CVM published on March 1, 2021 the new Circular Letter No. 1/2021-CVM/SRE, aimed at providing guidance to issuers/offerors of securities and intermediary institutions on how to better comply with the rules governing public offerings of securities, according to the recommendations of the Superintendency of Registration of Securities (SRE), in order to minimize possible deviations and, consequently, requirements by SRE.
In addition to the grouping of related matters, the following main changes from the 2020 Circular Letter were identified:
(i) guidelines on good practices to be adopted in conducting the registration process of offerings with SRE;
(ii) recommendations on equitable treatment among investors in public offerings aimed at non-institutional investors;
(iii) possibility of waiving the requirement set forth in article 55 of CVM Instruction 400 in Infrastructure PEF offerings;
(iv) documents with electronic signatures will be accepted in the public offering registration process, provided that the signatures have a digital certificate provided by a certifying authority
(v) the possibility of inserting, in the Real Estate Receivables Certificate (CRI) securitization agreement, new real estate properties to be the object of allocation of proceeds from the offering, in addition to those initially set forth in the agreement
(vi) the possibility of public offerings of Audiovisual Investment Certificates (CAV) being automatically exempted from registration;
(vii) clarifications on the disclosure of advertising material in Crowdfundin
g offerings;
(viii) recommendations on the conduct of public offerings for distribution of securities by intermediaries and offerors/issuers;
(ix) instructions for submitting anonymous reports; and
(x) clarifications on the strategic areas that will be supervised by SRE.
To access Circular Letter No. 1/2021-CVM/SRE, click here.
The Capital Markets team at Barcellos Tucunduva Advogados is available to clarify any questions related to the above topics.
