The Brazil Securities Commission (CVM) has opened a public consultation on a draft set of targeted amendments to CVM Resolution 160 on public offerings, reflecting interpretative and supervisory issues identified by CVM and suggestions received from market participants as part of its 2025 Regulatory Agenda. The proposals cover: disclosure obligations of the debtor and co-obligor to present financial statements in securitisation transactions, via a footnote added to Annexes D and E to reflect the Board’s recent interpretation; potential revisions to the economic and financial indicators to be disclosed in the offering sheet for debt offerings (Annex G); enhanced transparency on allocation of expenses in mixed public offerings of shares and units of closed-end funds by requiring prospectuses (Annexes A and C) to describe how expenses are split between primary and secondary distributors; permission for resale of securities issued by an unregistered issuer that later becomes registered, allowing trading by qualified investors and the general public after specified time periods; and alignment of Resolution 160 with requirements and innovations introduced by Law 14,801 and Decree 11,964 for offerings of securities with tax benefits. The consultation runs until 19 September 2025. CVM stated that the proposal was not submitted to a Regulatory Impact Analysis, citing low expected impact and the need to regulate rights and obligations established by higher-ranking rules for the tax-benefit securities changes.

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