Regulatory Alerts2014-10-25
CVM Instruction No. 343 of August 11, 2000
The Brazilian Securities and Exchange Commission (CVM) issued Instruction No. 343 to amend Article 16 of CVM Instruction No. 243/1996, establishing new regulatory requirements for the transfer of publicly held companies between organized and unorganized over-the-counter markets and stock exchanges. The regulation mandates specific approval processes, including board resolutions or extraordinary general assemblies, and requires the publication of relevant event notices to allow minority shareholders a 45-day window to express dissent. These changes ensure that market transitions are contingent upon the non-opposition of minority shareholders holding significant stakes in the circulating shares.
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