By André Jerusalem

On February 10, 2022, the Brazilian Securities and Exchange Commission (CVM) issued CVM Resolution No.^the 65, which amends CVM Resolutions 45 and 46 and which regulate, respectively, the procedure for procedures relating to sanctioning actions within the scope of the CVM and the processing of non-sanctioning administrative processes within the scope of the Board.

Specifically in the case of sanctioning processes, the proposal provides for the possibility of extending the deadline once, for up to 20 additional business days, upon a reasoned request addressed to the president of the CVM.

Part of the changes introduced deal with the proposal submitted to Public Hearing 07/21, regarding the inclusion of a period of 60 working days for the return of the process by the member of the Board who has requested to view it, encompassing both sanctioning and non-sanctioning processes.

CVM Resolution 45 was also amended to make a specific adjustment related to the process drawing procedure, in line with the provisions set forth in the CVM Internal Regulations. Since this is a specific regulatory change, with low impact and of an administrative nature, the change was not submitted to the AIR or public hearing.