Regulatory Alerts2019-02-19
CVM Resolution No. 809 of February 19, 2019
The Brazilian Securities and Exchange Commission (CVM) issued Resolution No. 809 to temporarily allow reserved analysis of public offering registration requests for Category A issuers and to waive the distribution prohibition period during quarterly disclosure windows. This experimental measure aims to protect confidential business information from competitive harm and reduce market exposure risks for companies undergoing initial public offerings. The resolution mandates strict confidentiality procedures for regulators and market entities, requiring issuers to justify the need for secrecy and immediately disclose relevant facts if confidential information is leaked.
Share