Regulatory Alerts2003-12-29
Added · Updated
CVM Instruction 400 of December 29, 2003 - Public Offerings of Securities
CVM Instruction 400 regulates public distribution offerings of securities in primary or secondary markets within Brazil, requiring prior registration with the CVM to ensure investor protection and equitable treatment. It defines acts constituting public distribution, establishes conditions for waiving registration requirements (such as offers to qualified investors or small enterprises), and outlines simplified or automatic registration procedures for specific issuers and transaction types. The instruction sets strict timelines for CVM analysis of registration requests and mandates comprehensive disclosure through prospectuses and other official communications.
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