Brazil: Novas orientações sobre procedimentos de Ofertas Públicas - Ofício-Circular Nº 02/2019/CVM/SRE

Last Updated: 8 March 2019
Article by Daniela Anversa
Most Read Contributor in Brazil, March 2019

No dia 27 de fevereiro de 2019, a Comissão de Valores Mobiliários ("CVM"), por meio da Superintendência de Registro de Valores Mobiliários ("SRE"), divulgou o Ofício-Circular Nº 02/2019/CVM/SRE, que contém orientações gerais sobre os procedimentos relacionados ao processo de registros de operações envolvendo distribuição pública de valores mobiliários ("Ofício SRE"). O intuito do Ofício SRE é orientar ofertantes e instituições intermediárias quanto a melhor forma de cumprir as normas que regulam as ofertas públicas de valores mobiliários.

Dentre as principais novidades, destacamos:

  • Pleitos de registro de ofertas públicas de distribuição de ações sob reserva: o Ofício SRE regula os procedimentos a serem adotados quando do protocolo digital do pedido de registro de oferta pública de ações por meio do processo "sob reserva" (confidencial), recentemente introduzido pela Deliberação CVM 809/2019. Salientase que é de inteira responsabilidade do intermediário líder a identificação do caráter reservado do pleito, o qual será necessariamente deferido se os referidos procedimentos forem seguidos.
  • Flexibilização do período de vedação ao registro de ofertas públicas de distribuição: o Ofício SRE deixou claro a permissibilidade da CVM, ainda que em caráter temporário e experimental, de deferir registros de ofertas públicas reguladas pela Instrução CVM 400/2003, durante o chamado "blackout period".
  • Distribuição privada de cotas de fundos de investimento fechados: em outubro de 2018, o Colegiado da CVM decidiu que a mesma tem competência para conceder aos fundos de investimento fechados, que invistam em valores mobiliários, o registro para negociação de suas cotas em mercados regulamentados de valores mobiliários, previsto no artigo 21 da Lei 6.385/1976, uma vez que suas cotas são valores mobiliários nos termos do artigo 2º, inciso V da referida lei, independentemente da forma pública ou privada de colocação de suas cotas. Tal decisão modificou o entendimento anterior da CVM, que havia deliberado não ser possível a concessão de registro pela CVM a qualquer fundo em que o administrador pretendesse colocar suas cotas de modo privado.
  • Inclusão, após a concessão do registro de distribuição, de instituições intermediárias em ofertas públicas sob o rito da Instrução CVM 400/2003: o Ofício SRE deixou claro o entendimento do Colegiado da CVM quanto ao procedimento de inclusão de instituição intermediária no sindicato de distribuição após a concessão do registro da oferta pela CVM. Se a inclusão ocorrer após o registro e antes da divulgação do anúncio de início e não tenha sido utilizado prospecto preliminar (e aviso ao mercado) é possível fazer a inclusão do participante apenas com a comunicação e prévia autorização da CVM nos termos do art. 35 da Instrução CVM 400/2003. Não há de se falar em modificação de oferta, nesse caso. Caso se deseje fazer a inclusão após o registro e (i) a oferta tenha feito uso de prospecto preliminar; ou (ii) a inclusão ocorra após a divulgação do anúncio de início da oferta, tal fato deve ser igualmente comunicado à CVM, mas será analisado pela SRE.
  • Esclarecimentos sobre lastros de CRI e CRA: com base em precedentes analisados pelo Colegiado da CVM ao longo dos anos, notadamente no âmbito dos processos CVM nºs 19957.000587/2016-51 (decisão do colegiado de 16/8/2016, caso Cyrela) e 19957.001669/2016-13 (decisão do colegiado de 30/8/2016, caso Burger King), passou a ser possível a emissão de CRI e CRA lastreados respectivamente em créditos considerados imobiliários e em direitos creditórios considerados do agronegócio por conta da destinação dos recursos oriundos da emissão de tais títulos. O Ofício SRE traz um detalhamento acerca dos novos lastros aceitos pela CVM, baseando-se, para tanto, na Instrução CVM 600/2018.
  • Transferência à securitizadora dos créditos que comporão o lastro em operações de CRI e CRA: o Ofício SRE reiterou o entendimento contido na Instrução CVM 600/2018, que passou a admitir a hipótese de subscrição direta pelas securitizadoras dos créditos que comporão o lastro. A introdução de tal dispositivo teve por objetivo atender a um pleito das companhias securitizadoras no sentido de simplificar a estruturação do produto e diminuir o custo de observância.
  • Novas orientações à agentes fiduciários: tendo em vista o fato de os agentes fiduciários serem contemplados no rol de agentes regulados pela Instrução CVM 510/2011, que trata do cadastro de participantes do mercado de valores mobiliários, o Ofício SRE contem detalhamento acerca de atualização de dados dos agentes fiduciários perante a CVM, que deverá ser realizada via sistemas eletrônicos disponibilizados pela autarquia.
  • Dinâmica relacionada à modificação de ofertas de distribuição registradas: o Ofício SRE explica os procedimentos a serem adotados caso haja necessidade de alterar condições da oferta antes da concessão do registro, bem como após a concessão do mesmo.
  • Inclusão de modelos de material publicitário pré-aprovados: Lâmina de Informações Sumárias da Oferta: o Ofício SRE traz um modelo pré-aprovado de lâmina contendo o "sumário de condições da oferta", possibilitando os intermediários de uma oferta pública a disponibilizar o "take one" (lâmina) aos investidores, sem necessidade de aprovação prévia da CVM e desde que sigam o modelo sugerido pela autarquia. O uso de modelos pré-aprovados de documentos pela CVM traz uma eficiência à oferta e a possibilidade de acessar mais rapidamente o seu público-alvo.

Consideramos que as modificações introduzidas pela CVM por meio do Ofício SRE são extremamente saudáveis e vieram em boa hora pois permitem a atuação dos participantes do mercado de maneira mais eficiente e ágil.

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.

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