Regulatory Alerts2014-10-25
CVM Resolution No. 504 of May 12, 2006
The Brazilian Securities and Exchange Commission (CVM) issued Resolution No. 504 to amend CVM Resolution No. 457 of 2002, establishing stricter procedural requirements for administrative disciplinary proceedings. The resolution mandates that the Legal Advisory Office (PFE) issue opinions on accusations and potential criminal referrals, while also defining the specific content required for investigation reports and terms of accusation. Furthermore, it grants the Collegiate Board the authority to reclassify legal definitions of facts and requires the notification of accused parties to present new defenses within 30 days when such changes occur.
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