Company: BBD
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001292814-25-001244
Chunk: 309

Company: BANK BRADESCO
Filing Date: 2025-03-31
Form: 20-F
Item: Item 9
Chunk 309
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3 represented 48.4% of the total market capitalization. Although any of the outstanding shares of a listed company may
trade on a Brazilian stock exchange, in most cases fewer than half of the listed shares are actually available for trading by the public,
the remainder being held by a small group of controlling persons, by governmental entities or by one principal shareholder. As of December
31, 2024, we accounted for 2.9% of the market capitalization of all listed companies on the B3.

  196 – Form 20-F 2024 | Bradesco  

  Table of Contents  

Trading on Brazilian stock
exchanges by a holder not deemed to be domiciled in Brazil for Brazilian tax and regulatory purposes (a non-Brazilian holder) is subject
to certain limitations under Brazilian foreign investment legislation. With limited exceptions, non-Brazilian holders may only trade on
Brazilian stock exchanges in accordance with the CMN requirements.

In September 2014, the CMN
issued Resolution No. 4,373/14, as amended, which improved the provisions for (i) foreign investments through a depositary receipt mechanism;
and (ii) investments made by non-resident investors in the financial and capital markets in Brazil. The main changes were: (a) increasing
the number of instruments that may be issued through depositary receipts; (b) making it possible for non-resident investors to invest
in financial and capital markets without having previously entered into foreign exchange operations; (c) clarifying the criteria for simultaneous
foreign exchange operations; and (d) increasing the responsibility of the non-resident investor’s representative.

On December 3, 2024, Joint Resolution No. 13/24 was published,
which revoked CMN Resolution No. 4,373/14 and aims to simplify the investment of non-residents in the financial markets and in the Brazilian
securities market. Among the main changes, the new standard (i) exempted CVM’s registration requirements for non-resident investors
and natural persons, as well as eliminated the need for nominating a representative in case s of (a) investments in securities, including
from a non-resident account in Brazilian reais held in Brazil, of their own ownership, with the use of own resources; (b) investments
in financial assets from the account of the non-resident in reaisheld in Brazil, of their own ownership, with the use of own resources;
and (c)