A PYMNTS Company

Brazil: Stock exchange fined $641 million on past merger

By  |  April 7, 2015

Brazil’s BM&F Bovespa, the operator of Latin America’s biggest securities exchange has been fined $641 million by the federal revenue service for booking goodwill amortisation in 2010 and 2011 related to a 2008 merger, according to a Thursday filing.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The revenue service is questioning accounting relating to the 2008 merger of the Bovespa and BM&F exchanges. It had already fined the exchange for allegedly incorrectly reducing its tax payments with goodwill amortizations in 2008 and 2009.

    BM&FBovespa also announced last week that they had bought a stake in Chile’s Bolsa de Comercio de Santiago as part of an plan to expand business in the region.

    Full content: Reuters

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.