Resolution 160 of the Securities and Exchange Commission of Brazil (CVM), which will come into effect on January 2, 2023, provides for public offerings of primary or secondary distribution of securities - among other issues, revoking a number of previous instructions and deliberations on the subject.
Such Resolution eliminates the division between registered public offerings (currently covered by CVM Instruction 400) and those with exemption from registration, when carried out with restricted distribution efforts (currently covered by CVM Instruction 476)
According to the new regulations, all public offerings aimed at investors in Brazil must be registered with the CVM, and may be, depending on the characteristics of the public offering, conducted through either automatic or ordinary distribution registration rituals.
Want to discuss any specific aspect of the new rule?
Grant Thornton Brasil, through its Audit and Capital Markets areas, has experience in operations of initial public offerings and debt, acting with the issuing companies and investment banks in these types of operations.
Count on our specialists to broaden this discussion according to the specific needs of your company.
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