Brazil: CVM inova ao flexibilizar temporariamente regras para ofertas públicas

Com o intuito de incrementar a eficiência da regulação do mercado de capitais no Brasil sem deixar de lado a proteção dos investidores, a Comissão de Valores Mobiliários (CVM) decidiu flexibilizar algumas regras aplicáveis às ofertas públicas de distribuição de valores mobiliários reguladas pela Instrução 400. E, em vez de reformar uma instrução, resolveu usar o canal da deliberação. Essa flexibilização, estabelecida na Deliberação 809, de 19 de fevereiro de 2019, já é adotada em jurisdições de mercados de capitais considerados desenvolvidos e vinha sendo pleiteada pelos participantes do mercado brasileiro havia bastante tempo.

Entre as alterações determinadas pela Deliberação 809 destacam-se duas, detalhadas a seguir.

Criação da “análise reservada” de informações da companhia emissora

Por meio dessa permissibilidade, companhias que estejam em processo de abertura de capital (bem como aquelas já registradas na categoria A na CVM) passam a poder solicitar a análise reservada das informações constantes nos documentos da oferta protocolados na autarquia. São abarcados por esse novo mecanismo pedidos de registro de ofertas públicas de distribuição de ações por emissores já registrados na categoria A ou em processo de registro nessa categoria, concomitantemente ao pedido de registro de oferta; e pedidos de registro de companhias abertas ou do processo de atualização de informação de companhias abertas quando vinculados ao registro de ofertas de distribuição de ações subsequentes (ofertas do tipo follow-on).

Atualmente, os pedidos de registro de distribuição de ações são públicos e as informações sobre a emissora ali constantes ficam disponíveis no site da CVM, podendo ser acessadas por qualquer pessoa.

A partir da mudança, as informações sobre a emissora só se tornam públicas mediante o deferimento, pela CVM, do registro da oferta pública de distribuição e do registro de companhia aberta, ou pela divulgação do aviso ao mercado e do prospecto preliminar. Caso se verifique que a informação relativa ao pedido de registro de oferta pública de distribuição em análise reservada tenha escapado do controle, a companhia deverá proceder à imediata divulgação de fato relevante (caso já seja companhia aberta) ou informar a CVM, para que seja dada publicidade ao pedido de registro —sem prejuízo da avaliação de eventuais responsabilidades e de hipotética suspensão da análise de pedido da oferta pela CVM.

A CVM também estabeleceu a necessidade de os participantes da oferta adotarem procedimentos que garantam o sigilo dos seus processos de análise. Para ofertas públicas de distribuição reguladas por meio da Instrução 471, as entidades administradoras de mercados organizados em que serão admitidas à negociação as ações objeto da oferta pública de distribuição, bem como as entidades autorreguladoras que auxiliam na pré-análise dos documentos da oferta, devem adotar procedimentos para garantir o sigilo das informações.

No caso de companhias em processo de abertura de capital, a existência da análise reservada, segundo a própria CVM, poderá representar um estímulo à realização de pedidos de registro, pois tende a evitar a exposição negativa da companhia, sobretudo em ocasiões desfavoráveis diante da incerteza quanto ao sucesso da operação. Além disso, pode evitar oscilações negativas na cotação das ações das companhias já listadas.

Liberação de registros de ofertas públicas durante o “blackout period”

A CVM também afastou a proibição de concessão de registros de oferta pública de distribuição de valores mobiliários nos 16 dias que antecedem a divulgação de informações financeiras das companhias abertas. A Instrução 400, em seu artigo 14, § 4º, veda o deferimento do registro de oferta pública de distribuição de valores mobiliários no período que se inicia no 16º dia que antecede qualquer divulgação de informações periódicas do ofertante e se encerra na data de sua efetiva divulgação.

Essa vedação criava as “janelas de mercado”, que impediam que as ofertas acontecessem em até 64 dias durante todo ano. Na prática, a restrição do chamado “blackout period” diminuía a janela de oportunidades para emissões e paralisava o mercado.

A CVM, de maneira inovadora, preferiu editar uma deliberação a alterar a Instrução 400. As medidas temporárias foram aprovadas em caráter experimental, o que proporciona ao regulador uma oportunidade para verificar seus benefícios ao mercado. Caso o resultado seja positivo, a CVM poderá decidir implementar essas medidas definitivamente. Essa maneira nova de atuar no mercado pode ser uma tendência a ser adotada pelo regulador no futuro — e com certeza será benéfica a todo o mercado.

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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