Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 192

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 192
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 of foreign capital abroad, they could hinder or prevent the Central Depositária, as custodian for the common and preferred shares represented by the ADSs, or registered holders who have exchanged ADSs for common or preferred shares, from converting dividends, distributions or the proceeds from any sale of such common or preferred shares, as the case may be, into U.S. dollars and remitting the U.S. dollars abroad.
 
Non-Brazilian Holders on B3
 Under CMN Resolution No. 4,373, foreign investors may invest in almost all financial assets and engage in almost all transactions available in the Brazilian financial and capital markets, provided that certain requirements are fulfilled. Therefore, a foreign investor must:
 
–                                               appoint                                             
    at least one representative in Brazil, with powers to perform actions relating to the investor’s
                                              investment;                                           
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–                 register             
    as a foreign investor with the CVM;
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–                                     appoint                                  
    at least one authorized custodian in Brazil for the investor’s investments;
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–                                         register                                     
    all portfolio investments of the foreign investor in Brazil, through the investor’s
                    representative, with the Central Bank of Brazil; and               
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–                                  comply                               
    with other requirements provided for under CVM Resolution No. 13/20.
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 After the fulfillment of these requirements, the foreign investor will be able to trade in the Brazilian financial and capital markets.
  
Annual Report and Form 20-F 2024 |

Securities and other financial assets held by investors under CMN Resolution No. 4,373 must be registered or maintained in deposit accounts or under the custody of an entity duly licensed by the Central Bank of Brazil or the CVM. In addition, any transfer of securities held under CMN Resolution No. 4,373 and CVM Resolution No. 13/20 must be carried out in the stock exchanges or through organized over-the-counter markets licensed by the CVM, except for transfers resulting from private transactions.
 
ADS Holders
 CMN Resolution No. 4,373 allows Brazilian companies to issue depositary receipts in foreign exchange markets. CVM Resolution 13 is the rule that currently deals with the registration of these investors with the CVM. We currently have an ADR program for our common and preferred shares duly registered with the CVM and the Central Bank of Brazil. The proceeds from the sale of ADSs by holders outside Brazil are free of Brazilian foreign exchange controls.
 JPMorgan is the deposit