CVM published on 28.08.2018 CVM Circular Letter SIN No. 09/2018, which changes the procedures for protocol of the request for authorization for the exercise of the activity of portfolio management of securities under ICVM 558.
With effect from September 3, 2018, the request for authorization shall be made exclusively through ANBIMA's Market Surveillance System (SSM).
Access here CVM Circular Letter SIN No. 09/2018
Access here Anbima's SSM.
CVM publishes rule that improves the regime for public offerings with restricted efforts
The CVM published on 23.08.2018 ICVM 601, which amends CVM Instructions 476 and 400 in order to improve public offerings with restricted efforts.
Under ICVM 601, we highlight the main changes:
(i) The possibility of adopting a supplementary lot, linking it to the provision of the price stabilization service;
(ii) revocation of the lock up of 90 days for trading debt securities from the exercise of the firm guarantee agreement;
(iii) setting a maximum term for the offering at 24 months from the date the lead intermediary sends the notice of commencement to the CVM; and
(iv) prohibition to change the essential characteristics of the offer after it has begun.
ICVM 601 came into force on 23.08.2018, except for the provisions of the new wording of paragraph 3 of article 17 of ICVM 476, which deals with the provision of information by non-registered issuers, which must be observed by Regulated Companies as of 01.01.2019.
Access here to the ICVM 601.
Access here to the ICVM 400.
Access here to the ICVM 476.
CVM publishes rule on condo hotels
The CVM published on 28.08.2018 the ICVM 602, which establishes new regulations for public offerings for distribution of hotel collective investment contracts (CIC hotelier).
With the purpose of speeding up the application for registration of hotel CICs, we highlight the main impacts of ICVM 602:
(i) offerings shall be subject to prior registration with the CVM, except in the case of automatic waiver of registration;
(ii) the definition of a timetable for the offering, establishing deadlines for the beginning and end of the offering, as well as for the disclosure of the registration of the incorporation memorial at the real estate registry;
(iii) the improvement of the content of the prospectus and of the economic and financial feasibility study of the hotel project;
(iv) the waiver of prior approval by CVM of the advertising material to be used in the offering;
(v) the duty of real estate developers to supervise the activities of real estate brokers;
(vi) the inclusion of the possibility for the joint owners, convened in a meeting, to exempt the operating company from complying with the obligation to disclose audited annual and quarterly financial information.
With the publication of ICVM 602, ICVM 734 of March 17, 2015 was revoked.
Access here the ICVM 602.
Barcellos Tucunduva Advogados law firm is available to clarify any doubts related to the matter.
