The Brazil Securities Commission (CVM) issued consolidated guidance on registering coordinators of public securities offerings under CVM Resolution 161, including the conditions under which nonfinancial institutions may coordinate offerings subject to automatic registration. These institutions may act only if they are supervised by a self-regulatory organization that has a specific technical cooperation agreement with the CVM. Under the CVM’s agreement with Anbima, registered nonfinancial coordinators may conduct public offerings through the automatic registration procedure under CVM Resolution 160 if they adhere to Anbima’s self-regulatory codes and are subject to its supervision. The guidance also addresses registration applications and reviews, periodic reporting, minimum net worth, segregation of activities, responsible directors, system access and the permitted scope of coordinators’ activities. It consolidates and replaces the CVM’s previous guidance on the subject, including guidance issued in September 2025.
2026-09-04Brazil Securities Commission (CVM)
Brazil Securities Commission consolidates coordinator guidance and sets conditions for nonfinancial firms in automatically registered offerings
The Brazil Securities Commission consolidated its guidance for registering public offering coordinators and clarified the conditions for nonfinancial institutions to handle automatically registered offerings. Such institutions must be supervised by a self-regulatory organization with a specific CVM cooperation agreement. Under the Anbima agreement, they must adhere to Anbima’s self-regulatory codes and remain subject to its supervision.