CVM Resolution No. 25 of March 30, 2021

SECURITIES COMMISSION OF BRAZIL
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CVM RESOLUTION NO. 25, OF MARCH 30, 2021

Provides for a transitional rule for the application of the provisions of Article 124, Section 1, Item II of Law No. 6,404, of December 15, 1976.

THE PRESIDENT OF THE SECURITIES COMMISSION OF BRAZIL – CVM makes public that the Collegiate Body, in a meeting held on March 30, 2021, based on the provisions of Article 8, Item I, of Law No. 6,385, of December 7, 1976, and Article 6 of Provisional Measure No. 1,040, of March 29, 2021, as well as considering that:
a) Provisional Measure No. 1,040, of March 29, 2021, provides for several measures related to the improvement of the country's business environment; b) among these measures, there is the extension of the notice period for convening general meetings from 15 (fifteen) to 30 (thirty) days, according to the new wording given to Article 124, Section 1, Item II of Law No. 6,404, of December 15, 1976, with immediate effect; c) the application of the aforementioned period to general meetings provided for, but not yet convened, to deliberate on accounts for the social exercise ended on December 31, 2020, could generate, for many companies, a mismatch with what is established in Article 132 of Law No. 6,404, of 1976; and d) Article 6 of Provisional Measure No. 1,040, of 2021, attributed competence to the Securities and Exchange Commission to determine transitional rules for obligations arising from Chapter III, which includes the new wording of Article 124, Section 1, Item II, of Law No. 6,404, of 1976;

APPROVED the following Resolution:

Article 1. The 30 (thirty) day period provided for in Item II of Section 1 of Article 124 of Law No. 6,404, of 1976, shall apply to general meetings convened starting May 1, 2021.

Sole Paragraph. General meetings already convened or those to be convened by April 30, 2021, may observe the 15 (fifteen) day notice period for the first call.

Article 2. This Resolution enters into force on the date of its publication.

Electronically signed by
MARCELO BARBOSA
President