CVM Resolution No. 54 of October 20, 2021, with amendments introduced by CVM Resolutions No. 61/21 and 171/22

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL
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. 54 OF OCTOBER 20, 2021
WITH THE AMENDMENTS INTRODUCED BY
CVM RESOLUTIONS NO. 61/21 AND 171/22

Provides for the Supervision Tax of the Securities Markets and revokes CVM Instructions No. 110, of December 28, 1989, and No. 420, of June 24, 2005, and CVM Deliberation No. 507, of July 10, 2006.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION OF BRAZIL – CVM makes public that the Collegiate Board, in a meeting held on October 19, 2021, based on Law No. 7.940, of December 20, 1989, Decree No. 70.235, of March 6, 1972, as well as on Articles 5th to 9th 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 supervision tax instituted by Law No. 7.940, of December 20, 1989, regarding:
I – deadlines and methods of payment;
II – internal routines related to the administrative tax assessment procedure; and III – processing and judgment of subsequent challenges and appeals related to the tax.

Art. 2 For the purposes of this Resolution, the following are considered:
I – issuing and preparatory authority: the head of the Revenue Collection and Enforcement Management (GEARC); II – first-instance judging authority: the head of the Administrative-Financial Superintendence (SAD); III – second-instance judging authority: the head of the General Superintendence (SGE); IV – liable subject: the person obligated to pay the tax or monetary penalty; and V – supervision tax: the supervision tax of the securities markets instituted by Law No. 7.940, of 1989.

CHAPTER II – PAYMENT

Art. 3 The supervision tax must be paid in accordance with the provisions of Article 5 of Law No. 7.940, of 1989.

Art. 4 The supervision tax must be paid through a Guide for Payment to the Union – GRU, generated on the CVM website, or by another means made available by the Autarchy.

Art. 5 Payment of the supervision tax outside the deadlines provided for in this Resolution implies its update and the payment of the additions mentioned in Article 5, § 1, of Law No. 7.940, of 1989.

CHAPTER III – ASSESSMENT NOTIFICATION

Art. 6 The administrative-tax assessment procedure for the supervision tax begins with the issuance of the Assessment Notification, prepared manually or electronically, by the issuing authority, from which the liable subject must be notified for payment or administrative challenge before the CVM.

Art. 7 The administrative act of assessment must be produced, issuing the relevant Assessment Notification, whenever the liable subject fails to make the payment of the supervision tax of the securities market, in the manner and deadlines established in Article 5 of Law No. 7.940, of 1989.

§ 1 The Specialized Federal Prosecutor’s Office (PFE) must communicate to GEARC the existence of any judicial decision of which it is notified, which entails the suspension of the enforceability of the tax credit, or which causes it to cease.

§ 2 In cases of tax credit with suspended enforceability, in the manner of Article 151, II, IV and V, of Law No. 5.172, of October 25, 1966 (CTN), after hearing the PFE regarding the scope and effectiveness of the suspensive measure, the issuing authority, for the purpose of preventing the statute of limitations (Article 173, I, of the CTN), must issue an Assessment Notification of the tax credit with suspended enforceability, notifying the liable subject subsequently, in the manner of Article 9 of this Resolution.

§ 3 In the case of § 2 of this article, the respective Assessment Notification must contain a reservation that its sole purpose is to prevent the statute of limitations, not entailing the opening of a deadline for the presentation of a challenge by the liable subject.

§ 4 After the notification of the liable subject of the Assessment Notification, with the reservations contained in § 3 of this article, the preparatory authority must determine the stay of the administrative-tax procedure, which must resume when the cause suspending the enforceability of the tax credit ceases.

§ 5 Once the cause that entails the suspension of the tax credit has ceased, the preparatory authority must issue a notification to the liable subject, for payment or presentation of a challenge to the previously notified tax assessment.

