The Securities and Exchange Commission of Brazil (CVM) enacted five resolutions consolidating rules of specific capital market activities, in accordance with Decree n. 10.319/2019. CVM authorization procedures are also provided, in adherence with Decree n. 10.178/2019.
The Securities and Exchange Commission of Brazil (CVM) enacted five resolutions that consolidated capital market activities, in accordance with Decree n. 10.319/2019. CVM also adheres to Decree n. 10.178/2019, establishing risk classification for those activities and maximum time for liberation (CVM authorization).
The resolutions, their related capital market activities, and their risk classification are described as follows:
- CVM Resolution n. 19/2021: regulates security consulting activities – moderate risk (level 2), simplified/automatic process is provided;
- CVM Resolution n. 20/2021: regulates security analysis activities – moderate risk (level 2), simplified/automatic process is provided;
- CVM Resolution n. 21/2021: regulates security portfolio management activities – high risk (level 3), complete authorization process is provided;
- CVM Resolution n. 22/2021: regulates Savings and Investment Plans (PAIT, in the Portuguese acronym) portfolio management activities – high risk (level 3), complete authorization process is provided;
- CVM Resolution n. 23/2021: regulates independent auditing activities, including new regulatory dispositions – high risk (level 3), complete authorization process is provided.
The resolutions come into force on April 1st 2021, except CVM Resolution n. 21/2021, which comes into force on July 1st 2021.
