On April 2, 2020, ANBIMA - the Brazilian Financial and Capital Markets Association - announced that certain deadlines set forth in the self-regulation codes had been made more flexible with the purpose of mitigating the impacts of the new Coronavirus pandemic.
The deadlines for the procedures for the investigation of irregularities ("IAP"), regulatory processes and best practices ("Processes") and terms of commitment in progress were altered, as detailed below:
- The periods pursuant to the provisions of the Code of Procedures to which the institutions and ANBIMA are subject in the course of PAIs and Proceedings are suspended, including the periods pursuant to Article 35 of the said code;
- The analysis and maturity of all obligations assumed by the institutions in the terms of commitment were postponed for 90 calendar days;
- The deadlines provided for in the obligations assumed in terms of commitment relating to the Code of Certification of Professionals working in activities were suspended and will run again from the resumption of the Association's certification exams.
The measure is effective as from March 16 for institutions associated or adherent to ANBIMA's self-regulation codes, including the ABVCAP/ANBIMA Code for Private Equity Investment Funds and Investment Funds in Emerging Companies.
The deadlines with respect to the Distribution Codes, the Offering Code, the Qualified Services Code, the procedures for ANBIMA membership or adhesion to ANBIMA's Regulation and Best Practices Codes, among other codes, have been extended from 30 to 180 days, depending on each case.
ANBIMA informed that the routine deadlines, such as collection and disclosure of information, prices and indexes of funds and capital markets have not been altered, and stressed that specific situations may be evaluated individually.
Click here to read the consolidated version of the deadlines extended by ANBIMA.
The Financial and Capital Markets team is available for any clarifications and/or additional information by means of the e-mail [email protected]
