Regulatory Alerts2014-10-25
CVM Resolution No. 514 of December 19, 2006
The Brazilian Securities and Exchange Commission (CVM) issued Resolution No. 514 to amend Resolution No. 457 of 2002 regarding administrative sanction proceedings. The amendment introduces Article 34-A, which mandates that specific provisions of the original resolution apply to summary procedure administrative processes. This regulation entered into force upon publication in the Official Gazette and applies immediately to ongoing cases while preserving the validity of prior acts.
CVM RESOLUTION NO. 514, OF DECEMBER 19, 2006.
Amends CVM Resolution No. 457, of December 23, 2002, which establishes procedures to be observed in the processing of administrative sanction proceedings.
THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION – CVM makes public that the Board, in a meeting held on this date, in view of art. 9, § 2, of Law No. 6,385, of December 7, 1976, and the need to regulate the exercise of the Commission's competence in the procedure provided for by Resolution No. 1,657, of October 26, 1989, to be observed in summary procedure processes instituted by it, DELIBERATED:
Art. 1. Article 34-A is added to CVM Resolution No. 457, of December 23, 2002, as follows:
“Art. 34-A The provisions of arts. 3, 6, 7, 19 and 33 of this Resolution shall apply to summary procedure administrative processes.” (NR)
Art. 2. This Resolution enters into force on the date of its publication in the Official Gazette of the Union, applying immediately to ongoing processes, safeguarding the validity of acts performed before its entry into force.
Original signed by MARCELO FERNANDEZ TRINDADE President