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PEC 12 – Latest Developments

12/10/09 The Constitutional Amendment EC62/09 is published and becomes law

12/3/09 Last night the Senate approved the PEC as received from the Chamber. Today the Brazilian Bar announces that it plans to challenge the bill before the Supreme Court. [more…]

11/4/09 The PEC was approved by the full house of the Chamber in the first vote. It will now go back to the Special Committee to be prepared for the second and final vote. If approved, it will then go back to the Senate. [more]

10/27/09 The Special Committee has approved the report by the rapporteur Eduardo Cunha. The proposal maintains the reverse auctions for up to 50% of the payments. The report has to be approved by the full Chamber of Deputies.

9/24/09 The PEC351/09 has been rapidly moving along its procedural path in the Chamber of Deputies. It has been approved in the Constitutionality Committee and now the Special Committee has been instituted to issue a recommendation. The rapporteur of the Special Committee will be the same Eduardo Cunha of the Constitutionality Committee, who should create a continuity in this process. The next public audience has already been scheduled for October 6. This will be the next noteworthy event.

6/30/09 President Lula approves Law 11,960 which effectively changes the interest on precatórios from 6% plus inflation to the same rate as the “savings account” (caderneta de poupança) …more

6/3/09 Rapporteur of the Justice Committee will propose changes to PEC351/09  …more

6/1/09 The first Public Hearing on PEC351/09 will occur at the Chamber of Deputies on 6/3/09  …more

5/19/09 Last night a new Constitutional Amendment (PEC 366/09) was submitted to the Chamber of Deputies to regulate a Special Payment Regime for State and Municipal Precatórios. It will be attached to PEC 351/09. …more

5/14/09 Debate in NY with the international financial community on the PEC impact on Creditor Rights and the implications for Brazil’s Image as an Investment destination …more

5/12/09 Deputy Eduardo Cunha (PMDB/RJ), rappourteur of PEC 351/09 (PEC of Precatórios), presented a request at the Committee of Constitutionality and Justice (CCJC) of the Chamber of Deputies, Request # 97/09 with the objective to discuss the Constitutional Amendment Proposal …more

4/14/09 PEC12/06 as approved by the Senate is received at the Chamber of Deputies and is designated as PEC351/09 at the Chamber

4/1/09 After two and half years at the Senate, the PEC 12/06 is approved at the Senate and sent to the Chamber of Deputies for further analysis

The full text of the PEC12/06 can be found here: Text of PEC12/06

Here you can find a research paper analyzing the legal and economic implications of the PEC12, as presented, including the effect its clauses have on the credibility and image of Brazil as an investment destination: Analysis of PEC12/06

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