Ivana Coelho Bomfim  CVM Resolution No. 734/2015, published on March 19, has put an end to the discussion of whether or not a public offer of independent units, property fractions or quotas of special partnerships of hotel enterprises, linked to the receipt of consideration based on the successful management of the enterprise, would be a security. The discussions that started in late 2013, when the Brazilian Securities Commission – CVM warned the marked about the existence of irregular offers to the public without the prior registration of the issuer and the offer, have been terminated. CVM has >
Ivana Coelho Bomfim 

CVM Resolution No. 734/2015, published on March 19, has put an end to the discussion of whether or not a public offer of independent units, property fractions or quotas of special partnerships of hotel enterprises, linked to the receipt of consideration based on the successful management of the enterprise, would be a security. The discussions that started in late 2013, when the Brazilian Securities Commission – CVM warned the marked about the existence of irregular offers to the public without the prior registration of the issuer and the offer, have been terminated. CVM has >