The Brazil Securities Commission (CVM), through its Securities Registration Superintendent (SRE), issued Circular Letter CVM/SRE 2/2025 to guide intermediaries on submitting registration requests for public distribution offerings under the ordinary and automatic procedures set out in CVM Resolution 160. From 2 June 2025, a new ordinary-procedure module will be available in the Offers Registration System (Sistema SRE), and ordinary-procedure offerings, except CIC hoteleiro public offerings, must be filed through the system. Automatic-procedure filings already use Sistema SRE, but users will now select the filing type through different request identifiers, with “OPD Aut” for automatic and “OPD Ord” for ordinary. The circular sets out the filing steps and notes that lead coordinators for offerings registered via the automatic procedure can now amend information in Sistema SRE after registration, which previously could only be done by CVM. Alongside the new module, an expiry (caducity) routine will be implemented for offerings with an “oferta a mercado” phase before registration, and filings requesting reserved analysis must indicate confidential treatment by selecting the “Pedido de Análise Reservada” checkbox. These system changes apply from the entry into force of the ordinary-procedure module on 2 June 2025.

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