CVM Resolution No. 48 of August 31, 2021

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL
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CVM RESOLUTION NO. 48, OF AUGUST 31, 2021

Provides for the granting of access to administrative proceedings and for the information access procedures provided for in Law No. 12.527, of November 18, 2011, within the scope of the CVM, and revokes CVM Deliberations No. 481, of April 29, 2005, and No. 710, of May 28, 2013.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION OF BRAZIL – CVM makes public that the Board, in a meeting held on August 18, 2021, based on the provisions of arts. 8, I and § 2, and 9, § 2, of Law No. 6.385, of December 7, 1976, as well as Law No. 12.527, of November 18, 2011, regulated by Decree No. 7.724, of May 16, 2012, and arts. 5 to 9 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 granting of access to administrative proceedings and for the information access procedures provided for in Law No. 12.527, of November 18, 2011, within the scope of the CVM.

CHAPTER II – GRANTING OF ACCESS

Art. 2 The request for access to sanctioning administrative proceedings and access to the case files by the accused in these proceedings are governed by the specific norm that provides for sanctioning administrative proceedings, applying the provisions of this Chapter only insofar as they are compatible and in a subsidiary manner.

Art. 3 The case files of administrative proceedings instituted at the CVM are considered public, except those whose secrecy:
I – is indispensable for the defense of intimacy or social interest; II – is indispensable for the investigation of possible violations of norms whose supervision is incumbent upon the CVM; or III – is guaranteed by law.

Sole Paragraph. The provisions of the caput apply to complaints and inquiries made by investors and any other market participants, including with regard to access requests made by them.

Art. 4 The request for access to administrative case files must be made in writing.

Art. 5 The granting of access to administrative case files depends on authorization:
I – by a member of the Board, or by a server holding a permanent position of higher education level who is part of their team, in cases where such member of the Board has been designated as Rapporteur of the case or has received the case due to a request for access; or II – by a server holding a permanent position of higher education level who is part of the organizational component or unit responsible for conducting the case, in other cases.

§ 1 The decision denying the access request must be duly justified, and an appeal may be filed to the Board, in accordance with the regulation dealing with appeals to the Board.

§ 2 Before its appreciation by the Board, the arguments of the appeal must be examined, in accordance with the CVM’s internal regulations, by the head of the organizational component or by the manager of the unit where the server who denied the access request is assigned.

§ 3 It is up to the unit manager to reform or maintain the appealed decision, in a justified dispatch, and to forward the case to the Board for decision, when the appeal has not been fully granted.

§ 4 Access requests may be granted on a future date designated so as not to interfere with the performance of an act or the adoption of measures necessary for the proper conduct of the case.

Art. 6 The provisions of this Chapter apply to requests for the issuance of certificates of administrative proceedings.

CHAPTER III – ACCESS REQUEST

Art. 7 The request for information access based on Law 12.527, of 2011, must be submitted in a standard form, made available in electronic and physical media by the Citizen Information Service – SIC of the CVM.

Art. 8 In the event of partial or total denial of information access or failure to provide the reasons for the denial of access, the applicant may file an appeal, within 10 (ten) days, counted from the knowledge of the decision, to the General Superintendent, who must appreciate it within 5 (five) days, counted from its presentation.

§ 1 If the appeal referred to in the caput is denied, the applicant may file an appeal within 10 (ten) days, counted from the knowledge of the decision, to the President of the CVM, who must manifest within 5 (five) days counted from the receipt of the appeal.

§ 2 In cases where the decision referred to in the caput is issued by an organ directly linked to the Presidency or by a member of the Board, an appeal lies to the President of the CVM.

Art. 9 In the event of omission of response to the information access request, the applicant may present a complaint, within 10 (ten) days, to the General Superintendent, who must manifest within 5 (five) days, counted from the receipt of the complaint.

Sole Paragraph. The period to present a complaint begins 30 (thirty) days after the presentation of the information access request.

Art. 10. If the appeals provided for in §§ 1 and 2 of art. 8 or the complaint referred to in art. 9 are denied or fruitless, the applicant may file an appeal within 10 (ten) days, counted from the knowledge of the decision, to the Office of the Comptroller General of the Union.

Art. 11. Omitted cases are decided by the President of the CVM.

Art. 12. Requests for information access that have as their object the consultation of the content of an administrative case file must follow the procedure provided for in Chapter II of this Resolution.

§ 1 The requests referred to in the caput, when received by the means provided for in art. 7, must be responded to with the indication of the appropriate channel for presenting the request, without prejudice to the possibility of, aiming for their best use, being directed to the member of the Board, organizational component or unit who is responsible for analyzing them, in accordance with art. 5, in order to be processed in the manner of Chapter II of this Resolution.

§ 2 The redirections referred to in § 1 must be informed to the Consultation Center, in the case of non-sanctioning administrative proceedings, and to the Sanctioning Administrative Proceedings Control Management – GCP, in the case of sanctioning administrative proceedings.

CHAPTER IV – FINAL PROVISIONS

Art. 13. The following are revoked:

I – CVM Deliberation No. 481, of April 29, 2005; and II – CVM Deliberation No. 710, of May 28, 2013.

Art. 14. This Resolution enters into force on October 1, 2021.

Signed electronically by
MARCELO BARBOSA
President