The Superintendence of Securities Registration of the Brazil Securities Commission (CVM) issued Circular Letter CVM/SRE 5/2025 to reinforce guidance to intermediaries on using the SRE System for ordinary registration applications for public offerings under CVM Resolution 160. The circular consolidates instructions on document submission and procedural phases, and on the types of application for offerings with and without a preliminary prospectus. It also points intermediaries to the information in Circular Letter CVM/SRE 4/2025 to help avoid errors in using the system. CVM clarified that it has exceptionally been treating the date documents are sent as the start point for deadlines related to the review of responses to staff requirements and reiterations, but that five business days after publication of the circular those deadlines will be triggered only by submission of the formal request in the SRE System.
Brazil Securities Commission (CVM) 2025-11-12
Brazil Securities Commission clarifies SRE system procedures for ordinary public offering registrations and will start counting review deadlines from formal request filing
The Brazil Securities Commission (CVM) issued Circular Letter CVM/SRE 5/2025 to guide intermediaries on using the SRE System for public offering registrations under CVM Resolution 160. It consolidates instructions on document submission, procedural phases, and application types, referencing Circular Letter CVM/SRE 4/2025 to minimize errors. CVM clarified that deadlines will be triggered by formal request submissions in the SRE System, starting five business days post-publication.