The Corporate Relations Superintendence of the Brazil Securities Commission (CVM) published its 2026 Annual Circular Letter setting out practical guidance for CVM-registered companies on procedures for submitting periodic and event-driven disclosures. The circular highlights expectations for completing items of the Reference Form, preparing and filing the remote voting bulletin, and handling trades in issuer securities by officers and directors, related persons and group entities. It also addresses the use of information from public opinion polls related to elections or candidates, warning that using poll results before broad public dissemination may constitute an unfair practice under CVM Resolution 62. The circular clarifies how issuers should deal with the mandatory application of Technical Pronouncement CPC 51 (aligned with IFRS 18 and intended to replace CPC 26 (R1)), referencing Revision Document 28 and CVM Resolutions 237 and 238, and includes operational guidance on systems such as CICORP and its integration with the Empresas.NET filing system. CVM Resolutions 237 and 238 are scheduled to enter into force on 1 January 2027.
Brazil Securities Commission (CVM) 2026-02-26
Brazil Securities Commission issues SEP Annual Circular Letter 2026 guiding issuer filings, remote voting and managers’ trading
The Corporate Relations Superintendence of the Brazil Securities Commission (CVM) issued its 2026 Annual Circular Letter, guiding CVM-registered companies on disclosure procedures for the Reference Form and remote voting bulletin. It warns against using election poll results before public dissemination as an unfair practice under CVM Resolution 62. The circular also addresses Technical Pronouncement CPC 51 and provides operational guidance on systems like CICORP and Empresas.NET, with CVM Resolutions 237 and 238 effective from 1 January 2027.