BDR - Brazilian Depositary Receipt

Unsponsored BDR

About Unsponsored BDR

Foreign companies based abroad who are issuers of Brazilian Depositary Receipts (BDRs) securities are not registered with the Brazilian Securities and Exchange Commission (CVM) and B3 and, therefore, are not subject to the regulations and supervision of both entities. For this reason, the information disclosed by those companies will be available on B3’s website and B3 shall not be held responsible for the disclosure of such information, nor for any failure to access it.

 

The BDR program shall not be considered a public offering of either BDRs or underlying assets, whether in Brazil, the United States or in any other jurisdiction.

 

Furthermore, BDRs are not registered with the Securities and Exchange Commission, pursuant to the U.S. Securities Act of 1933, as amended.

Who can purchase BDRs?

The acquisition of BDRs will be allowed to investors, as defined in current regulations, published by CVM. The intermediary institutions must, as a condition of BDRs acquisition, prove the investor's framework and the compatibility of the investment.
 

Without prejudice to the above, BDRs may be acquired by investors not resident in Brazil, provided that they meet the registration requirements foreseen in the applicable regulations.
 

In the period between the Ex-date and the Record date, the books will be closed for issuance and cancellation processes.