CVM Deliberation No. 848 of March 25, 2020

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL (CVM) Rua Sete de Setembro, 111/2-5th and 23-34th Floors, Center, Rio de Janeiro/RJ – ZIP: 20050-901 – Brazil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors, Bela Vista, São Paulo/SP – ZIP: 01333-010 – Brazil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4th Floor, Brasília/DF – ZIP: 70712-900 – Brazil - Tel.: (61) 3327-2030/2031 www.cvm.gov.br

CVM DELIBERATION NO. 848, OF MARCH 25, 2020

Extends certain deadlines expiring in the 2020 fiscal year provided for in regulations issued by the CVM, as well as the end of the vacancy period for CVM Instruction No. 617, of December 5, 2019; provides for the suspension of deadlines for administrative sanctioning processes, as governed by Provisional Measure No. 928, of 2020, while the state of calamity referred to in Legislative Decree No. 6, of 2020, persists; and promotes temporary alterations to CVM Instruction No. 476, of January 16, 2009, and CVM Instruction No. 566, of July 31, 2015.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION OF BRAZIL – CVM, based on art. 8, item I, of Law No. 6.385, of December 7, 1976, on art. 6-C of Law 13.979, of February 6, 2020, with wording given by Provisional Measure No. 928, of March 23, 2020, and using the competence conferred upon him by arts. 16, item XI, and 17, item XIII, of the Internal Regulations, approved by Ordinance No. 327, of July 11, 1977, of the Minister of Finance, makes public that the Board, in a meeting held on this date, and considering that:

a) daily observation shows the expansion of restrictive measures, mainly related to the flow of people, imposed by the governments of various countries due to the widespread and current dissemination of the new coronavirus, causing Covid-19, with the severe impacts on economic activity that will result from such measures being notorious; b) the mentioned restrictive measures have adverse and unexpected impacts on the preparation and submission, by market agents, of periodic information required, as well as on compliance with other deadlines and obligations provided for in the regulation issued by the CVM; and c) in light of the public interest, it is incumbent upon the CVM to contribute to the mitigation of said impacts through temporary extensions or enlargements of regulatory deadlines, while ensuring the full functioning of its activities of regulation, supervision, and inspection of the capital market and its various participants;

DELIBERATED:

I – to explicitly state that, by virtue of art. 6-C of Law 13.979, of February 6, 2020, with wording given by Provisional Measure No. 928, of 2020, while the state of calamity referred to in Legislative Decree No. 6, of 2020, persists, the procedural deadlines that run against the accused in administrative sanctioning processes are suspended, especially those provided for in item II of § 2nd and item IV of § 3rd of art. 23, in item I of § 2nd of art. 24, in the caput of art. 29, in the sole paragraph of art. 38, in § 1st of art. 39, in the caput of art. 46, in the caput of art. 47, in the caput of art. 70 and in § 1st of art. 74, in §§ 5th and 6th of art. 83 of CVM Instruction No. 607, of June 17, 2019;

II – to postpone the maturity of the installments of the installments approved in the manner of CVM Deliberation No. 447, of September 24, 2002, and celebrated in the administrative phase, to July 31, 2020, starting from the installments with maturity on March 31, 2020;

III – to suspend, until July 31, 2020, the issuance of launch notifications, except for the hypotheses that may result in the configuration of decadence or prescription of the tax credit, as provided for in item V of art. 156 of Law No. 5.172, of October 25, 1966;

IV – to suspend, for a period of 4 (four) months, the effectiveness of art. 9th of CVM Instruction No. 476, of January 16, 2009, and of the sole paragraph of art. 6th of CVM Instruction No. 566, of July 31, 2015;

V – to postpone, by 120 days, the maturity of the obligations assumed in Commitment Terms celebrated by the CVM that have not been paid and whose maturities have not yet occurred as of the date of publication of this Deliberation, with the exception of obligations of removal, in view of the provision of § 2nd of art. 87 of CVM Instruction No. 607, of June 17, 2019, maintaining the eventual monetary update provided for in each Term;

VI – to extend by 30 (thirty) days, from the date of publication of this Deliberation, the deadline for sending the audited financial statements of all investment funds regulated by this Autarchy and of the separate assets of Real Estate and Agribusiness Receivable Certificates issued by securitization companies registered with the CVM;

