Gabriela de Ávila Machado
Lawyer at Marcos Martins Advogados
On November 18, 2020, the CVM published three new resolutions: CVM Resolution 11, CVM Resolution 12 and CVM Resolution 13, as a continuation of the work of revising normative acts that are less than a decree – a revision determined by Decree 10,139/19.
CVM Resolution 11 revised and consolidated the rules on the constitution, administration, operation and disclosure of information on Investment Clubs, and replaces CVM Instruction 494.
CVM Resolution 12 revised and consolidated the rules on the preparation and disclosure of Investment Clubs’ Financial Statements, and replaces CVM Instruction 495.
Finally, CVM Resolution 13 revised and consolidated the rules on the registration, operations and disclosure of information of non-resident investors in Brazil, and replaces CVM Instruction 560.
The three resolutions did not go through public hearings, as they did not change the merits of the obligations in force, and all three will come into force on December 1, 2020.
Source: http://www.cvm.gov.br/noticias/arquivos/2020/20201118-1.html