Art. 8 The Assessment Notification must contain:
I – the qualification of the liable subject (full name, trade name or corporate name, number of registration in the Individual Taxpayer Registry (CPF) or National Registry of Legal Entities (CNPJ), full address of the tax domicile); II – the activity performed by the taxable liable subject in the securities market; III – the amount of the tax credit per quarter and respective fiscal year, with discrimination of the principal, fine and late interest in current currency or according to tax legislation; IV – the legal provisions that support the Assessment Notification; V – the deadline and method for the debtor to proceed with the payment of the notified debt or to present a challenge to the tax assessment; VI – information that the notified party, in the event of non-regularization of the debt, will be registered in the Informative Registry of Unpaid Credits of the Federal Public Sector – CADIN, in the manner and deadlines established in Law No. 10.522, of July 19, 2002; VII – the serial number and batch of the assessment notification; and VIII – the name, signature and registration number of the issuing authority, observing, if applicable, the provisions of the sole paragraph of Article 11 of Decree No. 70.235, of March 6, 1972.

§ 1 The sending and preparation of assessment notifications and all other procedures necessary for their operation are the responsibility of GEARC.

§ 2 If any employee finds that the Assessment Notification does not contain the essential requirements for its validity, and it is not possible to cure the existing defects, the fact must be reported to the issuing authority, which must, in a reasoned decision, declare the nullity of the act and of those subsequent to it that depend on it, and determine its redoing without the previous defects, notifying the liable subject of the new Assessment Notification.

Art. 9 Without prejudice to the provisions of Article 10, the notification of the Assessment Notification must be made:
I – by mail, with proof of receipt, to the tax domicile elected by the liable subject, considered the last address informed in the respective registration form of the Integrated Market Participants System - CVM, in the manner of Article 23, § 4, of Decree No. 70.235, of 1972, the receipt notice or equivalent document must be identified with the following information: “ASSESSMENT NOTIFICATION NUMBER XXXX/BATCH XXXX”; or II – by electronic means, with proof of receipt, sent to the electronic tax domicile of the liable subject, thus defined as the electronic address attributed to it by the CVM, and observing the provisions of Article 35 of this Resolution.

§ 1 The notification by mail may be replaced by personal knowledge, through the drafting of a respective term, containing the signature of the liable subject, its legal representative, proxy or attorney, duly constituted, or, in case of refusal by any of them, a certificate attesting to such circumstance, whenever they appear, individually or jointly, at a CVM office and their quality remains unequivocal, based on the documentation presented.

§ 2 In case of failure in the first attempt at postal communication, GEARC must conduct research in other databases, such as that of the Special Secretariat of the Brazilian Federal Revenue (RFB), in search of an alternative address, either of the taxpayer or its representative, for the dispatch of a new mailing, with proof of receipt.

§ 3 In case of regular closure of a business society with the RFB at a time prior to the issuance of the Assessment Notification, the notification must be made to the managing partner indicated in the dissolution as responsible for any debts that may exist in the name of the extinct legal entity, or, in the absence thereof, to the partners and administrators listed in the bylaws or contract at the time of the taxable event.

§ 4 In case of notification of a society before the regular closure with the RFB, GEARC must arrange for the notification of the managing partner indicated in the dissolution as responsible for any debts that may exist in the name of the extinct legal entity, or, in the absence thereof, to the partners and administrators listed in the bylaws or contract at the time of the taxable event, for the purpose of knowledge of the debt, the possibility of registration in CADIN if there is no payment, and also for manifestation regarding responsibility for the debt.

§ 5 The implementation of the electronic address referred to in item II of the caput of this article depends on the express consent of the liable subject, and the CVM must inform them of the rules and conditions of its use and maintenance.

Art. 10. When the notification of the liable subject is frustrated in the manner of item I of Article 9, the notification of the Assessment Notification must be made by publication of an electronic notice on the CVM website or by a notice to be prepared and published in a local official press organ or posted in a CVM facility accessible to the public.

Art. 11. Notification is considered made:
I – if by mail, in accordance with Article 9, I, on the date of receipt, at the tax domicile of the liable subject, stated in the receipt notice (“AR”), or, if omitted, 15 (fifteen) days after the date of dispatch of the notification; II – if by electronic means, in accordance with Article 9, II:
a) within 15 (fifteen) days counted from the date registered on the delivery receipt at the electronic tax domicile of the liable subject; or b) on the date the liable subject consults the electronic address attributed to it by the CVM, if prior to the date provided in item “a”; or III – if by notice, in accordance with Article 10, within 15 (fifteen) days counted from its publication.

