Through Order No. 11/21, of 23 December 2021, BNA has defined new procedures for foreign exchange operations relating to external investment by foreign exchange non-residents, notably (i) foreign investment in unlisted entities, including the acquisition of shares, share capital increase and shareholders loans; (ii) foreign investment in securities and derivative instruments; (iii) any disinvestment in such assets; and (iv) repatriation of the proceeds of such investments.

This order entered into force on the date of its publication and revoked BNA’s Order No. 15/19, of 20 December 2019.

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