3/19/19

CVM’s Observance Cost Reduction Project Continued

On March 11, 2019, B3 welcomed Antônio Berwanger, CVM's Market Development Superintendent, at its Norms Advisory Committee.

 

On March 11, 2019, B3 welcomed Antônio Berwanger, CVM's Market Development Superintendent, at its Norms Advisory Committee. Mr. Berwanger presented further details on the CVM's regulatory agenda disclosed on February 4.

Several topics from the agenda were suggested by B3 as it addressed the scope of CVM’s obvervance cost reduction project. Among the topics, the following were highlighted:  

  1. BDR and Direct Listing Reform  
  • BDR from ADR.
  • BDR from ETF.
  • Direct listing from foreign issuers.
  • Level 1 BDR for retail.        
  1. Public Offer Framework Review
  • Differentiated conditions and requirements for registering equity and debt offers depending on the type of investor.
  • New formats for prospectuses and advertising materials and new means of communications.
  • Conditions for ensuring the safe implementation of private offers.
  1. Corporate Debt Market Development  
  • Originated from the Capital Markets Work Group (GTMK)
  • Decoupling from the acquisition of commercial papers.
  • Acquisition of own debentures (regulation of Art. 55 of the Brazilian Corporate Law).
  • Reopening of debentures series.
  • Update of Joint Decision CVM-BACEN No. 13.
  1. Self-Employed Investment Agent – Conceptual Hearing
  • Originated from the Observance Cost Reduction Strategic Project.
  • Self-Employed Investment Agents established as a business company with greater liability.
  • New compliance framework.
  • Assessment of the end of exclusivity.
  1. Normative Study: Review of the Companies Information Regime
  • Review of companies’ reference form.
  • Greater focus on the useability of information for investors. 
  • Assess the convenience and the opportunity to set up a new category for medium-sized companies (linked to the "access market" topic originating from the GTMK).

For further information, please contact your RM.