On 08/04/2022, Law No. 14.430, of August 3, 2022, conversion of Provisional Measure no. 1,103, of March 15, 2022 (MP), was published.
We present hereby the main aspects of CVM Resolution No. 161, of July 13, 2022, which becomes effective as of January 2, 2023, and sets forth the registration regime for underwriters of public offerings of securities. The regime represents a shift of part of the CVM's supervision effort to the intermediation of the service providers due to an expected decrease in the number of offering registration with prior analysis in light of the new automatic offering registration regime of CVM Resolution No.160.
On 7/13/2022, the CVM issued Resolution CVM 160, which unifies the Brazilian regulatory framework for public offerings of securities in Brazil and revokes the current (i) CVM Instruction 400, which regulates public offerings subject to registration with the CVM; (ii) CVM Instruction 471, which regulates the prior analysis by self-regulatory entities associated with the CVM of public offerings subject to registration with the CVM; and (iii) CVM Instruction 476, which provides for restricted public offerings exempt from registration with the CVM.