Brazil Securities Commission issues guidance on registration and ongoing obligations for investment crowdfunding platforms under CVM Resolution 88

The Brazil Securities Commission (CVM), through its Securitization and Agribusiness Superintendence (SSE), published Circular Letter CVM/SSE 4/2025 to guide administrators of electronic investment crowdfunding platforms on compliance with CVM Resolution 88, with an emphasis on registration and related supervisory processes. The circular details the new platform registration system at the CVM and the documents required to support an application under Chapter VI, Section III of Resolution 88, including financial statements, evidence of minimum share capital, identification documents for shareholders and managers, investor education material and a risk acknowledgement term, and information technology assurance (an IT audit opinion and a recognised IT audit certification). It also addresses submission of the annual report on offers carried out and identification of the responsible director, procedures for ownership control, and use of the restricted efforts system for Annex G information on the start and close of offers. The SSE also clarifies that access to CVM systems is provided to a previously authorised platform representative via Gov.br login authentication, with the option to delegate access to third parties, and indicates that channels exist for technical support and for questions on completing registration annexes and documentation.