The Brazilian Securities and Exchange Commission (CVM) edited, on 10/31/2018, CVM Instruction No. 603 ("ICVM 603"), which implements punctual amendments to CVM Instructions Nos. 414, 480 and 600 that, together, address issues involving Agribusiness Receivables Certificates (01CRA) and Real Estate Receivables Certificates (CRI).
The amendments introduced by ICVM 603 are:
- Clarification that the securitization company may also execute CRI offerings up to the limit of R$ 100 million reais without the need to contract an intermediary institution, using the regime of CVM Instruction 476;
- provision that the prohibition of acquisition of credit rights of related parties occurs when they originate or issue the rights and not by its mere acquisition by them;
- the requirement for quarterly updating of the rating does not apply to issues already carried out, and the provisions of the securitization agreement for such issues shall prevail;
- repeal of the provisions that required the examination of the periodic report of the certificates when the reasonable assurance work of the independent audit is carried out.
