CVM proposes that analyses of public offers be confidential

Companies will be allowed to not give publicity to the registration of public offerings at the Brazilian Securities and Exchange Commission (CVM). The new approach, to be adopted on a trial basis throughout 2019, allows companies to have their registration confidentially analyzed by the regulator. At the end of the year, the CVM will start a public hearing about the topic. The decision is part of the Resolution 809, published on February 19.
The CVM also decided to suspend a rule that prohibited the registration of public offerings during the 16 days prior to the disclosure of the issuer’s balance sheet – known as blackout period. According to the market’s participants that support the change, such as the Brazilian Financial and Capital Market Association (Anbima), such restriction paralyzed the market during the period and curtailed opportunities for issues.
Read the complete resolution here.