions.”
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