Joint Circular CVM/SEP/SRE No. 01/2020

Joint Circular No. 1/2020/CVM/SEP/SRE
Rio de Janeiro, July 6, 2020.

To securities issuers and intermediaries

Subject: Submission of documents and information not resulting from compliance with requirements.

Dear Sirs,

1. We refer to CVM Instructions No. 480/09 and 400/03 (“ICVM 480/09” and “ICVM 400/03”), which deal with the registration of issuers and public distribution offerings, respectively.

2. Regarding this matter, we initially remind you that ICVM 480/09 does not contain a provision similar to that in §5 of Article 9 of ICVM 400/03, which states that if amendments are made to documents and information that do not result from compliance with requirements, the CVM’s analysis period will be 20 (twenty) business days.

3. However, it must be considered that the main objective of the public distribution offering registration process is to ensure that the informational content provided to investors is as adequate and complete as possible, thereby enabling each interested party to individually evaluate the value of the security subject to the distribution offering.

4. Thus, we inform you that we will interpret the aforementioned §5 of Article 9 of ICVM 400/03 extensively to also apply to quarterly information reports (ITR) and reference forms (FRE) that are analyzed within the scope of issuer registration requests or in the case of issuer registration update processes for subsequent offerings, since such documents constitute part of the distribution offering documentation.

5. Finally, we wish to alert you that in the situation mentioned in the previous paragraph, the 20 business days for analysis will always apply, meaning that schedules must account for this situation.

Digitally signed by
FERNANDO SOARES VIEIRA
Superintendent of Corporate Relations

Digitally signed by
LUIS MIGUEL R. SONO
Superintendent of Securities Registration