The Brazil Securities Commission (CVM), through its Securities Registration Superintendence (SRE), has published Circular Letter CVM/SRE 3/2026 to complement Circular Letter CVM/SRE 1/2026, which entered into force on 2 March 2026, with additional instructions for lead coordinators completing registration applications for public offerings of securities benefiting from tax incentives under Laws 12,431/2011 and 14,801/2024. The guidance responds to questions on completing newly added parameterised fields in the SRE system and clarifies how to handle offerings linked to investment projects that are not associated with a single pair of geographic coordinates. It also covers additional parameterised fields for offerings of debentures, CRI and FIDC where the offering component is associated with more than one investment project, and sets out how to file registration requests for offerings of private equity investment funds (FIP-IE and FIP-PD&I). SRE also cautions that accurate completion of tax benefit information is required to enable supervision and monitoring by the Ministry of Finance’s Secretariat of Economic Reforms and the Federal Revenue Secretariat, and that incorrect or incomplete information may result in consequences for issuers.
Brazil Securities Commission (CVM) 2026-03-26
Brazil Securities Commission issues supplemental guidance on registering tax-incentivised public offerings in the SRE system
The Brazil Securities Commission (CVM) issued Circular Letter CVM/SRE 3/2026, supplementing previous guidance for lead coordinators on registration applications for tax-incentivized securities offerings. The letter addresses new parameterised fields in the SRE system, handling multi-project offerings, and filing requests for private equity investment funds. Accurate tax benefit information is emphasized to ensure proper supervision by the Ministry of Finance and Federal Revenue Secretariat.