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In 2021, the Brazilian Securities and Exchange Commission (CVM) and B3 started the activities of a cooperation agreement for the supervision of public offerings of securities distributed with restricted efforts , which take place according to the rules of CVM Instruction 476. This agreement, signed in December/2020 and with an initial duration of 60 months, it includes joint monitoring and inspection activities for compliance with certain regulatory requirements.
During 2021, dozens of inspection actions were carried out as a result of this partnership. Among the results obtained in the scope of supervision regarding the disclosure of financial statements by unregistered issuers, in the case of securities admitted to secondary trading on regulated markets, the informational improvement of issues stands out , providing greater transparency for the market . It is noteworthy also the issue of 15 warning letters to several of these issuers not recorded, and considerad the positiv to and satisfatóri to due to s corrective actions taken by the regulated.
Another item encompassed by the agreement and which generated events in the period was the identification and supervision of non-compliance with the minimum limit of four months between two public offerings distributed with restricted efforts for the same type of security . In this regard, different sanctioning actions were carried out, which involved both issuing warning letters and instituting sanctioning administrative proceedings.
compliance with rules
The CVM emphasizes the importance of the regulated companies being always attentive to the regulatory requirements related to offers distributed with restricted efforts, in order to ensure the efficiency of the capital market and avoid possible inspection actions by the CVM.