CVM Resolution No. 46 of August 31, 2021, with Amendments Introduced by CVM Resolution No. 65/22

COMMISSION OF SECURITIES AND EXCHANGE COMMISSION 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 – Ed. Corporate Financial Center, S.404/4th Floor, Brasília/DF – ZIP: 70712-900 – Brazil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br CVM RESOLUTION NO. 46, OF AUGUST 31, 2021 WITH THE AMENDMENTS INTRODUCED BY CVM RESOLUTION NO. 65/22 Provides for the processing of non-sanctioning administrative processes within the Scope of the Collegiate Body of the Securities and Exchange Commission and revokes CVM Deliberations No. 463, of July 25, 2003, No. 468, of July 7, 2004, No. 510, of October 18, 2006, No. 558, of November 12, 2008, No. 771, of May 31, 2017, No. 780, of September 4, 2017, No. 814, of April 3, 2019, and No. 819, of June 25, 2019.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION – CVM makes public that the Collegiate Body, in a meeting held on August 11, 2021, based on the provisions of art. 6º, of Law No. 6.385, of December 7, 1976, and 6º, VI and VII, and 8º, II, of Annex I to CVM Resolution No. 24, of March 5, 2021, as well as arts. 5º to 9º of Decree No. 10.139, of November 28, 2019, APPROVED the following Resolution:

CHAPTER I – SCOPE AND PURPOSE
Art. 1. This Resolution provides for the processing of non-sanctioning processes in the CVM Collegiate Body.

CHAPTER II – APPEALS TO THE COLLEGIATE BODY
Art. 2. From the decisions issued by the Superintendencies of the Securities and Exchange Commission – CVM, an appeal may be filed to the Collegiate Body within 15 (fifteen) business days, counted from its knowledge by the interested party. Sole Paragraph. The provision in the caput also applies to opinions, understanding statements, and opinions of the Superintendencies, except when issued in a manner to support a necessary subsequent decision of the Collegiate Body on the same subject.

Art. 3. The appeal must be presented in a written and reasoned petition, accompanied by the documents on which it is based, and addressed to the Superintendency that issued the challenged decision.

Art. 4. Before its consideration by the Collegiate Body, the arguments of the appeal must be examined, in accordance with the CVM internal regulations, by the head of the organizational component or by the manager of the unit where the server who issued the appealed decision is assigned. Sole Paragraph. The examination referred to in the caput must occur within 15 (fifteen) business days counted from the receipt of the appeal, with the unit manager having the power to reform or maintain the appealed decision in a reasoned dispatch, and forward the process to the Collegiate Body through the General Superintendent for decision, when the appeal has not been fully granted.

Art. 5. The appeal must be analyzed in such a way that it receives the best utilization and effectiveness.

Art. 6. The appeal will be received with devolutive effect. If there is a just fear of damage of difficult or uncertain repair resulting from the execution of the decision, the unit manager may, ex officio or upon request, grant suspensive effect to the appeal.

Art. 7. If there is a request for suspensive effect and it is wholly or partially denied within the Superintendency, the appellant must be notified, and the process must be immediately sent to the President of the CVM, who is responsible for re-examining the decision denying the suspensive effect.

Art. 8. The Collegiate Body must decide the appeal, in an internal session, independent of prior scheduling of a date, with the appellant being notified of the decision, within 5 (five) business days, by the unit manager who issued the appealed decision.

Art. 9. The appeal regarding the restatement or republication of financial statements must:
I – be distributed to a Reporter at the first meeting of the Collegiate Body following the date of maintenance, by the unit manager, of the appealed decision; and II – be considered by the Collegiate Body until the third subsequent ordinary session following the distribution of the process to the Reporter.

Art. 10. The Collegiate Body is responsible for considering, within the scope of a reconsideration request made by one of its members, by the unit manager in which the appealed decision was issued, or by the appellant themselves, the allegation of the existence of omission, obscurity, contradiction, or material or factual error in the decision.

Art. 11. The reconsideration request must be presented within 15 (fifteen) business days counted from the communication referred to in art. 8º and must be addressed to the Superintendency that analyzed the appeal or to the member of the Collegiate Body who drafted the leading vote, if any.

Art. 12. The reconsideration request will not be known if:
I – it is untimely; or
II – it is requested by a person not provided for in art. 10.

Art. 13. The provisions of this chapter do not apply to decisions regarding the following topics, which are governed by specific rules:
I – application of coercive fines;
II – assessment of inspection tax; and
III – reimbursement request submitted to a loss reimbursement mechanism maintained by an entity administering a regulated securities market.

Art. 14. The provisions of this chapter apply, where applicable, to decisions issued by internal CVM committees.

CHAPTER III – PROCESS REPORTERS
Art. 15. The Superintendency that forwards a process for deliberation by the Collegiate Body must indicate whether it intends to report on the process or if it should be forwarded for the designation of a Reporter. Sole Paragraph. The assessment referred to in the caput must consider the principles of procedural speed and administrative efficiency, as well as the existence of precedents on the matter, the factual-legal complexity of the controversy, and the urgency of the deliberation.

Art. 16. The rules regarding the designation of a Reporter existing in the norm that provides for sanctioning administrative processes apply to the designation of a Reporter.

Art. 17. The distribution result must be published, in a summarized form, on the CVM page on the worldwide computer network, in the form of a table containing only the process number and the name of the Reporter.

Art. 18. The designated Reporter may, considering the same factors indicated in art. 15, sole paragraph, request by dispatch, within 60 (sixty) days counted from their designation, that the originating Superintendency report on the respective process at a Collegiate Body meeting. § 1. The originating Superintendency has a deadline of up to 30 (thirty) days to request the inclusion of the process in the agenda of the Collegiate Body meeting. § 2. In the deliberation of the Collegiate Body, the voting order must necessarily begin with the member of the Collegiate Body originally designated as Reporter.

Art. 18-A. Members of the Collegiate Body may request views on processes submitted for consideration by the Collegiate Body.
§ 1. The request for a view does not prevent other members of the Collegiate Body from anticipating their votes, if they feel qualified to do so, with the votes issued being recorded in the minutes. § 2. The member of the Collegiate Body who requests a view must request new inclusion of the process in the agenda within 60 (sixty) business days counted from the request for a view.

Art. 18-A included by CVM Resolution No. 65, of February 10, 2022.

CHAPTER IV – FINAL PROVISIONS
Art. 19. The following are revoked:
I – CVM Deliberation No. 463, of July 25, 2003; II – CVM Deliberation No. 468, of July 7, 2004; III – CVM Deliberation No. 510, of October 18, 2006; IV – CVM Deliberation No. 558, of November 12, 2008; V – CVM Deliberation No. 771, of May 31, 2017; VI – CVM Deliberation No. 780, of September 4, 2017; VII – CVM Deliberation No. 814, of April 3, 2019; and VIII – CVM Deliberation No. 819, of June 25, 2019.

Art. 20. This Resolution enters into force on October 1, 2021.

Electronically signed by
MARCELO BARBOSA
President

CVM Resolution No. 46 of August 31, 2021, with Amendments Introduced by CVM Resolution No. 65/22

Lineage: Amended

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