Glossary

Collective Investment Contract (CIC)

A security category under Brazilian Law No. 6,385/1976 characterized by public fundraising, joint enterprise investment, and expectation of profit derived from third-party efforts.

Source: Beyond Kelsen and the Boi Gordo Case: The Pyramid of Responsive Regulation as a New Paradigm for Cryptoactives in the Brazilian Capital Markets (Academic research) · p.6

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