Put: Andre Jerusalem  

Last Tuesday, June 28, 2022, the Brazilian Securities and Exchange Commission (CVM) published CVM Resolution No.the 158, which amended CVM Resolution 88 (“Resolution 88”), which deals with the rules for carrying out collective financing of projects, also known as crowdfunding, and which will come into force from July 1, 2022. 

After such changes, art. 16 of Resolution 88 will provide that companies classified as small businesses (EPP) may limit potential buyers of subsequent transactions, so as to allow only current investors to acquire the securities offered. 

 Another important change was the extension of the deadline for adapting the platforms crowdfunding. Thus, art. 53 now provides that the obligation to establish ownership and shareholding controls or bookkeeping will only be enforceable after 90 days from the entry into force of CVM Resolution 88. However, during this 90-day period and while the obligation of art. 3, V, is not observed, the maximum target fundraising amount provided for in art. 3, I, may not exceed R$5,000,000.00 (five million reais), nor will subsequent transactions with securities be permitted. 

Since this is a low-impact normative act that aims to implement specific and punctual changes, CVM Resolution No.the 158 was exempted from preparing an AIR and carrying out a public consultation, under the terms of art. 4, III, of Decree 10,411/20 and art. 31, I, a, of CVM Resolution 67, respectively. 

 To access CVM Resolution 158 (amending CVM Resolution 88), Click here.