CVM Deliberation No. 849 of March 31, 2020

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL (CVM) Rua Sete de Setembro, 111/2-5th and 23-34th Floors, Center, Rio de Janeiro/RJ – ZIP: 20050-901 – Brazil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors, Bela Vista, São Paulo/SP – ZIP: 01333-010 – Brazil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4th Floor, Brasília/DF – ZIP: 70712-900 – Brazil - Tel.: (61) 3327-2030/2031 www.cvm.gov.br

CVM DELIBERATION NO. 849, OF MARCH 31, 2020
Establishes the deadline for public companies to submit information with due dates in the 2020 fiscal year and takes other measures.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION OF BRAZIL – CVM, based on art. 8, item I, of Law No. 6,385, of December 7, 1976, on arts. 1 and 3 of Provisional Measure No. 931, of March 30, 2020, and in the exercise of the competence conferred by arts. 16, item XI, and 17, item XIII, of the Internal Regulations, approved by Ordinance No. 327, of July 11, 1977, of the Minister of Finance, makes public that the Collegiate Body, in a meeting held on this date, and considering that:

a) daily observation shows the expansion of restrictive measures, mainly related to the flow of people, imposed by the governments of various countries due to the widespread and current dissemination of the new coronavirus, the cause of Covid-19, with notorious severe impacts on economic activity resulting from such measures; b) the mentioned restrictive measures have adverse and unexpected impacts on the production of information and the realization of ordinary corporate acts of functioning of joint-stock companies provided for in Law No. 6,404, of December 15, 1976; c) in view of this circumstance, Provisional Measure No. 931 of 2020 was issued, which extends the maximum deadline for holding ordinary general assemblies and confers competence to the CVM to exceptionally, during the 2020 fiscal year, extend deadlines fixed in Law No. 6,404, of 1976; d) in light of the public interest, it is incumbent upon the CVM to contribute to the mitigation of the aforementioned adverse impacts, while simultaneously promoting the adequate functioning of the capital market through its regulatory, supervisory, and inspection activities;

DELIBERATED:

I – to determine, based on art. 3, sole paragraph, of Provisional Measure No. 931, of 2020, that public companies with fiscal years ending between December 31, 2019, and March 31, 2020, submit their corresponding financial statements within 5 (five) months from the end of the respective fiscal year;

II – to determine, based on art. 3, caput, of Provisional Measure No. 931, of 2020, that the annual report provided for in art. 68, § 1, “b”, of Law No. 6,404, of 1976, regarding public companies with fiscal years ending between December 31, 2019, and March 31, 2020, be submitted within 6 (six) months after the end of the respective fiscal year;

III – to extend by 2 (two) months the deadlines listed below that end or are to begin in the 2020 fiscal year:
a) the deadlines provided for in the following provisions of CVM Instruction No. 480, of December 7, 2009:

1. in the sole paragraph of art. 23;
2. in § 1 of art. 24;
3. in § 2 of art. 25, regarding national issuers;
4. in item “a” of item II of the caput of art. 28;
5. in § 1 of art. 29-A;
   b) the deadline provided for in art. 15 of CVM Instruction No. 583, of December 20, 2016;

IV – to extend by 45 (forty-five) days the deadline provided for in item II of the caput of art. 29 of CVM Instruction No. 480, of 2009, regarding the quarterly information form for the first quarter of the fiscal year of companies with the fiscal year ending on December 31, 2019;

V – to extend by 3 (three) months the deadline provided for in art. 7, § 2, of CVM Instruction No. 539, of November 13, 2013;

VI – to authorize that all investment funds regulated by the CVM hold general assemblies, ordinary or extraordinary, virtually, regardless of provision in regulations, for all eligible matters throughout the 2020 fiscal year, provided that notice is given and participation by unitholders is facilitated within the deadlines provided for in the current regulations;

VII – to authorize that the financial statements of all investment funds regulated by the CVM, relating to fiscal years closed between December 31, 2019, and March 31, 2020, may be considered automatically approved if the corresponding assembly, convened in accordance with item VI, is not installed due to the non-attendance of any investors, provided that the corresponding audit report does not contain a modified opinion;

VIII – to suspend, for a period of 4 (four) months, the effectiveness of art. 13 of CVM Instruction No. 476, of January 16, 2009, when, alternatively or cumulatively:
a) the acquirer is a professional investor; and b) it concerns securities issued by a company registered with the CVM;

IX – that this Deliberation enters into force on the date of its publication.

Original signed by
MARCELO BARBOSA
President