The board understood that there were no elements to convict defendants for alleged breach of the diligence duty provided for in the Corporation Law Alessandra de Souza Pinto, Clarissa Freitas, Rafael Costa Silva and Tathiana Litter...
Among the innovations brought about by Executive Order 1,103 (MP 1,103/22), which deals with general rules applicable to the securitization of receivables and the issuance of receivables certificates, among other topics, one of the most relevant is...
On April 27, the Brazilian Securities and Exchange Commission (CVM) issued CVM Instruction 88, which repealed CVM Instruction 588/17 and now regulates the public offering of securities issued by small scale companies, carried out with exemption...
The Securities and Exchange Commission of Brazil (CVM), in line with the movement to update, consolidate, and simplify the regulatory framework governing the Brazilian capital market that began in 2020, issued, on March 29, 2022, CVM Resolution 80...
The Securities and Exchange Commission of Brazil (CVM) published, on February 24 of this year, the Annual Circular Letter 2022 CVM/SEP, which consolidates the guidelines of the Company Relations Bureau (SEP) to be observed by listed, foreign, and...
With the entry into force of Article 1 of Law 13.818/19 on January 1st of this year, publications ordered by Law 6.404/76 (Brazilian Corporate Law) have gained new rules. The changes altered the Article 289 of the Brazilian Corporate Law and...
In the Administrative Procedure SEI 19957.005011/2020-67 (RJ2020/04610) initiated by SRE (Superintendância de Registro de Valores Mobiliários) to determine the liability of the company and its officer for realizing a public offer of collective...
The year 2022 has been a year of much news for Brazilian companies, and it should continue to be. We live in an environment of uncertainty in the market caused by the approaching presidential election and the unfolding of the conflict in Ukraine...
As part of its work of revision and consolidation of regulatory acts, the Brazilian Securities and Exchange Commission (CVM) promulgated Resolution 62, on January 19 of this year, fully replacing the former CVM Instruction 8/79, which dealt with...
In order to carry out a reform of the informational regime which publicly-held companies are subject due to the issuance of securities, the Brazilian Securities and Exchange Commission (CVM) issued the CVM Resolution 59, which promotes several...
The joint committee of the Brazilian Securities and Exchange Commission (CVM) approved, on January 25, 2022, the execution of a settlement agreement within the scope of an administrative sanctions proceeding (PAS CVM SEI 19957.011341/2018-77) filed...
As of August 1st, it will be possible to establish the first Investment Funds in Agroindustrial Production Chains (Fiagros) based on the CVM Resolution No. 39/21 recently issued by the Brazilian Securities Commission (CVM). Created through Law No...
The Investment Fund in Agroindustrial Production Chains (Fiagro), created in the first quarter of this year through Law No. 14,130/21, is an investment instrument focused on financing agribusiness production chains. Its creation, driven by the...
When emergency financing promised by state-led development bank BNDES missed the mark, Brazilian airline Azul had to think fast to source alternative funding. The result was a US$325 million convertible debt deal, a sophisticated form of capital...
The demand for sustainable investment products and securities that incorporate good environmental, social, and governance (ESG) indicators has increased significantly around the world. In response, investment managers and advisors began to offer...
The agribusiness sector has just gained a new financing instrument for its production chain. This is the Investment Fund in Agroindustrial Production Chains, or FIAGRO, created by Law No. 14,130, of March 29, 2021.[1] In 2020, Brazil remained one...
Many may be surprised at the strength of the Brazilian IPO market in 2020, even in the scenario of the covid-19 pandemic. So far, there have been 23 initial public offerings registered with the CVM in 2020, and another 39 applications under review...
Decree No. 10,387/20, published on June 5, is an important step towards the development of the green and social bonds market in Brazil. Green bonds are fixed-income securities issued in connection with the implementation, expansion, or refinancing...
The Brazilian Securities and Exchange Commission (CVM) has initiated the process of a public hearing for the preparation of a new regulatory instruction whose objective is to establish rules for holding of general meetings of debentureholders (AGD)...
On April 15, The Brazilian Securities and Exchange Commission ("CVM") issued another rule to contain the impacts of the covid-19 crisis on publicly-traded companies and other companies under the agency's regulations. Resolution No. 852 extends to...