The Brazil Securities Commission (CVM) issued Resolution CVM 226, amending existing CVM rules to incorporate changes introduced by Law 14,711 and streamline the issuance of debentures. The package removes the requirement for listed companies to register the debenture deed with the commercial registry and updates disclosure procedures for corporate acts related to debenture issuance. Legal requirements for debenture deeds and amendments will be met by submitting them to the CVM through its electronic system, without trade registry registration. The rule also sets procedures for disclosing corporate acts by issuers, including those not registered with the CVM, and requires minutes formalising board decisions on debenture issuance to be submitted within seven business days. CVM did not adopt regulatory changes on the split of debentures at this stage, but clarified that the mechanism under Article 59(IX) of Law 6,404 applies immediately and can already be implemented, and added prospectus and term sheet disclosures in public offers where splitting is предусмотр. Resolution CVM 226 takes effect on 10 March 2025.
Brazil Securities Commission (CVM) 2025-03-06
Brazil Securities Commission issues rule to simplify debenture issuance and remove trade registry filing requirement for public companies
The Brazil Securities Commission (CVM) issued Resolution CVM 226, amending rules to streamline debenture issuance by removing the requirement for listed companies to register debenture deeds with the commercial registry. Legal requirements will now be met through CVM's electronic system, and new procedures for disclosing corporate acts have been established. Effective 10 March 2025, the resolution also clarifies the immediate applicability of debenture splitting under Article 59(IX) of Law 6,404.