CVM Resolution 160 of July 13, 2022, with Amendments Introduced by Resolutions CVM No. 173/22, 180/23, 183/23, 208/24, and 226/25

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 RESOLUÇÃO CVM Nº 160, DE 13 DE JULHO DE 2022 COM ALTERAÇÕES INTRODUZIDAS PELAS RESOLUÇÕES CVM Nº 173/22, 180/23, 183/23, 208/24 E 226/25. Dispõe sobre as ofertas públicas de distribuição primária ou secundária de valores mobiliários e a negociação dos valores mobiliários ofertados nos mercados regulamentados, e revoga as Instruções CVM nº 400, de 29 de dezembro de 2003, CVM nº 471, de 8 de agosto de 2008, CVM nº 476, de 16 de janeiro de 2009, CVM nº 530, de 22 de novembro de 2012, e as Deliberações CVM nº 476, de 25 de janeiro 2005, CVM nº 533, de 29 de janeiro de 2008, CVM nº 809, de 19 de fevereiro de 2019, CVM nº 818, de 30 de abril de 2019 e CVM nº 850, de 7 de abril de 2020.

RESOLUÇÃO CVM Nº 160, DE 13 DE JULHO DE 2022 COM ALTERAÇÕES INTRODUZIDAS PELAS
RESOLUÇÕES CVM Nº 173/22, 180/23, 183/23 E 208/24. ........................................................................... 1
CAPÍTULO I – ÂMBITO, DEFINIÇÕES E FINALIDADE .................................................................................. 4
CAPÍTULO II – OFERTAS PÚBLICAS DE DISTRIBUIÇÃO DE VALORES MOBILIÁRIOS................................... 7
Seção I – Ofertas Públicas..................................................................................................................... 7
Seção II – Ofertas não Sujeitas a esta Regulamentação ....................................................................... 9
CAPÍTULO III – PUBLICIDADE E DOCUMENTOS DA OFERTA ................................................................... 11
Seção I – Exigência de Prospecto e de Documento de Aceitação ...................................................... 11
Seção II – Publicidade.......................................................................................................................... 12
Seção III – Prospecto........................................................................................................................... 17
Subseção I – Disposições Gerais e Conteúdo...................................................................................... 17
Subseção II – Fatores de Risco ............................................................................................................ 19
Subseção III – Prospecto Preliminar.................................................................................................... 20
Subseção IV – Tratamento dos Casos de Informações não Contidas no Prospecto........................... 21
Seção IV – Lâmina da Oferta ............................................................................................................... 22
Seção V – Responsabilidade sobre as Informações............................................................................ 23
CAPÍTULO IV – RITOS, PROCEDIMENTO E PRAZOS PARA OBTENÇÃO DO REGISTRO DA OFERTA ......... 23
Seção I – Requerente, Documentos Exigidos e Condições................................................................. 23

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000
Seção II – Rito de Registro Automático de Distribuição ..................................................................... 24
Subseção I – Emissores e Valores Mobiliários Elegíveis ..................................................................... 24
Subseção II – Requerimento de Registro Automático ........................................................................ 30
Seção III – Rito de Registro Ordinário de Distribuição........................................................................ 33
Subseção I – Emissores e Valores Mobiliários.................................................................................... 33
Subseção II – Requerimento de Registro no Rito de Registro Ordinário............................................ 35
Subseção III – Análise Reservada de Requerimentos de Registro...................................................... 37
Subseção IV – Prazos de Análise – Rito de Registro Ordinário de Distribuição.................................. 39
Subseção V – Análise e Aprovação do Prospecto ............................................................................... 41
Seção IV – Dispensa de Registro e de Requisitos................................................................................ 42
Seção V – Validade do Registro e Prazo de Distribuição .................................................................... 43
CAPÍTULO V – CONDUÇÃO DA OFERTA .................................................................................................. 44
Seção I – Plano de Distribuição........................................................................................................... 44
Seção II – Lote Adicional e Lote Suplementar..................................................................................... 44
Seção III – Tratamento do Risco de Diluição....................................................................................... 45
Seção IV – Tratamento de Conflitos de Interesse............................................................................... 45
Seção V – Oferta a Mercado e Período de Distribuição ..................................................................... 49
Seção VI – Apresentações para Investidores...................................................................................... 51
Seção VII – Formação de Preço........................................................................................................... 52
Seção VIII – Adequação do Perfil do Investidor e Restrições ao Investimento .................................. 53
Seção IX – Recebimento de Reservas ................................................................................................. 53
Seção X – Alteração das Circunstâncias, Modificação ou Revogação ................................................ 55
Seção XI – Efeitos da Revogação e da Modificação da Oferta............................................................ 56
Seção XII - Suspensão e Cancelamento da Oferta de Distribuição..................................................... 57
Seção XIII – Revogação da Aceitação.................................................................................................. 58
Seção XIV – Distribuição Parcial.......................................................................................................... 58
Seção XV – Encerramento e Resultado da Oferta .............................................................................. 60
CAPÍTULO VI – INSTITUIÇÕES INTERMEDIÁRIAS..................................................................................... 60
CAPÍTULO VII – RESTRIÇÕES À NEGOCIAÇÃO DOS VALORES MOBILIÁRIOS EM MERCADO
REGULAMENTADO.................................................................................................................................. 63
CAPÍTULO VIII – RESPONSABILIDADE DOS ADMINISTRADORES............................................................. 70
CAPÍTULO IX – ANÁLISE PRÉVIA POR ENTIDADE AUTORREGULADORA ................................................. 71

