CVM published, on 05/11/2021, 2 new Resolutions that will replace Instructions currently in force, most of them resulting only from the process of revision and consolidation of rules:
(i) CVM Resolution 29: provides for the rules for the creation and operation of experimental regulatory environment / regulatory sandbox (and revokes CVM Instruction 626); and
(ii) CVM Resolution 30: provides for the duty of verifying the adequacy of products, services and transactions to the client's profile / suitability (and revokes CVM Instruction 539).
According to CVM, these Resolutions do not entail changes of merit and were not submitted to public hearings.
Regarding Regulation 30(suitability), we highlight that companies obliged to have suitability procedures shall keep the information related to the profile of their clients updated according to the criteria and periodicity used for updating the records of active clients, under the terms of ICVM 617, which deals with the prevention of money laundering and financing of terrorism (PLDFT) in the securities market, observing the maximum interval of 5 years.
With regard to Regulation 29(sandbox), CVM implemented punctual adjustments, without relevant changes.
The Resolutions come into force on 01/06/2021.
To access CVM Resolutions 29 and 30, click here.
The Capital Markets team at Barcellos Tucunduva Advogados is available to clarify any questions related to the above topics.
