By: André Jerusalem

On May 20, 2022, the Accounting and Auditing Standards Superintendence (SNC) of the Securities and Exchange Commission issued 27 resolutions. This measure is part of the strategy of reviewing and consolidating normative acts below the decree, determined by Decree 10.139/2019. The resolutions are:

• CVM Resolution 90: consolidates CPC 01(R1) and revokes CVM Deliberation 639.
• CVM Resolution 91: consolidates CPC 02(R2) and revokes CVM Deliberation 640.
• CVM Resolution 92: consolidates CPC 03(R2) and revokes CVM Deliberation 641.
• CVM Resolution 93: consolidates CPC 04(R1) and revokes CVM Deliberation 644.
• CVM Resolution 94: consolidates CPC 05(R1) and revokes CVM Deliberation 642.
• CVM Resolution 95: consolidates CPC 06(R2) and revokes CVM Deliberation 787.
• CVM Resolution 96: consolidates CPC 07(R1) and revokes CVM Deliberation 646.
• CVM Resolution 97: consolidates CPC 10(R1) and revokes CVM Deliberation 650.
• CVM Resolution 98: consolidates CPC 11 and revokes CVM Deliberation 563.
• CVM Resolution 99: consolidates CPC 16 and revokes CVM Deliberation 575.
• CVM Resolution 100: consolidates CPC 19(R2) and revokes CVM Deliberation 694.
• CVM Resolution 101: consolidates CPC 20(R1) and revokes CVM Deliberation 672.
• CVM Resolution 102: consolidates CPC 21(R1) and revokes CVM Deliberation 673.
• CVM Resolution 103: consolidates CPC 22 and revokes CVM Resolution 582.
• CVM Resolution 104: consolidates CPC 23 and revokes CVM Resolution 592.
• CVM Resolution 105: consolidates CPC 24 and revokes CVM Resolution 593.
• CVM Resolution 106: consolidates CPC 26(R1) and revokes CVM Deliberation 676.
• CVM Resolution 107: consolidates CPC 28 and revokes CVM Resolution 584.
• CVM Resolution 108: consolidates CPC 31 and revokes CVM Resolution 598.
• CVM Resolution 109: consolidates CPC 32 and revokes CVM Deliberation 599.
• CVM Resolution 110: consolidates CPC 33(R1) and revokes CVM Deliberation 695.
• CVM Resolution 111: consolidates CPC 35(R2) and revokes CVM Deliberation 693.
• CVM Resolution 112: consolidates CPC 36(R3) and revokes CVM Deliberation 698.
• CVM Resolution 113: consolidates CPC 41 and revokes CVM Resolution 636.
• CVM Resolution 114: consolidates CPC 45 and revokes CVM Resolution 697.
• CVM Resolution 115: consolidates CPC 46 and revokes CVM Resolution 699.
• CVM Resolution 116: consolidates CPC 47 and revokes CVM Resolution 762.

These rules come into effect on July 1, 2022. It is important to note that the new rules consolidate, ratify or revoke normative acts, without any changes to their merits. Therefore, without any modification to what was already being applied by issuers. For this reason, the Resolutions issued were not submitted to public consultations.

Finally, regarding specific actions to review and consolidate rules, the CVM has been working since November 2017 to reduce regulatory compliance costs for capital market participants. The main focus of the initiative is to improve regulatory efficiency, without losing sight of the risks that such actions may pose to investor protection, the CVM's main task, and the maximization of economic well-being based on full, efficient and fair competition among its participants.