The Brazil Securities Commission’s Securities Registration Superintendence (SRE) issued Circular Letter CVM/SRE 1/2026 to guide lead underwriters on procedures for public offerings of securities that may benefit from tax incentives under Decree 11.964 and Laws 12.431 and 14.801. The circular also updates the configuration of the SRE offer registration system to collect additional structured information in offering applications where tax benefits apply, effective 2 March 2026. The new structured data requirements apply to filings for incentivised debentures, infrastructure debentures, CRI, FIDC and infrastructure funds, and the SRE system was also re-parameterised for CPR-Financeiras offerings even though these are not covered by the cited norms. The technical area highlighted that correct completion of tax-benefit information in the SRE system is necessary for supervision and monitoring by the Ministry of Finance’s Secretariat of Economic Reforms and the Brazilian Federal Revenue Service, and warned that incorrect or incomplete information may lead to consequences for issuers.
Brazil Securities Commission (CVM) 2026-02-26
Brazil Securities Commission updates SRE offer registration system fields for tax-benefit public offerings effective 2 March 2026
The Brazil Securities Commission's Securities Registration Superintendence issued Circular Letter CVM/SRE 1/2026, guiding lead underwriters on public offerings with tax incentives under Decree 11.964 and Laws 12.431 and 14.801. The circular updates the SRE offer registration system to collect additional data for incentivised debentures, infrastructure debentures, CRI, FIDC, and infrastructure funds, effective 2 March 2026. Accurate tax-benefit information is crucial for supervision by the Ministry of Finance and the Brazilian Federal Revenue Service, with potential consequences for issuers if incorrect.