Art. 12. The Information Technology Superintendence – STI must make available to the issuing authority, in the Tax System, the list of taxpayers subject to the Assessment Notification, due to non-payment of the Supervision Tax, and, whenever necessary, a report may be issued directly by the issuing authority, containing, obligatorily:
I – the full name, trade name or corporate name of the taxable liable subject; II – the CPF or CNPJ registration number of the taxable liable subject; III – the full address of the tax domicile of the taxable liable subject; IV – the activity performed by the taxable liable subject in the securities market and the organizational component responsible for its supervision; V – the tax credits and any differences assessed that will be the object of the Assessment Notification, identified by quarter and respective fiscal year; VI – the amount of the debt in national currency, discriminating the principal, the fine and the late interest, per quarter and respective fiscal year; and VII – statistics regarding the total number of notified parties by activity in the securities market and the total amount of the debt.

Sole paragraph. The issuing authority or the PFE, upon finding the absence or inconsistency in the CVM’s registration database that prevents compliance with the provisions of this article, must immediately communicate the fact to the Superintendent responsible for the respective registration of the market participant, who is responsible for providing, within a previously indicated deadline, the regularization of the omitted or inconsistent data, notifying, subsequently, the person who communicated the absence or inconsistency.

Art. 13. Whenever a new category of participant or security arises in the market, the Superintendent responsible for the technical area to which the new participant or product is linked must initiate the respective administrative process, forwarding it to the issuing authority, which, after hearing the PFE, must decide on the tax liability of the eventual participants or issuers regarding the supervision tax and return the process to the originating Superintendence, with a copy of the decision to the STI, to, if applicable, include the new category in the tax system.

§ 1 In cases of payment of the supervision tax due to the realization of a public offering or registration of a participant or issuance of an equivalent authorizing act, the responsible organizational component must confirm the entry of the tax payment into the CVM account.

§ 1 In cases of payment of the supervision tax due to the realization of a public offering subject to registration or exempt from such registration, as well as in cases of registration of a participant or issuance of an equivalent authorizing act, the responsible organizational component must confirm the entry of the tax payment into the CVM account.

• § 1 with wording given by CVM Resolution No. 61, of December 27, 2021.

§ 2 The confirmation of entry referred to in § 1 must be made through consultation to a specific system, made available by the STI.

§ 3 A copy of the screen confirming the entry of the tax payment into the CVM account must be attached to the records of the respective process.

Art. 13-A. In cases where the initial registration in the CVM of a securities market participant is realized after validation of information forwarded by other public entities, the supervision tax must be paid within 30 (thirty) days after the date of inclusion in the registry of participants in the securities market at the CVM, through the sending of a notification, in accordance with Article 11, by the competent superintendence in accordance with the CVM’s internal regulations.

Sole paragraph. The notification referred to in the caput must be sent upon inclusion in the registry and observe, where applicable, the provisions of the decree that deals with the administrative-tax process, and contain the following information:
I – express indication that the registration entails the obligation to pay the supervision tax in accordance with Law No. 7.940, of 1989; II – forms of payment of the supervision tax and warnings resulting from its non-payment.

• Art. 13-A included by CVM Resolution No. 171, of October 27, 2022.

CHAPTER IV – ADMINISTRATIVE LITIGATION

Section I – Start of the Litigious Procedure

Art. 14. The litigious phase of the procedure begins with the presentation by the liable subject of a challenge to the tax assessment.

Section II – Challenges

Art. 15. The challenge is the means of defense available to the liable subject to contest the assessment of the tax credit contained in the Assessment Notification.

Art. 16. The challenge must be presented by the liable subject within a deadline of 30 (thirty) days, counted from the date of notification of the assessment, observing the provisions of Articles 5 and 23 of Decree No. 70.235, of 1972.

§ 1 The challenge presented by a natural person must be accompanied by:
I – the documents on which it is based;
II – a copy of an official identification document, with signature, of the signatory of the challenge; and III – a copy of the respective power of attorney, when presented by an attorney.

§ 2 The challenge presented by a legal entity must be accompanied by:
I – the documents on which it is based;
II – a copy of the articles of incorporation or bylaws, duly updated; III – a copy of the corporate act that elected the signatory of the challenge, proving its powers; IV – a copy of an official identification document, with signature, of the legal representative signatory of the challenge; and V – when presented by an attorney, with the respective power of attorney, which, if passed by public instrument, dispenses with the presentation of the articles of incorporation or bylaws and the corporate act indicated in items II and III.

