Region

Jurisdiction

Regulator

2020-05-13

CVM Instruction No. 624 of May 13, 2020

The Brazilian Securities and Exchange Commission (CVM) issued Instruction No. 624 to amend specific provisions of CVM Instruction No. 607 regarding supervisory agreements. The amendment modifies Article 83 to exclude negotiation acts of commitment term proposals from the minimum deadline stipulated in Article 25, and updates Article 94 to define the strict written submission procedures for supervisory agreement proposals to the Supervisory Agreement Committee. This instruction entered into force on the date of its publication.

Brazil

Comissão de Valores Mobiliários

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL (CVM) 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 INSTRUCTION NO. 624, OF MAY 13, 2020

Amends CVM Instruction No. 607, of June 17, 2019.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Board, in a meeting held on May 13, 2020, based on arts. 8, item I, 9, items V, VI and § 2, 11 and 12 of Law No. 6.385, of December 7, 1976, and art. 33 and following of Law No. 13.506, of November 13, 2017, APPROVED the following Instruction:

Art. 1 Articles 83 and 94 of CVM Instruction No. 607, of June 17, 2019, shall be effective with the following wording:

“Art. 83 ................................................... ................................................................. § 7 Without prejudice to the other deadlines provided for in this article, the minimum deadline referred to in art. 25, §4, of this instruction shall not apply to acts of negotiating proposals for a commitment term.” (NR)

“Art. 94. The proposal for the celebration of a Supervisory Agreement may only be submitted in writing and must observe the following procedure: I – the proponent must submit the proposal to the Supervisory Agreement Committee (“CAS”) by means of: a) electronic correspondence addressed to the CAS institutional email address with the subject “Proposal for Supervisory Agreement - Confidential”; or b) in a sealed envelope clearly identified with the terms “Proposal for Supervisory Agreement” and “Confidential”; .................................................................” (NR)

CVM INSTRUCTION NO. 624, OF MAY 13, 2020 2

Art. 2 This Instruction enters into force on the date of its publication.

Signed original by MARCELO BARBOSA President