The Brazil Securities Commission (CVM) issued Resolution 230 postponing the entry into force of CVM Resolutions 215 and 216, which set out the new regime for public tender offers for the acquisition of shares (OPAs) by listed companies. The effective date is moved from 1 July 2025 to 1 October 2025. Resolution 215, published in October 2024, replaces CVM Resolution 85 and establishes the new OPA framework, while Resolution 216 contains ancillary provisions. The postponement is linked to the need to finalise development of the automated OPA module in the SRE registration system, which will allow receipt and registration of voluntary OPAs that do not involve an exchange for securities. Despite the delayed start date for Resolution 215, market participants may still request waivers or a differentiated procedure for OPA review under Article 45 of Resolution 85. The change was not subject to a regulatory impact assessment or public consultation, on the basis that it is a limited, low-impact adjustment that reduces regulatory burden. Resolution 230 took effect immediately.
Brazil Securities Commission (CVM) 2025-06-18
Brazil Securities Commission delays new public tender offer rules to 1 October 2025 to complete the SRE automated OPA module
The Brazil Securities Commission (CVM) issued Resolution 230, delaying the implementation of Resolutions 215 and 216, which establish a new regime for public tender offers (OPAs) by listed companies, from 1 July 2025 to 1 October 2025. The postponement is due to the need to complete the automated OPA module in the SRE registration system. Resolution 230 took effect immediately without a regulatory impact assessment or public consultation, as it is considered a minor adjustment.