Brazil focus: Drawing a crowd

On August 8, 2016 the Securities and Exchange Commission of Brazil (CVM) published the Notice of Public Hearing SDM 06/2016 to gather comments and suggestions from attorneys, executives and investors on a regulation draft that will govern investment-based crowdfunding. The applicable regulation, which will be effective at the end of November 2016, will be the first one on crowdfunding, which is a fast-growing method of raising funds in Brazil to promote innovation and cultural and artistic projects.