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  • 26 March 2020

COVID-19: CVM postpones regulatory deadlines

COVID-19: CVM postpones regulatory deadlines


In another measure resulting from the current health and economic crisis arisen from the COVID-19, the Brazilian Securities and Exchange Commission (“CVM“) enacted on March 25, the Resolution No. 848 (“Resolution 848“), promoting extensions in several regulatory deadlines applicable to capital market participants.

The deadline for submission of reference forms (formulários de referência) by asset management entities (fiduciary administrators and investment management entities) and securities consultants, whose limit is March, 31st, of each year, was extended by 3 months.

We highlight below other extensions:

– Presentation of investment funds’ financial statements: 30 days.

– General meetings of investment funds: 3 months.

– Compliance reports from intermediaries, custodians, writers and central depositaries: 3 months.

Resolution 848 also postpones the maturity of installments granted by CVM in relation to debts arising from the inspection fee, from injunctive fines and from fines applied in an administrative inquiry.

It should be noted that Resolution 848 only encompasses regulatory periods established in CVM rules, and not those established by law or associated with deadlines set forth by statutes, such as the periods established in Law no. 6.404/76 for the preparation and disclosure of financial statements and the holding of ordinary general meetings of publicly-held companies. CVM indicated in a statement that it maintains a dialogue with private entities and other bodies of the Public Administration aiming at promptly issuing changes that deal with the legal deadlines.

Temporary changes in CVM Instructions 476 and 566

In an initiative that seeks to facilitate fund raising by companies in the midst of liquidity restrictions, the CVM also promoted, through Resolution 848, temporary changes to CVM Rule 476 (“Rule 476“), which deals with public offerings with restricted placement efforts, and CVM Rule No. 566 (“Rule 566“), applicable to public offerings of promissory notes.

In Rule 476, the 4-month interval imposed on companies between two restricted efforts public offerings was suspended. In Rule 566, considering the partial suspension of the operation of commercial boards, the need to file the corporate act authorizing the issuance of promissory notes was suspended, for purposes of submission to CVM.

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For more information, please contact us:

Mauricio Paschoal


Tel.: (+55) 11 3024 6270


Roberto Zarour


Tel.: (+55) 11 3024 6340


André Mileski


Tel.: (+55) 11 3024 6289


Christiano Rehder




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