Brazil: Provisional measure to stimulate the capital markets




the Brazilian government has postponed the deadline for issuance of the Certificados de Recebiveis Imobiliarios (CRIs - mortgage backed securities) and infrastructure debentures from 31 December 2015 to 31 December 2020.

This is according to the official publication, on 10 July 2014, of Provisional Measure 651/14, aimed at stimulating the local capital markets.


CRIs and infrastructure debentures, which are eligible in Clearstream Banking1, were created to promote a specific funding structure for Brazilian companies and to encourage foreign funding of infrastructure projects in Brazil. As a major incentive, foreign investors in CRIs and infrastructure debentures who are not domiciled in a tax-haven country are exempt from withholding tax and Imposto Sobre Operações Financeiras (IOF tax – Financial Operation Tax) on foreign exchange inflows.

Further information

For details of CRIs and infrastructure debentures and the Brazilian market, please refer to the Creation Link Guide - Brazil.

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.


1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500 (CBF) and Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Register of Commerce and Companies under number B-9248 (CBL).