Published on the last day 3rd, in the Federal Official Gazette, the Complementary Law No. 169 amends the Complementary Law No. 123 of 2006 in order to authorize the formation of joint (SGS) and counter-guarantee organizations.

The formation of a joint-guarantee organization, in the form of a joint-stock company, is hereby authorized to grant guarantee to its participating partners. Its acts will be filed with the Public Registry of Mercantile Companies and Related Activities.

According to Law No. 169, the negotiation between participating partners, of their shares in the respective joint venture company, is free, respecting the maximum interest that each partner can attain. The purpose of the joint and several guarantee agreement is to regulate the granting of the guarantee by the company to the participating partner, upon receipt of remuneration for the service rendered, and shall set forth the clauses necessary to fulfill the obligations of the beneficiary partner towards the company.

“The creation of these new corporate types aims, mainly, to facilitate the granting of credits to Micro and Small companies, expanding the guarantees that may be offered by these to their creditors. This initiative will certainly bring a new breath to the market and to new entrepreneurs, so as to possibly accelerate the Brazilian economy even further”, analyzes Bruno Zaroni.

The joint and counter-guarantee companies shall be part of the National Financial System and their constitution, organization and operation shall be disciplined by the National Monetary Council, subject to the provisions of this Supplementary Law.

Supplementary Law No. 169/2009, will be effective within 180 days from 12/03, date of publication of the standard.