Brazilian Senate approves the AI Legal Framework
The approved text introduces substantial modifications to the initial draft of the Bill and remains subject to further amendments as deliberations progress in the House of Representatives.
New rules for foreign portfolio investment
On December 3, 2024, the Central Bank of Brazil (“BCB”) and the Brazilian Securities and Exchange Commission (“CVM”) released Joint Resolution No. 13 (“Joint Resolution 13”). This resolution enhances the regulations for foreign portfolio investments in the Brazilian financial and capital markets (“Portfolio Investment”).
ANPD opens consultation on the regulatory project of artificial intelligence and data protection
The National Data Protection Authority (“ANPD”) has initiated a public consultation to gather inputs from society regarding its regulatory project on Artificial Intelligence (“AI”) and data protection, considering the provisions of the Brazilian General Data Protection Law (“LGPD”).
LinkedIn will provide opt-out right related to Generative AI systems training
Recently, LinkedIn announced a significant change regarding the use of personal data of the users of the app. The update in question concerns the interaction between the use of personal data and Artificial Intelligence (“AI”) systems.
Introduction of additional Social Contribution on Net Profit (“CSLL”) rate, in alignment with OECD’s Pillar 2 initiative
On October 3rd, Provisional Measure 1,262 (“MP 1,262”, equivalent to an executive order) was enacted, introducing OECD’s Pillar 2 rules to the Brazilian tax system. Although it still needs to be approved and converted to Law, (if approved) no major changes are expected as it should not deviate from the OOECD’s GloBE rules model.
The Brazilian Data Protection Authority approves regulation on international data
The Brazilian Data Protection Authority (“ANPD”) published, on August 23, 2024, Resolution CD/ANPD No. 19/2024, which approved the new Regulation on International Transfer of Personal Data (“Regulation”). The Regulation details and sets specific obligations to enable the transfer of personal data by processing agents to other countries and international organizations, particularly the international transfer mechanisms listed in Article 33 of the Brazilian Data Protection Legislation (“LGPD”), which required regulation for full effectiveness.
Legal Framework for Low Carbon Hydrogen
The Brazilian National Low Carbon Hydrogen Policy was established on August 2, 2024, with the enactment of Law No. 14,948. The new legal framework regulates and creates regulatory, financial and tax incentives for the effective development of the hydrogen sector in Brazil.
Bill 2780/2024 establishes the National Strategic Minerals Policy
Strategic Minerals: Bill 2780/2024 proposes to establish the National Policy for Critical and Strategic Minerals (PNMCE) and the Brazilian Committee for Critical and Strategic Minerals (CMCE) to foster the sustainable use of critical and strategic minerals.
