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Securities Exchange Act of 1934
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Re: |
Compliance with Rule 10A-3 by Brazilian Foreign Private Issuers |
Dear Messrs. Grabar, Mendes de Oliveira, Ericson and Calheiros:
We are responding to your request dated October 30, 2018. Unless otherwise noted, terms used in this letter have the same meaning as in your request.
Based on the facts and representations in your letter, the Division's views are as follows. For purposes of Exchange Act Rule 10A-3(c)(3)(ii)(B), we concur in your view that, under the circumstances described in your letter, an audit committee with mixed composition at a dual-listed Brazilian foreign private issuer is "required under home country legal or listing requirements" to be composed of one or more members of the board of directors and one or more members that are not also members of the board of directors. In reaching this position, we note that you have relied on an opinion of law as to the legally binding nature of the provisions of an issuer's estatuto social (bylaws) and that your request is limited to dual-listed Brazilian foreign private issuers that:
This position is based on the representations made to the Division in your request. Any different facts, representations or conditions might require the Division to reach a different conclusion.
Sincerely,
Michael Coco
Chief, Office of International Corporate Finance
Division of Corporation Finance
The Incoming Letter is in Acrobat format.
http://www.sec.gov/divisions/corpfin/cf-noaction/2017/noridian-mutual-insurance-company-102418-2a1.htm
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