§ 3 The challenge must be presented within the deadline of the caput:
I – by electronic service, following access instructions available on the CVM website; II – directly at the protocol of the CVM headquarters, its Regional Superintendencies of São Paulo or Brasília; or III – by mail, to the address of the CVM headquarters.

§ 4 In the event of presentation of a challenge through the use of the electronic service referred to in item I of § 3 of this article, the documents listed in § 1 and § 2 may be presented as scanned copies, with the liable subject being aware that:
I – the content and integrity of the scanned documents are the responsibility of the interested party, who will be liable under civil, criminal and administrative legislation for any frauds; II – the scanned documents sent by the interested party will have the value of a simple copy and will be subject to verification of their integrity; and III – the presentation of the original of the scanned document will be necessary in the cases provided for in specific legislation.

§ 5 For the purpose of ascertaining timeliness, the challenge is considered presented:
I – on the date and time of the protocol, when the documentation is delivered directly at a CVM office, or upon receipt of the documentation sent through the electronic service referred to in item I of § 3 of this article; or II – if sent by mail, on the date of posting stated in the receipt notice.

§ 6 Provided that just cause is proven by the liable subject, understood as the occurrence of an event beyond its will that prevented the presentation of its challenge within the deadline provided for in the caput of this article, the judging authority must allow the practice of the act within the deadline it assigns.

§ 7 Once the challenge is presented, the judging authority must verify, continuously and preliminarily, if there is a judicial action filed by the liable subject, which entails a waiver of the administrative sphere, in the manner of the sole paragraph of Article 38 of Law No. 6.830, of September 22, 1980.

§ 8 Upon finding the waiver referred to in the sole paragraph of Article 38, of Law No. 6.830, of 1980, the judging authority must issue a declaratory decision of administrative preclusion, from which the challenger will be notified, as established in Article 9 of this Resolution, after which the records of the administrative-tax process and respective appendices will be forwarded to the PFE, for the purpose of registration in Active Debt.

§ 9 After the deadline established in the caput has elapsed without a challenge, the assessment must be considered procedente, and, if there is no payment or installment of the tax credit, the registration of the debtor in the CADIN must be promoted, within the deadline of 75 (seventy-five) days established in Article 2, § 2, of Law No. 10.522, of 2002, and the process and appendices must be forwarded to the PFE for the purpose of registration in Active Debt.

Art. 17. The challenge must be formalized in writing and mention:
I – the authority to whom it is addressed;
II – the full name, trade name or corporate name of the challenger and its respective CPF or CNPJ number; III – the number of the Assessment Notification to which the challenge refers; IV – the facts and legal grounds on which it is based and the points of disagreement; V – the evidence that supports the allegations, if applicable; VI – the diligences that the challenger intends to be carried out, exposing the reasons that justify them; and

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL
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. 54 OF OCTOBER 20, 2021

VII – the final request and the signature of the challenger, the legal representative, or the attorney.
Sole paragraph. The authorship, authenticity, and integrity of the challenge or any other document produced electronically may be obtained through an advanced or qualified electronic signature, in accordance with the decree that regulates the use of electronic signatures in the federal public administration.

Art. 18. In the case of a partial challenge, if the uncontested part of the tax credit is not regularized, the GEARC, before sending the records for judgment, must arrange for the formation of separate records for the immediate collection of the unchallenged part, noting this circumstance in the original process. Sole paragraph. The provision in the caput must also be observed by the GEARC in cases of suspension of the exigibility of part of the tax credits contained in the same Notice of Assessment, due to the situations provided for in art. 151, items II, IV, and V, of Law No. 5.172, of 1966.

CHAPTER V – PREPARATION OF THE PROCESSES

Art. 19. It is the responsibility of the GEARC to initiate the administrative-fiscal collection processes and instruct them with the following documents:
I – copy of the Notice of Assessment;
II – receipt notice (AR), equivalent document, and, if applicable, copy of the edict and its respective publication; III – contract or articles of association, dissolution agreement, and any other document eventually used to identify the address for service of process of the taxpayer or the tax responsible parties; IV – challenge, if applicable, and respective attachments; and V – technical opinion issued by the GEARC regarding the validity or invalidity of the assessment of the tax credit subject to the challenge.

