Circular Letter CVM/SRE 03/2020

Circular Letter No. 3/2020-CVM/SRE
Rio de Janeiro, March 18, 2020.

Subject: Interpretation of Article 48 of CVM Instruction No. 400/03 in light of the issuance of CVM Deliberation No. 846/2020.

Gentlemen,

1. In view of the issuance of CVM Deliberation No. 846/2020 on March 16, 2020 (“Deliberation 846”), we present additional clarifications regarding the provisions contained in Article 48 of CVM Instruction No. 400/03 (“ICVM 400”).

2. In this sense, we inform that given the extraordinary situation that led to the issuance of the aforementioned deliberation and taking into account the long period of time during which the analyses may remain suspended, it is understood that for offerings where a request for suspension of analysis has been filed, in accordance with Article 10 of ICVM 400 c/c Deliberation 846, the expression “decided or projected” contained in the main text of Article 48 of ICVM 400 will be considered, exceptionally, as the moment when there is a decision by the issuer to resume the analysis of the public distribution registration request.

3. Thus, when deciding to suspend the offering, the issuer must, in addition to filing a request with the CVM, communicate such decision to the market through the means applicable to the case, and must adopt the same procedure when deciding to resume the offering or to permanently cancel it, with the case of resumption, the communication to the market regarding such decision being considered for the purposes of the delimitation referred to in Article 48 of ICVM 400.

Sincerely,

(electronically signed)
LUIS MIGUEL R. SONO
Superintendent of Securities Registration