Brazil Securities Commission postpones FÁCIL regime start to 16 March 2026 and streamlines disclosure and daily penalty rules

The Brazil Securities Commission (CVM) issued amendments to its FÁCIL framework for facilitating access to capital and incentivising listings, delaying the regime’s start date and easing disclosure requirements for certain unregistered issuers. The changes also refine how daily coercive fines apply to new documents introduced under FÁCIL. The start of CVM Resolution 232 has been postponed to 16 March 2026, around 75 days later than the previously set date of 2 January 2026. For unregistered issuers conducting securities offerings aimed at professional investors, the rules now allow disclosure of only the most recent fiscal year financial statements instead of the last three fiscal years, and remove the requirement to publish certain information on the issuer’s own website while maintaining disclosure through the organised market operator’s systems and the CVM. On penalties, the amendments add Article 66-A to Resolution 232 and adjust Annex A of Resolution 47 to clarify the application of daily fines for late submission of the List of Waivers from Regulatory Obligations, the FÁCIL form, the Semiannual Information Form (ISEM) and other documents required under Resolution 80 where delivery has not been waived. The CVM waived public consultation and a regulatory impact assessment, citing the targeted nature and low impact of the changes and their expected contribution to reducing regulatory costs.