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000
CAPÍTULO X – INFRAÇÃO GRAVE ............................................................................................................ 72
CAPÍTULO XI - DISPOSIÇÕES FINAIS e transitórias.................................................................................. 72
ANEXO A – PROSPECTO DE AÇÕES ............................................................................................................. 74
ANEXO B – PROSPECTO DE DÍVIDA............................................................................................................. 83
ANEXO C – PROSPECTO DE FUNDOS FECHADOS ........................................................................................ 92
ANEXO D – PROSPECTO DE FUNDOS DE INVESTIMENTO EM DIREITOS CREDITÓRIOS – FIDC................... 99
ANEXO E – PROSPECTO DE SECURITIZAÇÃO – SECURITIZADORAS........................................................... 110
ANEXO F – LÂMINA DA OFERTA DE AÇÕES............................................................................................... 122
ANEXO G – LÂMINA DA OFERTA DE DÍVIDA ............................................................................................. 125
ANEXO H – LÂMINA DA OFERTA DE FUNDOS FECHADOS ........................................................................ 129
ANEXO I – LÂMINA DA OFERTA DE FUNDO DE INVESTIMENTOS EM DIREITOS CREDITÓRIOS- FIDC ...... 132
ANEXO J – LÂMINA DA OFERTA DE SECURITIZAÇÃO - SECURITIZADORA................................................. 136
ANEXO K – CONTRATO DE DISTRIBUIÇÃO ................................................................................................ 140
ANEXO L – REQUERIMENTO DE DISPENSA DE REQUISITOS DA OFERTA.................................................. 141
ANEXO M – ANÚNCIO DE ENCERRAMENTO............................................................................................. 142
ANEXO N – RESUMO MENSAL DE DISTRIBUIÇÃO..................................................................................... 143

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 O PRESIDENTE DA COMISSÃO DE VALORES MOBILIÁRIOS - CVM torna público que o Colegiado, em reunião realizada em 7 de julho de 2022, com fundamento no disposto nos arts. 4º, inciso I, II, IV, alíneas “a” e “b”, VI e VII; 8º, incisos I a III; 15, incisos I e II; 16, incisos I e II; 19; 20; e 21 da Lei nº 6.385, de 7 de dezembro de 1976, APROVOU a seguinte Resolução:
CAPÍTULO I – ÂMBITO, DEFINIÇÕES E FINALIDADE
Art. 1º This Resolution regulates public distribution offers of securities, the trading of securities offered on regulated markets, and aims to ensure the protection of the interests of the general investing public and promote the efficiency and development of the securities market. Sole paragraph. The provisions of this Resolution apply to any and all public distribution offers of securities and of titles and financial instruments whose public distribution regulation is attributed by law to the CVM, except:
I – when the offer of securities and such titles and financial instruments are expressly treated in specific regulation different from this; and II – in the cases provided for in Art. 8. Art. 2º For the purposes of this Resolution, the following are understood:
I – agreement: technical cooperation agreement or accord signed between the CVM and a self-regulatory entity for the purpose of analyzing a request for registration of a public distribution offer, in accordance with Chapter IX of this Resolution; II – lead coordinator: intermediary institution, acting on behalf of the offeror in the capacity of leader in the conduct of the public offer, to whom the CVM must direct communications regarding the offer; III – offer coordinators: intermediary institutions signatories to the distribution contract in the capacity of coordinators and registered with the CVM in accordance with specific regulation; IV – offer acceptance document: formalization of the act of acceptance of the terms and conditions of the offer by the investor, including the reservation and the subscription or acquisition order for the securities, irrevocably, except in the cases of suspension, modification, and cancellation of the offer provided for in this Resolution;

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 V – offer documents: documents prepared by the offeror or by the coordinators, intended for the provision of information regarding the issuer or the offer to potential investors, such as, for example, the prospectus, the offer sheet, the other documents submitted with the registration request, the notice to the market, the announcement of the start of distribution, the advertising material, the documents supporting presentations to investors, and any other documents containing information that may influence the decision-making regarding the investment; VI – issuer with high market exposure – EGEM: issuer of shares and other securities representing participation in capital that meets the requirements provided for such issuers in the CVM regulation that provides for the registration of issuers of securities admitted to trading on regulated securities markets; VII – issuer in pre-operational phase: issuer subject to CVM regulation that provides for the registration of issuers of securities admitted to trading on regulated securities markets and that is classified, in accordance with said regulation, as pre-operational; VIII – frequent issuer of fixed-income securities – EFRF: issuer of fixed-income securities that meets the requirements for such issuers in the CVM regulation that provides for the registration of issuers of securities admitted to trading on regulated securities markets; IX – closing of the offer: the public offer is considered closed after the distribution of all securities subject to the offer, including those in the additional lot, as well as the eventual exercise of the option to distribute the supplementary lot, or after the cancellation of the balance of unplaced securities, in the case of partial distribution, and the publication of the announcement of the closing of the distribution; X – professional investor: investor who meets the classification requirements defined in the CVM regulation that provides for the duty of verification of the adequacy of products, services, and operations to the client's profile; XI – qualified investor: investor who meets the classification requirements defined in the CVM regulation that provides for the duty of verification of the adequacy of products, services, and operations to the client's profile; XII – advertising material: letters, announcements, notices, messages, and similar, especially through mass communication media, printed, audiovisual, or electronic, as well as any other form of

