CVM Changes Rules Related to Shareholders’ Meetings
On June 4, 2024, the Brazilian Securities and Exchange Commission (CVM) published Resolution No. 204, changing the rules for participation and voting in digital, in-person or hybrid meetings of corporations, encouraging shareholder participation in corporate meetings. Despite expanding the use of remote voting, […]
Law No. 14,801/2023 was enacted, creating Infrastructure Debentures
By Moema Giovanella This Wednesday (10) the Executive Government sanctioned, without vetoes, the new Law No. 14,801/2023, which creates Infrastructure Debentures. Despite differing from Incentivized Debentures, which grant benefits to the purchasers of the securities, the new instrument does not eliminate them. According to the new device, special purpose companies, concessionaires, […]
CVM Circular Letter on Receivables Tokens
By Moema Giovanella The result of extensive debate by the Securitization Superintendence – SSE of the Securities and Exchange Commission – CVM with the market after the first publication on the subject, Circular Letter CVM/SSE 4/2023 (OC 4/23), together with Circular Letter CVM/SSE 6/2023 (OC 6/23), published on 07/05/2023, aims to publicize […]
Launch of PAC Selections
By Moema Giovanella* On August 11, the federal government presented and published in the Official Gazette of the Union the third Growth Acceleration Program – PAC, established by Decree 11.632/23, aiming at economic growth in Brazil through the incentive of private investments and increased public investments in the infrastructure sector. The investments […]
Approval of Bill 2.646/20 by the Senate
By Moema Giovanella On September 19, 2023, the Federal Senate approved Bill 2.646/20 (“PL 2.646/20”), which establishes tax benefits for infrastructure projects in the country, through infrastructure debentures, proposing changes to the current regulation of incentivized debentures. The text, from the Chamber of Deputies, […]
EDITION OF CVM RESOLUTIONS 182 AND 183 BRING NEW RULES ON THE ISSUANCE AND OFFER OF BDRS - Changes expand the possibilities for foreign issuers to have access to BDR certificates
By: Moema Giovanella On May 11, 2023, the Brazilian Securities and Exchange Commission (CVM) issued (i) CVM Resolution 182, which amends the rules for issuing Brazilian Depositary Receipts (BDR); and (ii) CVM Resolution 183, which amended CVM resolutions 80 and 160. These rules deal with the registration of issuers of securities […]
Government creates committee to develop rules for issuing public debt securities.
Por: Moema Giovanella O Decreto nº 11.532/2023, publicado no último dia 17, instituiu o Comitê de Finanças Sustentáveis Soberanas que será responsável por elaborar o arcabouço de emissões de títulos públicos da Dívida Pública Federal, permitindo o avanço do Governo na emissão no mercado internacional, via bonds, de títulos públicos atrelados a boas práticas ESG […]
Main differences between Bonds and CRAs
Por: Vitor Ferrai e Ivan Kubala Bonds e CRAs (Certificados de Recebíveis do Agronegócio) são tipos de investimentos em renda fixa que apresentam algumas diferenças importantes entre si. A categoria de títulos denominada de Bonds engloba diversas espécies da valores mobiliários com funcionamento similar: títulos de dívida emitidos por empresas, governos ou entidades financeiras com […]
PRACTICAL GUIDE TO SECURITIES
Por: Antonio Mazzuco e Luiz Gustavo Doles Existem diversas espécies de valores mobiliários que podem ser oferecidos no mercado brasileiro, cada um deles com suas particularidades e vantagens de acordo com a legislação nacional. Apesar desta grande variedade, o inciso IX do artigo 2º da lei 6385 nos traz uma regra geral para que um […]
MAIN DOCUMENTS OF A PUBLIC OFFER
Por: Antonio Mazzuco e Luiz Gustavo Doles Ofertas públicas de valores mobiliários são procedimentos complexos regulamentados pela Resolução CVM 160 que fazem uso de diversos documentos diferentes, porém há um fio condutor em todo tipo de emissão: há quatro documentos que são obrigatórios. A Escritura de emissão, o Contrato de colocação, a Lâmina e o […]
