The Provisional Measure also created an unprecedented possibility – the participation of foreign companies in the capital of Brazilian airlines can be even greater than 49% if there is reciprocity in the treatment of Brazilian companies in the country of origin of the foreign company wishing to participate in a Brazilian airline.
It is important to remember that although the Provisional Measure comes into effect today, its continued existence in the national legal system depends on the approval of the National Congress. If the Provisional Measure is rejected by the National Congress or is not converted into law within 120 days of its enactment, it will lose its effects from the date of its enactment. In this case, it is up to the National Congress to regulate the legal relationships created during this 120-day period. If it fails to do so, the legal relationships will continue to be governed by the terms of the revoked Provisional Measure.
