Regulatory Alerts2009-01-16
Added · Updated
CVM Instruction 476 (Revoked) - Public Offerings of Securities with Restricted Efforts
CVM Instruction 476, as amended, regulates public offerings of securities distributed with restricted efforts, limiting distribution exclusively to qualified or professional investors and intermediaries within the securities distribution system. It imposes strict limits on the number of investors solicited (up to 75) and subscribed (up to 50), prohibits public advertising, and requires specific notifications to the CVM regarding the start and end of offers. The instruction also establishes rules for price stabilization, partial distribution, and the obligations of issuers and lead intermediaries to ensure information transparency and investor suitability.
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