Following Provisional Measure (“Medida Provisória”) n. 714/2016 recently enacted by the Brazilian government, which increased the limit on foreign voting capital in domestic airline and air service companies from the current 20% to 49% the National and also allowed foreign individuals to act as officers or managers to Brazilian airlines and air service companies, the Civil Aviation Agency (“ANAC”) issued Resolution n. 377/2016 on March 15, 2016 in order to change its internal procedures on the approval of corporate documents from Brazilian airlines and air service companies.
Prior to Resolution 377/2016, the by-laws and any subsequent amendment needed to be first reviewed and approved by ANAC before having these documents filed with the Commerce Registry. However, from now on, the by-laws and only amendments reflecting changes on the corporate structure, mergers, divisions or acquisitions must be first analyzed by ANAC. Once the terms are approved by ANAC, the Brazilian airline or the air service company may file those documents with the Commerce Registry.
Any other amendment to the by-laws of Brazilian airlines and air service companies may be filed with the Commerce Registry directly. ANAC must receive a copy of the amendment once it has been registered by the Commerce Registry just for its records. Such copy must be submitted to ANAC within 30 days after the Commerce Registry completes the registration of the amendment to the by-laws.
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This article is intended exclusively to provide information and does not contain any opinion, recommendation or legal advice from Felsberg Advogados in relation to the issues addressed.