On November 29, 2022, the Brazilian Securities and Exchange Commission (CVM) announced the CVM Resolution 173, which will  become effective on January 2, 2023 and provides, among other topics, on the amendment of Article 25 of the CVM Resolution 80, regarding the registration and periodic and eventual provision of information of securities issuers, including relating to the reference form.

CVM Resolution 173 deals with the waiver of the resubmission of the reference form by publicly held companies, categories A and B, with the latest accounting information disclosed by the issuer, in case of a public offering for the distribution of securities that  follow the automatic registration procedure and is intended exclusively for professional investors, in accordance with CVM Resolution 160.

Released on July 13, 2022, CVM Resolution 160 comes into force on January 2, 2023 and set the standards for public offerings for primary or secondary distribution of securities and the trading of securities offered on regulated markets.

The amendment introduced by CVM Resolution 173 is of great relevance to the Brazilian capital market and represents a response of the CVM to the market's questions on the subject.

The measure will provide greater agility to such offers, in line with public offerings of distribution of securities with limited efforts, in accordance with the CVM Instruction 476 – which will be revoked as soon as CVM Resolution 160 takes effect.

To understand the changes brought by CVM Resolution 160, click here.