CVM Circular Letter 02/2017

SECURITIES COMMISSION
Seven of September Street, 111/2-5th and 23-34th Floors – Center – Rio de Janeiro - RJ – ZIP: 20050-901 – Brazil Tel.: (21) 3554-8686 - www.cvm.gov.br 1

CIRCULAR LETTER NO. 02/2017/CVM/SRE
Rio de Janeiro, July 14, 2017.

To administrators of electronic investment platforms for participatory investment

SUBJECT: Guidelines on the submission of documents to the CVM as provided for in CVM Instruction No. 588/17 (crowdfunding offerings).

Dear Administrator,

1. This Circular Letter aims to guide on how the information provided for in art. 27 of CVM Instruction No. 588/17 (“ICVM No. 588/17”) is to be presented to the CVM, which regulates the public distribution offer of securities issued by small-sized business corporations, carried out with exemption from registration through an electronic investment platform for participatory investment.

2. ICVM No. 588/17 regulates the activities of electronic investment platforms for participatory investment (“Platforms”), legal entities to whom, exclusively, the intermediation of public distribution offers of securities exempt from registration is assigned, as provided for in the aforementioned Instruction.

3. This new participant must be submitted to a registration process with this Autarchy in accordance with Chapter IV of the aforementioned regulation.

4. On the other hand, the entry into force of ICVM No. 588/17 establishes the immediate obligation for Platforms to send to the CVM, through an electronic system available on the CVM website, the form containing the information described in Annex 27-I, on the date of the start of each offering.

5. Therefore, considering (i) the time lapse between the entry into force of the Instruction and the obtaining of registration by the Platforms with the CVM, in light of the provisions of arts. 15 and 49, as well as, (ii) the need to adapt the CVM systems, in order to include this new participant and the sending of these specific information, we provide the following guidance regarding the method of sending the aforementioned forms to the CVM/SRE.

6. While there is no specific electronic system, the sending of the initial forms, for each new offering, must be carried out by the Platforms through the CVM website, accessing the “Citizen Service System - SAC” icon. From this access, registration must be carried out in the name of the platform administrator in the CVMWeb system, which, at this first moment, will not be associated with any permission other than access to SAC. After registration, select “New Inquiry / Complaint / Document Protocol” in the left menu and in the form, in the field “Select the type of service”, identify “Document Protocol”. Then, in the field “Document Recipient Area”, select “SRE -

SECURITIES COMMISSION
Seven of September Street, 111/2-5th and 23-34th Floors – Center – Rio de Janeiro - RJ – ZIP: 20050-901 – Brazil Tel.: (21) 3554-8686 - www.cvm.gov.br 2

Superintendence of Securities Registration” and in the area “write your message to the side”, indicate that it is an initial crowdfunding offering form.

7. The forms must be saved in non-editable and searchable PDF (Portable Document Format) format. The limit for sending documents on the CVM website is 10 documents and 15 MB total per protocol.

8. Finally, we alert that, in accordance with art. 47 of ICVM No. 588/17, the platform is subject to a daily fine in the amount of R$ 500.00, due to non-compliance with the deadlines for delivery of the information referred to in art. 27, without prejudice to the provisions of art. 11 of Law No. 6.385, of 1976.

Sincerely,

(signed original)
Dov Rawet
Superintendent of Securities Registration