On 23.12.2021, the Brazilian Securities Commission ("CVM") issued Resolution CVM 60, which provides for securitization companies and consolidates, in a single rule, the rules of the securitization market ("CVM Resolution 60").
The general rule contemplates the registration, the obligations, the investor meetings, the provision of services, the informational regime of the company and of the operations, also dealing with operational aspects and the conduct of the securitizing companies. The general rule is indistinctly applicable to securitization operations, independent of the economic segment from which the credit rights originate.
It is worth highlighting that CVM Resolution 60 revokes CVM Instructions no. 414, of December 30, 2004 ("ICVM 414"), 443, of December 8, 2006 ("ICVM 443"), 600, of August 1, 2018 ("ICVM 600"), and 603, of October 31, 2018 ("ICVM 603"), so that the new resolution now regulates the offerings of Real Estate Receivables Certificates ("CRI") and Agribusiness Receivables Certificates ("CRA"). We will analyze the eventual changes and, if pertinent, publish our specific comments.
One should also highlight the establishment of a specific regime for securitization companies, distinct from that applicable to the other public companies, which takes into consideration the specificities of the securitization market and recognizes the sui generis character of securitization companies, which usually issue assets backed by assets separated from their own assets.
CVM Resolution 60 is the result of Public Hearing SDM05/20 and will come into force on 2 May 2022.
Click here to access CVM Resolution 60 in full. For further information, please contact the Capital Markets team at our office([email protected]).
