Alexei Bonamin Marcus Vinicius Fonseca On September 5 2013, the Brazilian National Monetary Council enacted Resolution 4,263, which finally regulated structured operations certificates (certificado de operações estruturadas) or COEs. Similar to a structured note, COEs are already used by banks in other countries, which allows the combination of different investment structures, such as fixed-income and variable-income, in one instrument. The COE was created in 2010 together with financial bills (letras financeiras) by the Provisional Measure (Medida Provisória) of December 15 2009, (converted into Law 12,249 of June 11 2010), to be a fundraising alternative for banks established in Brazil.
September 22, 2013