Gabriela de Ávila Machado
Lawyer at Marcos Martins Advogados
The CVM has published Circular Letter CVM/SRE 05/20, which reinforces guidelines on the requirements for conducting the process of applying for registration of public offerings. Some of the guidelines are described below:
Corporate acts approving the public distribution of securities can only be sent to the Autarchy after due filing and publication, and will not be accepted in draft form.
Also according to the CVM, it is important that voluntary changes are only implemented in the event of unforeseeable events and the use of alternative wording (in brackets or similar) should be avoided as they can cause confusion (CVM,2020).
In order to start counting the deadline on the same day, the protocol has a deadline of 6pm, and the CVM warns those responsible to pay attention to the time needed to prepare and upload the complete documentation into the system until the deadline. The CVM also informs that the protocols must be informed via email and the documents filed must be named in such a way as to make it easier to identify the content (CVM, 2020).
Source: CVM website
