General information
Brazilian Depositary Receipts, or BDRs, are deposit certificates of securities traded in the B3 issued by a listed company headquartered overseas. Considering that the issuer company is not registered in Brazil, Itaú, as a depositary institution, is responsible for the program and its registration with CVM (Brazilian Securities and Exchange Commission).
BDRs allow investors to access foreign markets in a simple and practical way, and to receive proceeds in local currency. These securities may be a new form of funding for issuers.
There are two kinds of BDRs:
- Sponsored;
- Unsponsored.
Recommended for:
- Foreign listed companies
Biggest depositary
Itaú is the biggest depositary bank by number of sponsored programs.
Specialized team
We have one of the best teams in the market with expertise in Investment Services.
Outstanding service
We always seek the highest quality in customer service.
|
Unsponsored BDRs are deposit certificates of securities issued in Brazil that represent assets issued by listed companies headquartered overseas. Only those listed below may invest in unsponsored BDRs:
Note: Please check the risks of the Unsponsored BDR product in the program’s Operational Description. |
See unsponsored programs
|
Sponsored BDRs are offered by companies headquartered abroad and with a maximum of 50% of their assets located in Brazil, which sponsor the availability of their securities for trading in the Brazilian market.
Level I
The foreign issuer hires Itaú as the depositary of receipts in Brazil. Only individual or corporate investors with financial investments over R$ 1 MM, qualified investors, financial institutions, investment funds, closed complementary pension entities, portfolio administrators, securities consultants authorized by CVM in regards to their own financial resource and employees of the sponsoring company or of a company that is part of the same economic group are allowed to invest on this level.
|
Levels II and III
The foreign issuing company hires Itaú as the depositary of receipts in Brazil. The bank will execute the launching of the program, its registration with CVM and listing at B3.
Any individual or company may invest in BDRs classified as Levels II and III.
Issuers companies of BDRs classified as Level III may raise funds in Brazil through a public offering. |
|
Basic legislation
Custody contract
|
Manuals
*All the PDF documents are in Portuguese |
