Regulatory Dualism in Brazil 2-step changes of the Novo Mercado ●Step 1:a single alternative regime-the“one share,one vote Novo Mercado O Step 2:a more accommodating solution -three new graduated levels of regulation culminated in the Novo Mercado2-step changes of the Novo Mercado l Step 1: a single alternative regime - the “one share, one vote” Novo Mercado l Step 2: a more accommodating solution - three new graduated levels of regulation culminated in the Novo Mercado Regulatory Dualism in Brazil