Brazil Securities Commission issues consolidated guidance for intermediaries registering as public offering coordinators under CVM Resolution 161

The Brazil Securities Commission (CVM), through its Securities Registration Superintendence (SRE), published a circular letter guiding intermediary institutions on how to apply for registration as coordinators of public offerings of securities under CVM Resolution 161. The guidance is intended to reduce process deviations and limit the need for ad hoc consultations with CVM or additional information requests from SRE. The circular consolidates SRE technical guidance on Resolution 161 and replaces previous circular letters on the topic. It covers the registration application process, delivery of periodic information under Articles 12 and 18 of Resolution 161, minimum net worth, segregation of activities, non-requirement to certify directors, registration fee, designation of responsible directors, access to the coordinators system, the scope of permitted activity as a registered coordinator, limits on accumulation of functions by responsible directors, one individual acting for more than one coordinator institution, treatment of portfolio managers and securitisation companies, coordinators without a board of directors, and the engagement of autonomous investment agents or investment advisers.