Technical Note No. 1/2025-CVM/SDM/GDN-1

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL
TECHNICAL NOTE NO. 1/2025-CVM/SDM/GDN-1

1. We propose the issuance of a Resolution with normative adjustments related to the Capital Access Facilitation and Listing Incentives regime (“Fácil”) within the capital markets.

2. The proposed adjustments consist of:

a) a specific amendment to CVM Resolution No. 47, of August 31, 2021, which provides for coercive fines applied by the CVM;

b) specific amendments to CVM Resolution No. 232, of July 3, 2025 (“CVM Resolution 232”), which instituted the Fácil, with adjustments also related to coercive fines and flexibilities in the regime for debt offerings directed at professional investors;

c) postponement of the start of the validity of CVM Resolution 232 and, therefore, of the Fácil itself, to March 16, 2026.

3. Considering that the proposed changes, although important, represent specific adjustments to the Fácil regime instituted by CVM Resolution 232, the holding of a public consultation may be dispensed with in accordance with art. 31, item I, letter “a”, of CVM Resolution No. 67, of March 10, 2022.

4. Along the same lines, the changes presented are of low impact, in accordance with art. 2, item II, of Decree No. 10.411, of June 30, 2020, in that they do not cause an express increase in costs for entities administering organized markets, issuers, or investors. Thus, by virtue of art. 4, item III, of the same Decree, it is possible to dispense with regulatory impact analysis. Specifically regarding the flexibilities of requirements in public offerings (item 2.b supra), the dispensation has additional grounds in the reduction of regulatory costs, in accordance with art. 4, item VII, also of Decree No. 10.411.

5. Finally, it should be noted that, since it concerns the postponement of the start of the validity of a norm currently scheduled to occur in about a month, the holding of a public consultation or regulatory impact analysis would be of unlikely practical feasibility.

Document electronically signed by Raphael Acácio Gomes dos Santos de Souza, Manager, on 12/03/2025, at 16:12, based on art. 6 of Decree No. 8.539, of October 8, 2015.
Technical Note 1 (2525290) SEI 19957.000826/2023-01 / pg. 1

Document electronically signed by Antonio Carlos Berwanger, Superintendent, on 12/03/2025, at 16:14, based on art. 6 of Decree No. 8.539, of October 8, 2015.
The authenticity of the document can be verified on the site https://sei.cvm.gov.br/conferir_autenticidade, by providing the verification code 2525290 and the CRC code 7B7CD133.
The authenticity of this document can be verified by accessing https://sei.cvm.gov.br/conferir_autenticidade, and typing the "Verification Code" 2525290 and the "CRC Code" 7B7CD133.
Technical Note 1 (2525290) SEI 19957.000826/2023-01 / pg. 2