Glossary · Brazil
Instrução CVM 88
Definition
A CVM rule that authorizes licensed crowdfunding platforms to host secondary trading of securities originally issued through crowdfunding — a small but real regulated venue for secondary transactions in Brazil.
Why it matters for a secondary
It's the one place Brazilian secondaries touch a formal regulatory venue at all; every other private transfer happens off-platform, negotiated directly between the parties.
Frequently asked questions
Does this term apply the same way everywhere in Latin America?
No. Each country in this glossary has its own regulator, corporate forms, and tax rules — this term is specific to the country tagged above. Check the linked country page for the fuller picture.
Is this legal or tax advice?
No. This is orientation for investors and allocators, not legal or tax advice. Confirm current rules with a licensed adviser in the relevant country before acting on anything here.