NEW LEGAL FRAMEWORK FOR FOREIGN EXCHANGE LAW

Considering the need to provide the foreign exchange market with greater flexibility, in particular to
carry out foreign exchange transactions, as well as to adjust to the operation of a free market for the
circulation of persons, goods and services harmonized with the regional integration process, Law no.
11/2009 of March 11 ("Old Foreign Exchange Law") was repealed and Law no. 28/2022 of December
29, 2022 ("New Foreign Exchange Law") was approved. The New Foreign Exchange Law became
effective 30 days after its publication, (on 28 January, 2023), and all entities and legal entities
covered must comply with it within 90 days of its entry into force (by 28 April, 2023).
In terms of content, the New Foreign Exchange Law preserves the general rules of the Old Foreign
Exchange Law, largely limiting itself to standardizing the law with other foreign exchange rules in
force (e.g. Notice 20/GBM/2017). The following innovations are noteworthy:

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