The Brazilian Securities and Exchange Commission ("CVM") enacted on September 25th, 2014 the CVM Rule No. 551 ("CVM Rule 551/14"), allowing public offerings of certain equity securities distributed with restricted placement efforts ("Restricted Public Offerings"), including stock¹.

The main changes introduced by the CVM Rule 551/14 are the following:


The client alert is available in electronic format and can be downloaded through the link below.


CVM authorizes public offerings of stock without registration (PDF)

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.