ANNOUNCEMENT 25 Jul 2016
The Brazilian Government decreased the foreign ownership limit on airlines and re-established some local labor requirements.
NUMBER OF INTERVENTIONS
Presidency of Brazil. Presidência de la República. Lei Nº 13.319 de 25 de Julho de 2016. Available at: http://www.planalto.gov.br/ccivil_03/_Ato2015-2018/2016/Lei/L13319.htm
On July 25, 2016, when PM 714 was to be converted into Law 13,319, the Brazilian President vetoed the increase on the foreign ownership limit setting it again on 20%. The previous limit had been set at 49%.
When the Brazilian Government issued Law 13,319 on July 25, 2016, they eliminated article 5 from PM 714, setting again the requirement that directors of airlines have to be exclusively Brazilian nationals.