The Brazil Securities Commission’s Securities Registration Superintendence has resumed its annual guidance for issuers, offerors and intermediaries conducting public securities offerings. The first edition since 2021 reflects the revised framework introduced by CVM Resolutions 160 and 161, which took effect in January 2023, and incorporates recurring questions raised by market participants under the new regime between 2023 and 2025. The guidance covers registration applications, automatic and ordinary procedures, offering documents and advertising, information handling, public tender offers and offerings of tax advantaged securities. It also addresses coordinators’ responsibilities, securities structuring and distribution, verification of registration information and supervisory issues identified through the CVM’s risk based supervision plan. The document replaces earlier guidance on the subjects it covers but must be read alongside specific circulars concerning the Public Offerings Registration System.
2026-09-14Brazil Securities Commission (CVM)
Brazil Securities Commission resumes annual public offerings guidance after overhaul of offering rules
The Brazil Securities Commission has resumed annual public offerings guidance for issuers, offerors and intermediaries, publishing the first edition since the offering regime was overhauled under CVM Resolutions 160 and 161. The guidance incorporates recurring implementation questions and supervisory findings, and replaces earlier guidance on the subjects covered.