Pró-Ética is an initiative developed by the Office of the Comptroller General (CGU) that seeks to encourage the voluntary adoption of compliance mechanisms and procedures by Brazilian and multinational companies, through public recognition of companies that are committed to implementing measures aimed at preventing, detecting and remediating corruption and fraud misconducts, as well as promoting an organizational culture of integrity. At the end of each edition of Pró-Ética, the companies approved in the evaluation are included in the list of Pró-Ética Companies and are publicly recognized by CGU, and the winners are entitled to use the Pró-Ética seal. In addition, CGU also publicly discloses examples of best compliance practices adopted by companies included in the list of Pró-Ética Companies.

CGU has recently published the report for the 2018-2019 edition of Pró-Ética, in which it presented data on the evaluation of compliance programs of the companies participating in that edition. Considering the evaluation results and the data presented in the report, CGU identified certain aspects of compliance programs that need improvement and special attention by companies, including: (i) conducting periodic risk analyzes that address integrity risks; (ii) development of periodic communication and training plans; (iii) compliance program should be focused on fostering an organizational culture based on ethics and integrity, and not only on mere legal compliance; (iv) existence of a continuous process of supervision and management of compliance risks presented by third parties, among others.

CGU’s recommendations offer a valuable parameter for Brazilian and multinational companies operating in Brazil to improve their compliance programs, and show Brazilian authorities’ expectations regarding the implementation and improvement of compliance programs in light of the challenges presented by the new business reality.

Applications for the program Empresa Pró-Ética 2020-2021 edition are open until January 29, 2021.

For additional information, please contact Saud Advogados.

Em Português

The Brazilian Central Bank published on August 29, 2017, Resolution N. 4,595, which establishes Compliance guidelines for financial institutions and credit unions.

The institutions subject to regulation by the Central Bank shall implement a compliance program no later than December 31 this year. Among other aspects, the Resolution establishes that:

  • )   The institutions shall assign appropriate personnel to perform compliance-related activities, with clear division of responsibilities of the individuals in order to avoid potential conflicts of interest, especially with the business areas;
  • )   Sufficient resources shall be allocated for the performance of compliance-related activities;
  • )   Measures shall be taken to guarantee the independency and adequate authority of the responsible for such activities; and
  • )   After the implementation of the policy, institutions shall keep available to the Central Bank the relevant documentation.

Institutions shall consider their nature, size, complexity, structure, risk profile and business model when implementing the compliance policy in order to ensure the effective management of their risk.

Click here for the full version of the Resolution.

For more information regarding Resolution 4,595 or other Compliance-related matters, please contact Salim Saud or Bernardo Viana.

Em Português

The wide-ranging investigation into Petrobras’ corruption scandal has reached a new level of urgency with the ongoing impeachment of President Rousseff and a change of government in Brazil.

In this webinar, we discuss:

  • The latest developments in the Car Wash investigation
  • The expected next steps in enforcement in Brazil and the roles of the US Department of Justice, US Securities and Exchange Commission and the UK Serious Fraud Office
  • How the operation may have impacted the impeachment proceeding of President Rousseff
  • The economic impacts of the investigation on the Brazilian economy and perspectives with the change of government

To view, click here.

 

RIO DE JANEIRO, April 7, 2016 – Attorney Salim Saud Neto announced today the founding of Saud Advogados, a new law firm based in Rio de Janeiro, Brazil. The firm will focus on anti-corruption enforcement and compliance, litigation and arbitration, as well as general business. As a first order of business, Saud Advogados has entered into a strategic cooperation agreement with US-based law firm Hughes Hubbard & Reed LLP, while remaining an independent law firm.

“Today, I am very excited to launch Saud Advogados and engage in the strategic cooperation agreement with Hughes Hubbard & Reed, a top international law firm,” said Salim Saud Neto. “Together, we will collaborate to provide local and international clients with seamless legal service of the highest quality.”

“Brazil has been an active and important area of the world for us and our clients for decades, and our clients will benefit from access to local capabilities on the ground there,” said Candace K. Beinecke, Chair of Hughes Hubbard. “We have worked with Salim for a number of years, and we know the tremendous value he can bring to clients in Brazil. When Salim decided to create Saud Advogados, we jumped at the opportunity to strengthen our ties.”

Saud Advogados will initially launch in Rio de Janeiro with four attorneys. The team possesses cross-border capabilities, with each member bilingual in Portuguese and English, and some fluent in Spanish, French, Italian and German.  All Saud Advogados’ attorneys are qualified to practice in Brazil and some are also qualified to practice in other jurisdictions. The team excels both in international and domestic work.

Hughes Hubbard has worked extensively with Salim Saud Neto and his team during the past decade. As part of this new strategic cooperation, Saud Advogados and Hughes Hubbard will collaborate closely on anti-corruption and international matters. The new agreement gives Hughes Hubbard’s clients direct access to local law capabilities in Brazil, and provides an international network of lawyers for Saud Advogados’ Brazilian clients. The two firms will remain independent, according to regulations.

About Saud Advogados

With offices in Rio de Janeiro, Saud Advogados assists local and international clients in several areas of law, from anti-corruption enforcement and compliance, to litigation and arbitration, as well as general business.  The team’s area of focus includes cross-border capabilities, with each member bilingual in Portuguese and English, and additional proficiencies in Spanish, French, Italian and German. Saud Advogados provides clients access to a US and global perspective through its strategic cooperation agreement with Hughes Hubbard & Reed, a New York-based international law firm. The firm routinely handles matters affecting every continent, and coordinates and advises on matters that involve multiple jurisdictions.

Em Português