By: André Jerusalem 

On March 22 and 23, 2021, the Brazilian Securities and Exchange Commission (CVM) issued Resolutions No. 68 and 69. Resolution 68 deals with the replacement of CVM Resolution 659, ratifying the incorporation of Common Market Council of Mercosur Decision 31/10, while Resolution 69 revokes several rules with exhausted or very old effects.

The main changes found in Resolution 68 can be found in its Article 1, which ratifies the incorporation of the Mercosur Decision (cited above), and in which the Common Market Council approves the Minimum Regulation of the Securities Market, with details on the preparation and disclosure of financial statements of transactions carried out within the scope of MERCOSUR with negotiable securities of companies authorized to issue publicly by the Member States of such economic bloc.

In Resolution 69, the following rules were expressly revoked: CVM Resolution No. 4, of August 20, 2020 and CVM Deliberations No. 5, of May 22, 1979, No. 841, of January 28, 2020, No. 843, of February 5, 2020, No. 848, of March 25, 2020, No. 849, of March 31, 2020, No. 852, of April 15, 2020, No. 853, of April 22, 2020, No. 862, of July 23, 2020, and No. 864, of July 28, 2020.

Both standards come into effect from 04/01/2022.