The Securities and Exchange Commission of Brazil (CVM) launched a public consultation on three draft resolutions that will comprise a new regulatory framework on public offerings. The new framework seeks to rationalize procedures, modernize rules, implement automatic registration within CVM, and adopt administrative innovations.
SDM Public Audience n. 2/2021, launched by the Securities and Exchange Commission of Brazil (CVM), seeks to collect public contributions on three draft resolutions that establish a new regulatory framework on the public offering of corporate securities. Observing their 2021 Regulatory Agenda, CVM intends to modernize, harmonize and consolidate the regulatory framework on public offerings, specifically CVM Instructions n. 400/2003, n. 471/2008, and n. 476/2009.
The public consultation contemplates three draft resolutions:
- Draft resolution “A” establishes a new public offering regime, covering public offering steps and procedures, automatic registration within CVM, and information disclosure requirements;
- Draft resolution “B” establishes new registration requirements to intermediary elements from the public offering process, accommodating the more flexible rules provided by draft resolution “A” with CVM oversight and inspection alternatives; and
- Draft resolution “C” formally adjusts the current regulatory framework to the new proposals.
The main proposal (draft resolution “A”) consolidates the regulatory framework on public offerings under a single resolution – applicable to different types of investors, issuers and securities – and improves the public offering steps and procedures, including conditions for automatic registration, rearranging document submission requirements, adopting administrative innovations, and updating concepts and rules to the current technology and telecommunications reality. Contributions can be submitted to this e-mail address until July 8. The draft resolutions and additional information are available here (in Portuguese).
