Regulatory Alerts2008-08-08
CVM Instruction No. 471 of August 8, 2008, with amendments introduced by CVM Instruction No. 575/16 and CVM Resolution No. 3/20
The Brazilian Securities and Exchange Commission (CVM) establishes the simplified registration procedure for public distribution offers of securities, allowing authorized self-regulatory entities to conduct preliminary analyses. The regulation defines eligibility criteria, excluding initial public offerings of shares or BDRs, and mandates that the CVM review applications within strict timeframes, with automatic approval if no objection is raised. It further governs the agreements with self-regulatory organizations, detailing their technical obligations, reporting requirements, and the conditions under which the simplified procedure may be converted to the ordinary procedure.
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