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On August 6, 2020, the Brazilian Securities Commission (CVM) issued CVM Resolution 01 and CVM Resolution 02, bringing important new features to the regulation of the Brazilian capital market.

CVM Resolution 01 contains relevant organizational content, establishing a new framework for the acts and decisions issued. The acts with a normative nature are now organized into:

·       Resolutions: to substantiate the acts issued by the Commission to regulate the matters set forth in Law 6,385/76 and Law 6,404/76;

·       Edicts: to substantiate the acts issued by one or more singular authorities, in the exercise of their normative powers; and

·       Normative Instructions: to substantiate the acts that, without innovating, guide the enforcement of current rules whose violation implies actual or potential legal consequences.

Besides these aspects, the Resolution stipulates that the acts of the Commission that do not have normative content will be organized as described below (the list is not comprehensive):

·       Deliberations: to substantiate acts applicable to specific persons and delegation of internal powers, including acts related to the CVM’s Internal Rules;

·       Orientation Opinions: to substantiate acts by means of which the CVM Board provides guidance on matters regulated by the CVM and to disclose opinions of the CVM on interpretation of legislation applicable to the capital market;

·       Explanatory Notes: to substantiate acts related to the grounds underpinning the approval of normative acts or to reflect the interpretatoion of the Commission about its rules;

·       Circular Letters: to substantiate acts by means of which the superintendencies of the CVM provide orientations, recommendations and guidelines, where noncompliance does not imply actual or potential legal consequences, regarding the form of satisfying the obligations imposed by the laws of the capital market and the acts of the CVM itself;

·       Declaratory Acts: to substantiate acts by means of which the CVM declares rights or alerts the market about determined irregular activities; and

·       Personnel Edicts: to substantiate acts referring to public agents identified by name.

On the same date this relevant Resolution was issued, the CVM began its internal normative reorganization, by issuance of CVM Resolution 02, which revoked 59 normative instructions, 78 deliberations and 50 explanatory notes.

CVM Resolution 01 took effect on August 6, 2020 and CVM Resolution 02 took effect on September 1, 2020. Together they establish an important regulatory innovation, with recommendation of the adoption of preparatory measures intended to organize the internal procedure and teams, looking toward the legal effects that will follow.

The corporate team of CGV Advogados will remain abreast of any new measures and their impacts. We are available to clarify any doubts at: cec.societario@cgvadvogados.com.br.