If you’ve been following business news, especially foreign business news, you’re probably well aware that the tides have turned for Brazil’s once struggling economy. The country, once beset by a prolonged recession is by all accounts regaining its economic footing. In fact, since 2016, the country has increased spending to help further lift Brazil out of the recession, which includes reducing interest rates to help spur economic growth. With that being said, Brazil has also introduced a new law called resolution 4,595/1964; if you’re unfamiliar with the resolution, it governs financial institutions and aims to establish uniformity amongst the country’s banks. What does this mean, exactly? Well, resolution 4,595/1964 will be the new guideline that all financial institutions must adhere to when it comes to licensing, foreign investments, and liquidity. The resolution, which went into effect August of 2017, will also play a role in any legislative changes made by the Brazilian Central Bank and the National Monetary Council.
Many people, including Brazilian attorney Bruno Fagali, are in favor or resolution 4,595/1964. Why? Well, it creates unprecedented uniformity, especially relating to the code of conduct that financial institutions are expected to follow, which coincidentally, reduces incidences of abuse of power amongst high-ranking bank officials. Attorney Bruno Fagali believes that these changes will also serve to make financial institution much more efficient. If you haven’t heard of Bruno Fagali, he is one of Brazil’s most prominent attorneys, as well as Founder and CEO, of Fagali Advocacy (a boutique law firm). The law firm prides themselves on their proficiency in key areas like anti-corruption, compliance, and public law.
Bruno Fagali began his career as an ambitious law student, who worked several internships while still pursuing a Master’s degree at the University of Sao Paulo. After graduating college with a Master’s in Administrative Law, and having already fulfilled his internship requirements, Fagali launched his own firm, aptly named Fagali Advocacy. In light of his background, it should come as no surprise that Fagali would champion resolution 4,595/1964; after all, it is a law rooted in compliance, which is one of the hallmarks of his law firm.
Find more about Bruno Fagali: http://www.comunique-se.com.br/release.aspx?title=bruno-fagali-da-agencia-novasb-fala-sobre-o-premio-pro-etica-organizado-pela-cgu-e-pelo-instituto-ethos&releaseid=128648&partnerid=11&