Following the release of the inaugural standards of the International Sustainability Standards Board (ISSB) — IFRS S1 and IFRS S2 — the Securities and Exchange Commission of Brazil (CVM) released the first delivery of what it calls the CVM’s Sustainable Finance Action Plan: CVM Resolution 193, which deals with the preparation and disclosure by publicly traded companies, securitization companies and investment funds of financial information reports related to sustainability.
By means of Resolution No. 198/2023, published in the official gazette on 18 October 2023, the Agency of Access to Public Information (AAIP) approved the model contractual clauses included in the Implementation Guide of Model Contractual Clauses for International Personal Data Transfers of the Ibero-American Data Protection Network (MCC and IADPN, respectively).
By means of Resolution No. 44/2023, the Chief of Cabinet of Ministers: (i) approved the Second National Cybersecurity Strategy; (ii) created the Cybersecurity Management and Cooperation Unit; and (iii) established the functions of the Executive Unit of the National Cybersecurity Committee.
On 21 September 2023, Law no. 14,689/2023 was enacted as a result of the sanction, with vetoes, by the Vice-President of the No. 2,384/2023, with the purpose of disciplining the proclamation of judgment results in the event of a tie vote within the scope of the Administrative Council of Tax Appeals (CARF), among other measures connected to tax litigation and the transaction in the collection of credits by the Federal Treasury.
Pursuant to the Organic Law of Special Economic Zones, the National Executive issued on 10 August 2023 Decree Nos. 4,838; 4,839; 4,840; and 4,841. The Decrees create the Special Economic Zone (SEZ) of the Federal Dependency La Tortuga Island, adapt the Special Military Economic Zone No. 1 of the State of Aragua and SEZ of Peninsula Paraguaná of the state of Falcón, and create the SEZ of the State of La Guaira, respectively.
Through Resolution No. 161/2023, published in the official gazette on 4 September 2023, the Agency for Access to Public Information (AAIP) created the Program for Transparency and Protection of Personal Data in the Use of Artificial Intelligence and entrusted its execution, monitoring and evaluation to the National Directorates of Evaluation of Transparency Policies and Protection of Personal Data.
By Decree 433/2023 and General Resolution No. 5414/2023 of the Federal Tax Administration, new benefits were established until 31 October 2023 for companies that enter into price agreements — or adjust the existing ones — with the Secretary of Commerce.
On 31 August 2023, the Financial Information Unit (UIF, for its Spanish acronym) issued Resolution UIF No. 169/2023, by which new guidelines were established for the management of money laundering and terrorist financing risks and minimum compliance for obliged entities of the sector (companies that carry out capitalization and savings operations) in order to manage procedures of control for risks generated by possible money laundering and terrorist financing actions by third parties. The Resolution will become effective on 1 November 2023.
As the constant changes in the region can affect companies’ operations, for effective decision making, it is vital to have updated information about the employment landscape in each of the jurisdictions.
In this quick overview, the Employment & Compensation group presents the main recent regulatory developments in Latin America, highlighting critical issues to consider.
On 30 August 2023 Bill No. 2,384/2023 was approved, with the purpose of disciplining the proclamation of judgment results in the event of a tie vote within the scope of the Administrative Council of Tax Appeals (CARF), among other measures connected to tax litigation and the transaction in the collection of credits by the Federal Treasury.