Regulatory Alerts2020-05-05
CVM Instruction No. 623 (Repealed)
The Brazilian Securities and Exchange Commission (CVM) issued Instruction No. 623 to amend CVM Instruction No. 481 by updating Article 21-E to mandate that public companies retain the recordings specified in Article 21-C, § 1º, II, for the same duration as other required disclosures. This amendment legally binds issuers to preserve these records alongside standard reporting obligations, ensuring complete audit trails for regulatory compliance. The instruction entered into force immediately upon its publication on May 5, 2020.
SECURITIES AND EXCHANGE COMMISSION OF BRAZIL Rua Sete de Setembro, 111/2nd-5th and 23rd-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 – Corporate Financial Center Building, S.404/4th Floor, Brasília/DF – ZIP: 70712-900 – Brazil - Tel.: (61) 3327-2030/2031 www.cvm.gov.br CVM INSTRUCTION NO. 623, OF MAY 5, 2020 Amends CVM Instruction No. 481, of December 17, 2009. THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Board, in a meeting held on May 4, 2020, based on the provisions of Articles 8, I and III, and 22, § 1º, I, of Law No. 6.385, of December 7, 1976, and Articles 121, § 1º and 124, § 2º-A, of Law No. 6.404, of December 15, 1976, APPROVED the following Instruction: Art. 1. Article 21-E of CVM Instruction No. 481, of December 17, 2009, shall be effective with the following wording: “Art. 21-E.............................................. Sole Paragraph. The company is required to maintain, in addition to the information contained in the main text and for the same period stated therein, the recording referred to in Article 21-C, § 1º, II.” (New Wording) Art. 2. This Instruction enters into force on the date of its publication. Original signed by MARCELO BARBOSA President