On 02.25.2021, CVM published 5 new Resolutions that will replace existing Instructions, most of them resulting only from the process of revision and consolidation of rules:
(i) CVM Resolution 19: provides on securities consulting (and revokes CVM Instructions 592 and 619 and CVM Resolution 783);
(ii) CVM Resolution 20: provides on securities analysis (and revokes CVM Instruction 598 and CVM Resolution 633)
(iii) CVM Resolution 21: provides on securities portfolio management, including investment funds (and revokes CVM Instructions 426, 557, 558 and 597 and CVM Decisions 51, 740 and 764)
(iv) CVM Resolution 22: provides for the administration of the securities portfolios of the Savings and Investment Plans (and revokes CVM Instructions 61 and 87); and
(v) CVM Resolution 23: provides for independent auditors, replacing CVM Instruction 308.
According to CVM, these Resolutions do not entail changes of merit and were not submitted to public hearings, except in the case of CVM Resolution 23.
The Resolutions will become effective on 04/01/2021, except for CVM Resolution 21, which will become effective on 07/01/2021.
The deadlines and procedures for the authorisation of some of the activities have changed.
Authorization for consulting activities (considered moderate risk) will now be automatically granted upon submission of certain documents and information. Authorization for securities portfolio management activities (considered high-risk) will be granted within 60 calendar days, a considerable improvement over the current 105-day deadline.
We will review any changes and, if appropriate, publish our specific comments.
To access CVM Resolutions 19, 20, 21, 22 and 23, click here.
The Capital Markets team at Barcellos Tucunduva Advogados is available to clarify any questions related to the above topics.
