CODIM publishes Pronouncement about Relevant Information not Disclosed to the Market (Privileged Information)

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CODIM – Steering Committee for Disclosure to the Market – presented, in a press conference held on October 31st, its new Guiding Pronouncement (Pronunciamento de Orientação) No. 16 about Relevant Information not Disclosed to the Market” (Privileged Information).
Relevant information is part of the companies’ daily activities once it includes important strategic, operating and financial topics. It is critical that companies preserve the confidentiality of relevant information by means of specific controls, policies and corporate governance. The mentioned pronouncement aims to show how a company can prevent information from leaking.
The Pronouncement’s rapporteurs Geraldo Soares, Coordinator of CODIM representing IBRI (Brazilian Institute of Investors Relations) and Vice President of IBRI’s Board of Directors, and João Carlos Gonçalves da Silva, coordinator of the Subcommittee of Regulation and Best Practices of ANBIMA’s (Brazilian Association of Entities of the Financial and Capital Markets) Corporate Finance Committee participated in the press conference.
CODIM is coordinated by IBRI (the Brazilian Institute of Investors Relations) and APIMEC (Association of Capital Markets Analysts and Investment Professionals) and counts on the participation of the following entities: ABRASCA – Associação Brasileira das Companhias Abertas (Brazilian Association of Publicly-Held Companies);  ABRAPP – Associação Brasileira das Entidades Fechadas de Previdência Privada (Brazilian Association of Pension Funds); ANBIMA – Associação Brasileira das Entidades dos Mercados Financeiros e de Capitais (Brazilian Financial and Capital Market Association), ANEFAC – Associação Nacional dos Executivos de Finanças, Administração e Contabilidade (National Association of Finances, Management and Accounting Executives);  AMEC – Associação de Investidores no Mercado de Capitais (Association of the Capital Market Investors); ANCORD – Associação Nacional das Corretoras de Valores, Câmbio e Mercadorias (National Association of Brokers and Distributors of Securities, Foreign Exchange and Commodities); BM&FBovespa – Bolsa de Valores, Mercadorias e Futuros (Securities, Commodities and Futures Exchange); CFC – Conselho Federal de Contabilidade (Federal Accounting Council); IBGC – Instituto Brasileiro de Governança Corporativa (Brazilian Institute of Corporate Governance) and IBRACON – Instituto dos Auditores Independentes do Brasil (Brazilian Institute of Independent Auditors), in addition to CVM (the Brazilian Securities and Exchange Commission), which acts as its observing member.
To access the Pronouncement, please visit