Art. 20. The challenge presented by the taxpayer must be filed in a specific procedure and appended to the administrative-fiscal collection process.

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL
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. 54 OF OCTOBER 20, 2021

CHAPTER VI – FIRST INSTANCE JUDGMENT

Art. 21. The Head of the SAD is the first-instance judging authority to decide on the challenge to the assessment notified to the taxpayer, except in the cases provided for in §§ 1 and 2 of this article.
§ 1 The challenge based exclusively on an allegation of payment, when full payment made prior to the issuance of the Notice of Assessment is confirmed, must be judged by the assessing authority, who is responsible for determining, in a reasoned manner, the cancellation of the respective Notice of Assessment, notifying the taxpayer of this decision. § 2 The appellate procedure provided for in this Resolution may be waived and the notification declared null by the assessing authority when, after the contentious phase of the administrative process has been initiated through the challenge, there is proof of a material error in the assessment resulting from a material error or outdated information in the CVM's registry not attributable to the taxpayer and not identified in a timely manner by the public administration at the time of the assessment.

Art. 22. The judging authority must determine, whenever necessary, the regularization of the process, in order to allow the examination of the merits of the challenge.
§ 1 The judging authority may determine, ex officio or upon request by the interested party, inquiries in the Registry of the Autarchy regarding data of the challenger, subject to contestation.
§ 2 The GEARC or the judging authority may send the records of the challenge process to any of the technical areas of the CVM, requesting analysis of the arguments and evidence presented, with the issuance of a technical opinion, in order to guide the formation of conviction and substantiate the administrative decision to be issued. § 3 Whenever, in the examination of the challenge or evidence, a controversial legal issue arises, the solution of which depends on the judgment of the administrative dispute, it is optional for the GEARC or the judging authority, by forwarding the records, to request an opinion from the PFE, whose conclusions will be accepted or, in whole or in part, rejected by the judging authority.

Art. 23. Upon notification of the existence of a judicial process initiated by the taxpayer against the CVM, which affects the exigibility of the tax credit or the continuation of the administrative instance, the PFE must be heard regarding the effects of the judicial action on the administrative sphere.

Art. 24. Without prejudice to the free motivated conviction of the judging authority, the examination and judgment of the taxpayer's challenge must take into consideration:

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL
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. 54 OF OCTOBER 20, 2021

I – the decisions of the SGE and the CVM Collegiate Body in similar cases; II – the repeated decisions of the first-instance judge in similar cases; and III – the pronouncements issued by the PFE in similar cases.

Art. 25. The administrative decision must contain a summary of the facts, reasoning, and operative part.

Art. 26. The conclusion of the first-instance judgment must be expressed in one of the following senses:
I – tax credit assessment valid;
II – tax credit assessment invalid; or
III – tax credit assessment valid in part.
§ 1 In the cases of items II and III, the first-instance judging authority must appeal ex officio to the SGE, except if the total or partial relief of the taxpayer resulting from the administrative decision does not exceed the amount of R$ 1,000,000.00 (one million reais), including legal additions, up to the date on which the administrative decision is issued. § 2 For the purposes of applying § 1, partial payment recognized by the judging authority, ex officio or upon request, by the taxpayer is not considered relief, provided that the deposit and respective entry in favor of the CVM are proven. § 3 The ex officio appeal and the justification for its waiver, when applicable, must be stated in the decision itself. § 4 If the administrative decision concludes that the assessment is valid in part according to item III of the caput, the respective Notice of Assessment must be rectified in order to adapt it to the administrative decision issued, and its cancellation is not applicable. § 5 Material inaccuracies due to manifest oversight and errors in writing or calculations existing in the decision may be corrected ex officio or upon request by the taxpayer, even if, as a result, the outcome of the judgment is modified.

Art. 27. After the first-instance judgment is concluded, before submitting the ex officio appeal to the SGE in the cases of § 1 of art. 26, the process must be sent to the GEARC to, observing the provisions of arts. 9 and 10 of this Resolution, notify the taxpayer of the decision for knowledge, compliance, or presentation of a voluntary appeal to the SGE within the deadline of art. 29 of this Resolution.

