We are pleased to share that, for the fifth consecutive year, our firm has been recognized in the Chambers Brazil: Regions ranking by Chambers and Partners for its work in the Corporate/Commercial practice area.

The 2026 edition also once again highlighted the work of our partner, Carlos Martins Neto, in this field.

This recognition reinforces Moreira Menezes, Martins Advogados’ commitment to technical excellence, high-quality legal services and the development of consistent legal solutions for our clients.

We thank our clients for their continued trust and partnership, and our entire team for the dedication that makes achievements like this possible.

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At the time CVM Resolution No. 193/2023 was enacted, the CVM highlighted that Brazil was the first country in the world to adopt sustainability reporting rules based on the IFRS S1 and IFRS S2 standards issued by the International Sustainability Standards Board (“ISSB”).

Under the original wording of CVM Resolution No. 193/2023, publicly held companies would be required to prepare and disclose such reports for fiscal years beginning on or after January 1, 2026. Subsequently, CVM Resolution No. 227/2025 amended this framework to provide that such obligation would be based on standards issued by the Brazilian Sustainability Pronouncements Committee (Comitê Brasileiro de Pronunciamentos de Sustentabilidade – “CBPS”) and approved by the CVM.

According to the CVM, the changes introduced by Resolution No. 244/2026 are intended to provide greater flexibility for companies to assess the costs and benefits associated with sustainability reporting, while preserving the transparency and comparability resulting from the adoption of uniform reporting standards.

Among the principal amendments introduced by CVM Resolution No. 244/2026 are the following:

(i) repeal of Article 2 of CVM Resolution No. 193/2023, which established the mandatory preparation and disclosure of sustainability-related financial information reports by publicly held companies for fiscal years beginning on or after January 1, 2026;

(ii) maintenance of the voluntary adoption regime, under which entities that elect to prepare and disclose such reports must comply with the standards issued by the CBPS and the ISSB and provide an explicit and unreserved statement of compliance with such standards;

(iii) replacement of the previous indefinite continuity approach for voluntary reporting with a requirement that reporting be maintained for at least three consecutive fiscal years, together with an obligation to inform the market during the preceding fiscal year if the entity decides to discontinue voluntary reporting;

(iv) establishment, effective January 1, 2027, of a requirement that publicly held companies choosing not to file a sustainability report must disclose the reasons for such decision through a market announcement published no later than the filing date of their annual financial statements with the CVM, describing management’s rationale (the “comply or explain” approach); and

(v) revision of the filing deadlines applicable to sustainability reports submitted by entities that elect to adopt the reporting regime. Under the new rules, in the first fiscal year of filing, the report must be submitted on the same date as the Reference Form, while from the second fiscal year onward it must be filed within three months following the end of the fiscal year or on the same date as the annual financial statements, whichever occurs first.

The amendment represents a significant change to the sustainability disclosure framework applicable to publicly held companies. The CVM has replaced the previously contemplated mandatory adoption model with a voluntary framework guided by uniform reporting standards and transparency mechanisms relating to the decision to adopt, maintain or discontinue sustainability reporting.

According to the CVM, the revised framework aligns the treatment of publicly held companies more closely with the regime that already applied, under the previous wording of the regulation, to investment funds and securitization companies. Nevertheless, companies that elect to file sustainability reports remain subject to the requirement that such reports be subject to independent assurance with reasonable assurance for fiscal years beginning on or after January 1, 2026.

Further information, including the full text of CVM Resolution No. 244/2026, is available on the CVM’s website (www.gov.br/cvm).

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The 3rd Brazilian Congress on Capital Markets Law now has a confirmed date. Organized by IDMCap, the event will take place on May 28 and 29 in Rio de Janeiro.

The congress will be held at the Centro Cultural Justiça Federal, the former headquarters of the Supreme Federal Court.

Registration is now open and available at this link

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Our partner Carlos Martins Neto contributed to an article published by O Globo on the liquidation of Reag by the Central Bank of Brazil, providing an analysis of the measure and its implications for the investment funds managed or administered by the asset manager.

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The master’s dissertation project entitled “Liability of the Investor for Acts of an Exclusive Investment Fund”, authored by our lawyer Ana Clara Jansen, was one of the winners of the 21st edition of the ANBIMA Capital Markets Award.

The award recognizes master’s and doctoral students in the fields of Economics, Business Administration, and Law. The initiative, carried out in partnership with IEPE/CdG, aims to encourage academic research focused on the development of Brazil’s capital markets.

We congratulate our associate on this important achievement.

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Our partner Mauricio Moreira Menezes participated, on Tuesday, December 2, in the panel “Self-Dealing in Corporate Law: A Comparative Perspective between Brazil and the U.S.”, held at Columbia Law School.

The panel discussed how conflict-of-interest rules are addressed in Brazilian and U.S. corporate law, in an analysis conducted by specialists in the segment.

Mauricio shared the panel with Zohar Goshen, Jerome L. Greene Professor of Transactional Law at Columbia Law School, in a discussion moderated by Maria Luiza Echternacht, LL.M. ’26 and President of CLS Brazil.

The event, held at Jerome L. Greene Hall, was sponsored by our firm.

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It is with great satisfaction that our firm has once again been recognized by the international publication The Legal 500 in its Latin America 2026 rankings, under the category Corporate and M&A: Mid-Market.

We are also proud to celebrate the individual recognition of our partners Mauricio Moreira Menezes e Carlos Martins Neto, ranked in the Corporate – Rio de Janeiro Elite category.

We thank all our clients and partners for their continued trust. Recognitions like this reinforce our commitment to excellence in legal services and to the ongoing pursuit of technical improvement.

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For the second consecutive year, our firm was highlighted by the international publication Leaders League for our excellence in the M&A area.

The recognition reinforces our commitment with the quality and effectiveness of our legal services.

We would like to thank all our clients and partners for their trust.

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On October 23rd at 12:00 p.m., our partner Carlos Martins Neto will take part in the “II Congress on Commercial and Procedural Law”, promoted by OAB/RJ, UERJ Law School, and UFPR.

Carlos will join the panel “Capital Markets and Governance: Disclosure, Litigation, and Collective Protection” alongside Cristina Leitão and Ricardo Mafra, chaired by Daniel Borges.

The event will be held in person at the OAB/RJ headquarters, with free registration, and will be live-streamed on OAB/RJ’s YouTube channel.

Register here: https://lnkd.in/dP6T9wux

II Congress on Commercial and Procedural Law
Dates: October 22-24
Venue: OAB/RJ Headquarters – Plenary Carlos Maurício Martins Rodrigues, Avenida Marechal Câmara, 150 – 4th floor, Rio de Janeiro.

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The Capital column of the newspaper O Globo highlighted, in both its print and digital editions, the survey on the 2025 Annual Shareholders’ Meetings conducted by our firm.

The report revealed that only 1% of board seats in publicly traded companies listed on the Novo Mercado, Nível 1 and Nível 2 segments of B3 are held by individuals who self-identify, while 87.5% are held by individuals who self-identify as white.

Another aspect emphasized by journalist Rennan Setti was the increase in remote cumulative voting requests, despite the limited effectiveness of such requests.

The article is available online.

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