VII – to extend, by 3 (three) months, the deadlines listed below that are scheduled to end or that may begin while the state of calamity referred to in Legislative Decree No. 6, of 2020, persists:

a) the deadline provided for in item VI of art. 12 of CVM Instruction No. 265, of July 18, 1997; b) the deadline provided for in art. 16 of CVM Instruction No. 308, of May 14, 1999; c) the deadline provided for in item I of art. 26 of CVM Instruction No. 356, of December 17, 2001; d) the deadline provided for in art. 43 of CVM Instruction No. 398, of October 28, 2003; e) the deadline provided for in item I of art. 38 of CVM Instruction No. 399, of November 21, 2003; f) the deadline provided for in art. 4th, § 5th of CVM Instruction No. 505, of September 27, 2011; g) the deadline provided for in item II of art. 1st of Instruction 510, of December 5, 2011; h) the deadline provided for in the caput of art. 22 of CVM Instruction No. 541, of December 20, 2013; i) the deadline provided for in the caput of art. 17 of CVM Instruction No. 542, of December 20, 2013; j) the deadline provided for in the caput of art. 29 of CVM Instruction No. 543, of December 20, 2013; k) the deadlines provided for in item V, “b”, of art. 56 and in the caput of art. 68 of CVM Instruction No. 555, of December 17, 2014; l) the deadlines provided for in § 5th of art. 1st, in the caput of art. 15 and in the caput of art. 22 of CVM Instruction 558, of March 26, 2015; m) the deadlines provided for in item I of art. 24 and in item II of art. 46 of CVM Instruction No. 578, of August 30, 2016; and n) the deadline provided for in the caput of art. 14 of CVM Instruction 592, of November 17, 2017;

VIII – to establish that the deadlines listed below are doubled, which are scheduled to end or that may begin while the state of calamity referred to in Legislative Decree No. 6, of 2020, persists:

a) the deadlines provided for in items II, III and IV of art. 30-B, in art. 31 and in art. 33 of CVM Instruction No. 279, of May 14, 1998; b) the deadline provided for in the caput and in the sole paragraph of art. 28 of CVM Instruction No. 280, of May 14, 1998; c) the deadlines provided for in the caput of art. 17 and in § 9th of art. 31-C of CVM Instruction No. 308, of May 14, 1999; d) the deadlines provided for in the sole paragraph of art. 26, in the caput of art. 40, in the caput of art. 47, in the caput of art. 57 and in the sole paragraph of art. 57-A of CVM Instruction No. 356, of December 17, 2001; e) the deadlines provided for in the sole paragraph of art. 31, in the sole paragraph of art. 34, in the caput and § 4th of art. 35, in item II, “b”, of art. 43, in § 4th of art. 58, in the caput and § sole of art. 68, in the caput of art. 69, in the caput and § sole of art. 70 of CVM Instruction No. 359, of January 22, 2002; f) the deadlines provided for in § 1st of art. 28, in the caput of art. 29, in the sole paragraph of art. 39, in the caput of art. 85 and in the caput and of art. 87 of CVM Instruction No. 398, of October 28, 2003; g) the deadlines provided for in the caput of art. 17, in the sole paragraph of art. 32, in the caput of art. 37, in § 1st of art. 38, in the sole paragraph of art. 40, in the caput of art. 42, in § 1st of art. 50, in the caput of art. 62, in the caput of art. 64, in item I of art. 65 and in the caput of art. 73 of CVM Instruction No. 399, of November 21, 2003; h) the deadline provided for in item I of art. 7th of CVM Instruction No. 401, of December 29, 2003; i) the deadlines provided for in §§ 2nd and 3rd of art. 2nd and in items II, III and IV of art. 3rd of CVM Instruction No. 423, of September 28, 2005; j) the deadline provided for in the caput of art. 36 of CVM Instruction No. 462, of November 26, 2007; k) the deadlines provided for in the sole paragraph of art. 4th, in § 1st of art. 17-A, in § 1st of art. 26-A, in items I and VII of art. 39, in items II and VII of art. 41, and in item I of art. 51 of CVM Instruction No. 472, of October 31, 2008; l) the deadline provided for in the sole paragraph of art. 2nd of CVM Instruction No. 504, of September 21, 2011; m) the deadline provided for in item I of art. 1st of CVM Instruction No. 510, of December 5, 2011; n) the deadlines provided for in item II of § 2nd and in §§ 3rd and 8th of art. 22, in § 1st of art. 24, in the caput of art. 26, in the caput of art. 28, in § 2nd of art. 39, in § 1st of art. 47, in item II of art. 59, in the sole paragraph of art. 69, in § 2nd of art. 71, in the caput of art. 77, in the caput and § 1st of art. 94, in the caput and § 1st of art. 105, in § 2nd of art. 134, in the caput of art. 138, in the caput and § 6th of art. 139 and in the caput and sole paragraph of art. 140 of CVM Instruction No. 555 of December 17, 2014; o) the deadlines provided for in items I and II of art. 14 of CVM Instruction No. 560, of March 27, 2015; p) the deadlines provided for in § 5th of art. 11, in § 1st of art. 25, in the caput of art. 42, in item I of art. 52 of CVM Instruction No. 578, of August 30, 2016; q) the deadlines provided for in items I and IX-A of CVM Deliberation No. 463, of July 25, 2003;

IX – to extend, to October 1, 2020, the end of the vacancy period for the entry into force of the provisions still not in force of CVM Instruction No. 617, of December 5, 2019; and

X – that this Deliberation enters into force on the date of its publication.

Signed Original by MARCELO BARBOSA President