Brazil: CVM REALIZA AUDIÊNCIA PÚBLICA QUE PROPÕE DISPENSA DE REGISTRO DE OFERTAS DE LF E LIG

Last Updated: 16 August 2019
Article by Koury Lopes Advogados

No último dia 15 de julho, a Comissão de Valores Mobiliários ("CVM") veiculou para audiência pública minuta de instrução versando sobre a possibilidade de dispensa de registro de oferta pública e de emissor de letras financeiras ("LFs") e de letras imobiliárias garantidas ("LIGs"), assemelhando-se ao regime atualmente aplicável aos certificados de operações estruturadas (COEs).

O Edital SDM nº 04/19 ("Edital") esclarece que a nova instrução permitiria que a oferta pública de distribuição das LFs e das LIGs fosse dispensada de registro na CVM caso cumprisse com todos os requisitos da Instrução CVM nº 569, a qual dispõe sobre as ofertas públicas de COEs e que seria modificada, sem alteração substancial de seu conteúdo, apenas para abarcar os demais títulos.

Ainda, imprime ressaltar que estamos diante de norma que reduz o ônus regulatório dos participantes do mercado, tendo em vista a possibilidade da realização de oferta pública que dispense os ritos e os custos associados ao registro na CVM, bem como afasta a incidência da Instrução CVM 400 ("ICVM 400"). Na mesma linha, tendo em vista a criação de um novo modelo de oferta, a Autarquia entende que os emissores dos títulos em epígrafe optarão por este novo modelo em relação às ofertas públicas com esforços restritos regidas pela ICVM 476.

Das modificações propostas pela nova norma, podemos destacar que (i) em virtude do afastamento do regime da ICVM 400 e de sua baixa utilização, as LFs não possuirão mais um programa de distribuição registrado na CVM; (ii) os emissores de LFs e LIGs estarão dispensados de registro automaticamente assim como ocorre para os COEs, de forma que a oferta dos títulos poderá se dar por (a) apresentação de determinados Documentos de Informações Essenciais ("DIE") específicos para as LFs e LIGs, chamados DIE-LF e o DIE-LIG, com a obtenção de termo de adesão e ciência de risco, datado e assinado pelo investidor, exceto nos casos em que (a.1) a aquisição do título seja por investidor profissional ou (a.2) a negociação dos títulos ocorra em sistema centralizado e multilateral mantido por entidades administradoras de mercado organizado – nestes casos, ficará dispensada a apresentação dos DIE e obtenção do termo de adesão e ciência de risco; e (iii) as ofertas públicas dos títulos deverá ser realizada por instituições intermediárias habilitadas a atuar como integrantes do sistema de distribuição de valores mobiliários, sendo referida contratação dispensada (a) aos bancos comerciais, às caixas econômicas e aos bancos múltiplos sem carteira de investimento, na distribuição pública de COEs de sua emissão; (b) aos bancos múltiplos, aos bancos comerciais, aos bancos de desenvolvimento, aos bancos de investimento, às sociedades de crédito, financiamento e investimento, às caixas econômicas, às companhias hipotecárias, às sociedades de crédito imobiliário, às cooperativas de crédito e ao BNDES, na distribuição pública de LFs de sua emissão; e (c) aos bancos múltiplos, aos bancos comerciais, aos bancos de investimentos, às sociedades de crédito, financiamento e investimento, às caixas econômicas, às companhias hipotecárias e às associações de poupança e empréstimo, na distribuição pública de LIGs de sua emissão.

Cumpre salientar que a norma que disciplina a emissão de LFs foi recentemente alterada, tendo a Resolução CMN nº 4.733, de 27 de junho de 2019, substituído a norma antiga, a Resolução CMN nº 4.123, de 23 de agosto de 2012. Ainda, as LFs possuem papel extremamente relevante para a captação de recursos por instituições financeiras, considerando que é vedado a estas a emissão de debêntures e, tendo em vista os entraves hoje existentes, as emissões de LF acabaram por perder a força no mercado ao longo dos últimos anos, situação que acertadamente a Autarquia pretende reverter.

No que se refere às LIGs, embora elas tenham sido previstas pela Lei nº 13.097, de 19 de janeiro de 2015, sua regulamentação ocorreu apenas em 2017, com a publicação da Resolução CMN n° 4.598, de forma que esses títulos são relativamente novos no mercado brasileiro. Criadas como uma nova fonte de financiamento para operações imobiliárias, a proposta é que esse título se difunda como ocorre com os covered bonds em mercados internacionais, fazendo valer, inclusive, os incentivos fiscais que lhes são concedidos pela legislação brasileira.

O Edital de Audiência Pública, com mais informações sobre o tema, pode ser acessado via http://www.cvm.gov.br/export/sites/cvm/audiencias_publicas/ap_sdm/anexos/2019/sdm0419_Edital.pdf, e quaisquer dúvidas, sugestões e comentários devem ser encaminhados à Superintendência de Desenvolvimento de Mercado até 13 de setembro de 2019.

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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