OREANDA-NEWS. June 21, 2011. BM&FBOVESPA begins the process of changing the Market Arbitration Chamber (CAM) rulebook this week. The proposed revision has already been put before all of the companies listed on the Novo Mercado and Level 2, which are differentiated corporate governance levels that require, among other things, conflict resolution via CAM.

The next step will be to hold two seminars for companies to discuss the proposed changes. The seminars are scheduled to take place this month, in Sao Paulo (June 21) and Rio de Janeiro (June 29). After the debate and the companies’ initial evaluations, the proposal will be submitted to closed hearings throughout the rest of July, so that the firms can present their considerations and vote on the suggested changes. The final proposal should come into effect in the middle of August, soon after submission to and approval by the BM&FBOVESPA Board of Directors.

CAM was founded in July 2001 as a special environment to resolve corporate, contractual or capital market conflicts, generally among companies listed on the Novo Mercado and Level 2. CAM has tracked the transformations and maturing of arbitration practices in Brazil over the past ten years. The latest revision seeks to consolidate an environment that favors dynamism and greater use of the CAM by individuals and companies linked to it through the Exchange’s special trading segments. It also seeks to attract all the rest of those who wish to opt for voluntary arbitration.

The process began with the establishment of a working group made up of members of the CAM body of arbitrators and of lawyers with well-known experience in the field of arbitration. This team drew up a proposal for the new rules, which was duly approved by the body of CAM arbitrators and by the BM&FBOVESPA Board of Directors.

The main proposals for change involve: adaptation of the norms and procedures for established arbitration practices, taking into consideration local and international experience; procedural simplification and flexibility; the overriding of elements from the listing rules for the special trading segments of BM&FBOVESPA; and the transfer to internal Rules of

Procedure of questions regarding the structure, maintenance and representation of CAM.

Also within the context of creating a more dynamic CAM, the BM&FBOVESPA Board of Directors recently approved a larger CAM body of arbitrators, with the inclusion of 15 (fifteen) professionals with wide experience in arbitration.