Brazil: Novo Código Ofertas Públicas - ANBIMA

Last Updated: 10 April 2019
Article by Daniela Anversa and Dianie Teixeira
Most Read Contributor in Brazil, July 2019

A Associação Nacional das Entidades dos Mercados Financeiro e de Capitais – ANBIMA divulgou, em 28 de fevereiro, seu novo Código ANBIMA de Regulação e Melhores Práticas para Estruturação, Coordenação e Distribuição de Ofertas Públicas de Valores Mobiliários e Ofertas Públicas de Aquisição de Valores Mobiliários (o "Novo Código ANBIMA Ofertas Públicas"), que passa a vigorar a partir de 03 de junho de 2019. Listamos abaixo alguma das principais inovações introduzidas:

  • Registro de Ofertas Públicas com Esforços Restritos: Como era esperado pelo mercado, a ANBIMA passará a exigir o registro das ofertas públicas de debêntures realizadas com esforços restritos, conforme o procedimento disposto na Instrução CVM nº 476, de 16 de janeiro de 2009.

    O pedido de registro na ANBIMA deverá ser realizado pelo coordenador líder em até 15 (quinze) dias contados da data de envio do comunicado de encerramento da Oferta Restrita à CVM, devendo ser endereçado à Comissão de Acompanhamento do Código ANBIMA de Ofertas e instruído com versões eletrônicas dos principais documentos relativos à Oferta Restrita.
  • Novos Documentos Obrigatórios: O Novo Código ANBIMA Ofertas Públicas passa a exigir a elaboração e entrega aos investidores, de documentos contendo informações relativas às Ofertas Restritas de debêntures e de ações, com conteúdo semelhante a uma lâmina ou term sheet da operação. Para as Ofertas Restritas cujos valores mobiliários ofertados são ações ou valores mobiliários conversíveis em ações, o sindicato de bancos coordenadores deverá elaborar e entregar o "Memorando de Ações" para os potenciais investidores; para as Ofertas Restritas de debêntures, o potencial investidor deverá receber o "Sumário de Debêntures".

    Ainda não foi divulgado pela ANBIMA o conteúdo mínimo do Memorando de Ações e do Sumário das Debêntures, no entanto, o documento deverá conter o selo ANBIMA e terá no mínimo, os seguintes grupos de as seguintes informações:
  1. informações sobre a operação: este grupo abrange identificação do emissor, identificação das instituições intermediárias da Oferta Restrita, regime de colocação, descrição do ato societário que aprova a emissão, número e valor total da emissão, classificação de risco, dentre outras;
  2. b>informações sobre os valores mobiliários ofertados: caso a oferta seja de debêntures, neste item, deverá ser disponibilizado informações como quantidade dos valores mobiliários emitidos, valor nominal unitário, datas de emissão e vencimento, remuneração, garantias, dentre outras;
  3. descrição da destinação dos recursos: assim como no documento de emissão, esta seção deverá conter informação acerca da destinação dos recursos captados pela companhia emissora com a colocação dos valores mobiliários;
  4. fatores de risco: devem ser descritos todos os fatores de risco que, nas palavras da ANBIMA, "sejam capazes de afetar a própria decisão de investimento"; e
  5. informação sobre existência de parecer legal em oferta de emissão de debêntures: atestando a consistência das informações contidas no Sumário de Debêntures. informação sobre existência de parecer legal em oferta de emissão de debêntures: atestando a consistência das informações contidas no Sumário de Debêntures.

SECURITIZAÇÃO

Em relação à atuação do agente fiduciário, foram ampliadas as regras para as ofertas de CRIs (Certificados de Recebíveis Imobiliários), CRAs (Certificados de Recebíveis do Agronegócio) e notas promissórias de longo prazo, além da inclusão de exigências, procedimentos e controles para o agente de notas.

O Novo Código ANBIMA Ofertas Públicas introduziu a necessidade de novas seções no Prospecto de ofertas públicas de títulos de securitização. Além dos fatores de risco adicionais para estas operações, que já eram exigidos anteriormente, o novo código introduz a obrigatoriedade de inclusão de novas informações relativas ao lastro da operação e na obrigação do coordenador líder da oferta pública realizada de acordo com a Instrução CVM nº 400/03 efetuar um procedimento de due diligence da securitizadora emissora dos títulos. A obrigatoriedade de realizar uma due diligence não se aplica às ofertas restritas (realizadas conforme a Instrução CVM nº 476/09).

A due diligence referida acima é realizada mediante o preenchimento de um questionário padronizado disponibilizado pela própria ANBIMA em seu site, e deve ser atualizado a cada 12 meses. O questionário abrange diversas informações da securitizadora, desde informações sobre seus controladores, dados financeiros e descrição da estrutura tecnológica e de pessoal, políticas de continuidade de negócios e de lavagem de dinheiro, descrição de estrutura de gerenciamento de riscos, informações jurídicas, dentre outras, em linha com outros questionários do gênero já exigidos pela entidade autorreguladora.

Além disso, o Novo Código ANBIMA Ofertas Públicas passa a exigir a observância de regras aos agentes de notas e agentes fiduciários.

Em primeiro lugar, cabe esclarecer a distinção entre ambos traçada no novo código: os primeiros são aqueles agentes contratados como representantes da comunhão de investidores de notas comerciais com prazo de vencimento inferior a 360 dias, cuja contratação é facultativa. Os segundos são aqueles contratados nas circunstâncias exigidas em lei ou regulamento – incluindo os contratados para atuarem em emissões de notas promissórias com prazo de vencimento superior a 360 dias. Ou seja, este segundo grupo corresponde às pessoas sujeitas à Instrução CVM nº 583/16. Esta delimitação do destinatário das regras prevista no novo código é a principal inovação, pois a sua introdução no mencionado diploma decorre da extensão da observância das regras previstas para os agentes que atuam em emissões de notas comerciais, CRIs e CRAs, enquanto a regra anterior limitava seu escopo àqueles que atuavam em emissões de debêntures.

Deste modo, todos os agentes fiduciários aderentes ao Novo Código ANBIMA Ofertas Públicas passarão a ter que observar suas regras, independentemente dos produtos em que atuem. Dentre tais regras a que estarão sujeitos, incluemse a necessidade de segregação da atividade de agente fiduciário/agente de notas das demais atividades da pessoa jurídica; elaboração e observância de plano de continuidade de negócios e observância de requisitos mínimos de sigilo e segurança da informação.

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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