Regulatory Alerts2014-10-25
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CVM Instruction No. 238 of October 11, 1995
The Brazilian Securities and Exchange Commission (CVM) issued Instruction No. 238 to amend Article 19 of Instruction No. 202/1993. The amendment establishes that open company administrators commit objective infractions by failing to adopt specific procedures outlined in Article 13, subject to summary administrative proceedings. It further defines serious infractions, including violations of Article 17, failure to hold the annual general assembly within the legal deadline, and recidivism of objective infractions.
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