Publicado em 31/03/2020

Covid-19 | CVM extends regulatory deadlines

On March 27th, 2020 the Brazilian Securities and Exchange Commission – Comissão de Valores Mobiliários (CVM) published, in the Official Federal Gazette, its resolution No. 848 (Resolution 848) as an instrument to assist the ongoing measures to contain the impacts generated by Coronavirus (Covid-19), in the CVM regulated environment.

Resolution 848 has the main purpose of extending regulatory deadlines, while the state of public calamity, established by Legislative Decree No. 6 of March 20, 2020, persists in Brazil.

As a measure to soften participants’ obligations, CVM extended certain deadlines:

(i) 30 (thirty) days extension for investment funds to report their financial statements; and

(ii) 3 (three) months extension for (ii.a) investment funds to hold their general meetings; (ii.b) registration data updates; (ii.c) the delivery of compliance reports; (ii.d) the delivery of reference forms by administrators and consultants; and (ii.e) the maturity of debt payments arising from certain fees and penalties.

Furthermore, Resolution 848 temporarily changed CVM Instructions No. 476, of January 16, 2009 (ICVM 476), No. 566, of July 31, 2015 (ICVM 566), and No. 617, of December 5, 2019 (ICVM 617), as amended, to, respectively:

(i) suspend, for 4 (four) months, the effectiveness of article 9 of ICVM 476, which provides for the imposed minimum 4 (four) month interval between two public offers of the same offeror, distributed with restricted efforts;

(ii) suspend, for 4 (four) months, the effectiveness of the sole paragraph of article 6 of ICVM 566, which provides for the obligation to register the corporate act approving the issuance of promissory notes; and

(iii) postpone to October 1st, 2020, the effectiveness of the suspended provisions of ICVM 617, which regulate measures to prevent money laundering and financing terrorism.

Finally, last Monday, March 30, 2020, the Federal Government published Provisional Measure No. 931 in the Federal Official Gazette, which amends several legal provisions, especially with the purpose of extending legal deadlines applicable to Brazilian companies.

Dias Carneiro Advogados is entirely available to provide any clarifications and to assist with this matter.