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL
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. 54 OF OCTOBER 20, 2021

Sole paragraph. If the deadline for the voluntary appeal expires without its presentation and it is not a case of ex officio appeal to the SGE, the first-instance judging authority must send the records to the preparatory authority, which will certify the administrative preclusion, subsequently forwarding the process and attachments for registration in the Active Debt, by the PFE.

Art. 28. Whenever the first-instance decision annuls the assessment due to a formal defect, and it is not a case for the application of § 1 of art. 26 of this Resolution, immediate notice of the decision must be given to the assessing authority to proceed with a new assessment, observing the time limit provided for in art. 173, item II, of the CTN. Sole paragraph. The communication referred to in the caput must also be made in cases where the SGE decrees or confirms the decision to annul the assessment due to a formal defect.

CHAPTER VII – APPEALS

Art. 29. From the final first-instance decision, a voluntary appeal to the SGE lies, with suspensive effect, within 30 (thirty) days counted from the notification of the decision, observing, insofar as applicable, the provisions of art. 16 of this Resolution.

Art. 30. The appeal must be attached to the records of the challenge by the GEARC, which, after certifying its timeliness, must forward the records to the SGE.
§ 1 If the preparatory authority certifies the untimeliness of the appeal, the first-instance judge must deny the appeal, sending the records to the preparatory authority, which is responsible for notifying the appellant of the decision denying the appeal, as well as for paying the updated value of the tax credit, subsequently certifying the administrative preclusion. § 2 If there is no payment or installment plan for the tax credit confirmed by a final administrative decision within 30 (thirty) days, the debtor must be registered in the CADIN and the process and attachments must be forwarded to the PFE for registration in the Active Debt within 75 (seventy-five) days of the notification of the decision.

CHAPTER VIII – SECOND INSTANCE JUDGMENT

Art. 31. The SGE is the second and last administrative instance judging body, with the same instructional powers attributed to the first-instance judge, observing, regarding judgment rules, the Internal Regulations of the CVM and other norms issued by the CVM, when they do not conflict with those of this Resolution. Sole paragraph. Any server who observes that an administrative decision subject to ex officio appeal, in accordance with art. 26, § 1, has not been submitted to the SGE must, through their immediate supervisor, indicate this fact to the first-instance judging authority, so that the issue is resolved.

Art. 32. After the decision is issued by the SGE, following its drafting, the process must be returned to the GEARC to notify, in accordance with art. 9 of this Resolution, the taxpayer of the decision, exhorting them, if applicable, to comply with it within 30 (thirty) days, under penalty of application of § 2 of art. 30 of this Resolution.

CHAPTER IX – FINAL PROVISIONS

Art. 33. The notification of the taxpayer of the decisions of the first and second-instance judges must be accompanied, when applicable, by a copy of the decision issued.
Sole paragraph. The taxpayer must be informed of the legal possibilities regarding the installment plan of their debts with the CVM.

Art. 34. Whenever the administrative-fiscal collection process is sent for registration in the CVM's Active Debt, the value to be forwarded will be that expressed in the Notice of Assessment updated monetarily, minus each of the installments eventually paid up to the date of sending the said administrative process to the PFE. Sole paragraph. The administrative-fiscal process must specify the amount of the debt expressed in the Notice of Assessment, each of the installments considered for the purpose of deduction, in the form of the caput of this article, as well as the remaining balance subject to friendly or judicial collection, in order to allow the prior verification of the liquidity and certainty of the tax credit and subsequent registration in the Active Debt by the PFE, according to the attributions provided for in art. 10, caput, of Law No. 10.480, of July 2, 2002, and in art. 15, IV, of Annex I of CVM Resolution No. 24, of March 5, 2021.

Art. 35. Until the electronic notification provided for in art. 9, II, of this Resolution is feasible, the taxpayer must be notified of the notices of assessment and the decisions of the first and second-instance appeals in accordance with arts. 9, I, and 10.

Art. 36. The following are revoked:
I – CVM Instruction No. 110, of December 28, 1989;

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL
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. 54 OF OCTOBER 20, 2021

II – CVM Instruction No. 420, of June 24, 2005; and III – CVM Deliberation No. 507, of July 10, 2006.

Art. 37. This Resolution enters into force on November 1, 2021.

Electronically signed by
MARCELO BARBOSA
President