CVM Resolution No. 159 of July 8, 2022

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 – Corporate Financial Center Building, S.404/4th Floor, Brasília/DF – ZIP: 70712-900 – Brazil - Tel.: (61) 3327-2030/2031 www.cvm.gov.br

CVM RESOLUTION NO. 159, OF JULY 8, 2022

Amends CVM Resolution No. 24, of March 5, 2021, and CVM Resolution No. 47, of August 31, 2021.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION OF BRAZIL – CVM makes it known that the Collegiate Board, in a meeting held on July 5, 2022, based on art. 6 of Decree No. 8,965, of January 19, 2017, on § 7 of art. 6 of Law No. 6,385, of December 7, 1976, and on art. 6 of CVM Resolution No. 24, of March 5, 2021, APPROVED the following Resolution:

Art. 1 Annex I of CVM Resolution No. 24, of March 5, 2021, shall enter into force with the following wording:

“Art. 21. .............................................................
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III – control the frequency, verify the requirements for the authorization of special hours without reduction in workload, and maintain the registry and documentation of employees, recording their functional status from entry until dismissal; ..........................................................................” (New)

“Art. 44. .............................................................
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III – act in the improvement of CVM’s databases, in the development of investigation techniques, as well as in other activities approved by the CVM Risk Management Committee; IV – promote the culture of data analysis and data science, as well as methods, techniques, and technologies related to the subject, including through the development of solutions; and V – exercise other related activities.” (New)

“Art. 63. ...........................................................
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IV – establish technical guidelines on the production, processing, use, dissemination, storage, and retention of data;

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V – assist in the preparation of normative acts on matters related to data transmission and reception; and VI – exercise other related activities.” (New)

“Art. 75. ...........................................................
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III – operationalize procedures related to coercive fines; and ..........................................................................” (New)

“Art. 80. ...........................................................
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IX – authorize expenses, request the reallocation of bank accounts, sign agreements or operational conventions, as well as, through a reasoned dispatch, waive or homologate bidding processes for purchases, in the impediments of the head of the SAD and their substitute, or sign contracts, up to the limit defined in item III of art. 81; ..........................................................................” (New)

“Art. 81. ...........................................................
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VII – authorize expenses, request the reallocation of bank accounts, and sign contracts, up to the limit defined in item III, as well as agreements or conventions of an operational nature; ..........................................................................” (New)

“Art. 82. ...........................................................
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VI – decide in the last instance on appeals against the application of coercive fines carried out by holders of an organizational component or by team employees; ..........................................................................” (New)

“Art. 100. The procedural rules involving coercive fines are defined in a specific norm.” (New)

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Art. 2 CVM Resolution No. 47, of August 31, 2021, shall enter into force with the following wording:

“Art. 3 Those responsible for monitoring the submission of periodic information must publish, by December 15 of each year, on the CVM’s website, a list of the periodic information that participants must disclose in the following fiscal year, indicating the respective submission deadlines and normative bases, and alerting that the failure to disclose the information within the indicated deadlines subjects the participant to the application of the daily fine provided for in Annex A of this Resolution.
..........................................................................
” (New)

“Art. 4 Upon verification of non-compliance with the obligation to provide occasional information, the person responsible for monitoring the information must send a specific communication, addressed to the person responsible listed in the participant’s registry with the CVM, alerting that the failure to present the information by the end of the deadline indicated in the communication subjects them to the application of the daily fine provided for in Annex A of this Resolution. Sole Paragraph. The communication referred to in the main text:
I – must be issued within 5 (five) business days after learning of the occurrence of non-compliance with the obligation to provide occasional information; and
..........................................................................
” (New)

“Art. 5 The ordinary coercive fine should not be applied if the person responsible for monitoring the information deems it appropriate to adopt another administrative procedure related to the non-compliance with the submission deadlines for periodic and occasional information.” (New)

“Art. 6 The application of the ordinary fine is prohibited:
I – if the occasional information is submitted late, but before the communication referred to in art. 4;
..........................................................................
” (New)

“Art. 7 The person responsible for applying the fine within each superintendence, the General Superintendence, or a member of the Collegiate Board acting as Rapporteur, when determining the abstention or practice of an act, must notify the recipient of the order that their non-compliance by the end of the deadline indicated in the communication subjects them to the application of the extraordinary fine.

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” (New)

“Art. 10 The person who, previously notified, fails to appear to provide information on the indicated date is subject to the application of an extraordinary fine of up to R$ 25,000.00 (twenty-five thousand reais).
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” (New)

“Art. 13. ............................................................
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§ 2 The notification of the application of a coercive fine must inform that, from the decision to apply the fine, an appeal may be filed in accordance with arts. 16 and 17.” (New)

“Art. 16 An appeal may be filed with the superintendent of the area against decisions applying coercive fines, in the second and last instance and without suspensive effect, within 10 (ten) days counted from the date of notification, observing the provisions of the sole paragraph of art. 22. Sole Paragraph. In cases where the coercive fine is applied by the General Superintendence or by a member of the Collegiate Board acting as Rapporteur, the appeal shall be filed with the Collegiate Board.” (New)

“Art. 17 The appeal must be presented in a written and reasoned petition, immediately accompanied by the documents on which the appellant’s argumentation is based, and must be addressed to the person who issued the decision being challenged.” (New)

“Art. 18 Before its appreciation by the appellate instance, the arguments of the appeal must be examined by the person who issued the decision being challenged.
Sole Paragraph. The examination referred to in the main text must occur within the deadline of 10 (ten) business days counted from the receipt of the appeal, with the person who issued the decision being challenged reforming or maintaining the appealed decision, through a reasoned dispatch, and forwarding the process to the appellate instance for decision, when the appeal has not been fully granted.” (New)

“Art. 19 The appellant shall be considered notified of the result of the appeal decision on the date:
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” (New)

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“Art. 20 At the request of the appellant, the person who decided on the appeal shall appreciate, within the scope of a request for reconsideration, the allegation of the existence of omission, obscurity, contradiction, or material or factual error in the decision. § 1 The request for reconsideration must be presented within 5 (five) business days counted from the communication referred to in art. 19 and must be addressed to the person who applied the fine.
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” (New)

Art. 3 The following are revoked:
I – subitem 3.1 of item II of art. 4 of Annex I of CVM Resolution No. 24, of March 5, 2021; II – art. 13 of Annex I of CVM Resolution No. 24, of March 5, 2021; and III – § 2 of art. 18 of CVM Resolution No. 47, of August 31, 2021.

Art. 4 The appeal procedure must be, until the final decision, that in force on the date of notification, in accordance with article 13 of CVM Resolution No. 47, of August 31, 2021.

Art. 5 This Resolution enters into force on August 1, 2022.

Signed electronically by
MARCELO BARBOSA
President