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 mass communication with broad dissemination, with marketing and commercial strategy directed to the general investing public with the aim of promoting the subscription or acquisition of securities; XIII – offer to market: period of the offer in which sales efforts may be carried out, including reservations being admitted, and which begins with the dissemination of the notice to the market, in accordance with Art. 57, if applicable, also covering the distribution period; XIV – offerors:
a) the issuer, in the case of primary distribution; b) the sellers on their own account, in the case of secondary distribution; and c) the administrator and manager of the fund, in the case of primary distribution offer of investment fund shares; XV – distribution period: period of the offer during which the subscription or acquisition of the securities subject to the offer occurs, starting after, cumulatively, the obtaining of registration and the dissemination of the announcement of the start of distribution and ending when the provisions of item IX of this article are observed; XVI – related persons: controllers, direct or indirect, or administrators of the participants in the distribution consortium, of the issuer, of the offeror, as well as their spouses or partners, their ascendants, descendants, and collateral relatives up to the 2nd degree, and other persons related to the issuance and distribution, as defined in the CVM regulation that provides for norms and procedures to be observed in operations carried out with securities on regulated markets; XVI – related persons: controllers, direct or indirect, or administrators of the participants in the distribution consortium, of the issuer, of the offeror, as well as their spouses or partners, their ascendants, descendants, and collateral relatives up to the 2nd degree, companies controlled by them directly or indirectly, and, when acting in the issuance or distribution, other persons considered related in the CVM regulation that provides for norms and procedures to be observed in operations carried out with securities on regulated markets;

• Item XVI with wording given by CVM Resolution No. 173, of November 29, 2022.
  XVII – pricing procedure (bookbuilding): procedure for collecting investment intentions for pricing the security, to be carried out as provided in Art. 61, § 2º, and which is not confused with the receipt of reservations when the offer is to market;

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 XVIII – prospectus: the preliminary and definitive prospectus, or only the definitive prospectus, in the case of an offer that does not contain provision for the use of a preliminary prospectus; XIX – definitive prospectus: prospectus whose dissemination is a requirement for the start of distribution, as per Art. 59; XX – preliminary prospectus: prospectus available for consultation by the general public, in accordance with the terms and conditions provided in Art. 20; XXI – general investing public: any natural or legal persons, funds, and collective investment vehicles or universality of rights vehicles, or any other entity recipient of the public offer, including sets of people represented by a class, category, or group; XXII – special purpose acquisition company (SPAC): issuer in the pre-operational phase constituted with the exclusive purpose of participating in the capital stock of an existing operating company in the future; and XXIII – short sale of shares: sale carried out by investors who are not holders of the shares, or whose ownership results from a loan or other contract of equivalent effect. Sole paragraph. For the purposes of item XII, electronic mass communication medium is considered to be pages on the world wide web or any other network, as well as programs, electronic messaging applications, and social networks. CAPÍTULO II – OFERTAS PÚBLICAS DE DISTRIBUIÇÃO DE VALORES MOBILIÁRIOS Seção I – Ofertas Públicas Art. 3º A public distribution offer is configured as the act of communication originating from the offeror, the issuer, when this is not the offeror, or from any natural or legal persons, members or not of the securities distribution system, acting on behalf of the issuer, the offeror, or the intermediary institutions, disseminated by any means or form that allows reaching several recipients, and whose content and context represent an attempt to awaken interest or prospect investors for the realization of investment in certain securities, except as provided in Art. 8. § 1º Without prejudice to other acts that fit in the caput, examples that characterize an offer as public are:
I – the use of advertising material directed to the general investing public;

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 II – the search, in whole or in part, for indeterminate investors for the securities, by means of any natural or legal persons, members or not of the securities distribution system, acting on behalf of the issuer, the offeror, or the institutions participating in the distribution consortium; III – the consultation on the viability of the offer or the collection of investment intentions from indeterminate potential subscribers or acquirers, except for the case provided in Art. 6; IV – the negotiation made in a store, office, establishment open to the public, page on the world wide web, social network, or application, intended, in whole or in part, for indeterminate subscribers or acquirers; and V – the practice of any acts described in items II to IV, even if the recipients of the communication are individually identified, when resulting from standardized and massified communication. § 2º The offer that obtains registration with the CVM in accordance with this Resolution is considered public. § 3º The principles, requirements, permissions, and prohibitions regarding acts of communication about an offer, the securities, the issuer, and the offeror are listed in Chapter III of this norm. Art. 4º Every public distribution offer of securities

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