Brazil Securities Commission issues guidance to organized market operators on initial issuer registration for smaller companies

The Brazil Securities Commission has published Circular Letter CVM/SEP 2/2026 to guide administrators of organized markets on the procedures for obtaining initial securities issuer registration for smaller companies. The guidance is aligned with CVM Resolution 232, particularly on the supervision carried out by those entities and the operational flow for communications to the CVM. Organized market administrators must review smaller company listing applications under the rules set out in the technical cooperation agreements with B3 and BEE4, aligned with the Regime FÁCIL, and in compliance with CVM Resolution 232/25. In this initial phase, the company documentation must be reviewed outside the Empresas.Net system. The entities must also notify the CVM after approval and verify that the smaller company has paid the supervisory fee required under Law 7,940/89 in the amount set out in Annex V to that law.