{"id":10129,"date":"2026-04-19T12:17:56","date_gmt":"2026-04-19T12:17:56","guid":{"rendered":"https:\/\/moreiramenezes.com.br\/?p=10129"},"modified":"2026-04-20T15:44:00","modified_gmt":"2026-04-20T15:44:00","slug":"newsletter-n139-2","status":"publish","type":"post","link":"https:\/\/moreiramenezes.com.br\/en\/newsletter-n139-2\/","title":{"rendered":"Newsletter N\u00b0139"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"10129\" class=\"elementor elementor-10129\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-349475bc elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"349475bc\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column 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9.317-33.901-.04l-22.667-22.667c-9.373-9.373-9.373-24.569 0-33.941L207.03 130.525c9.372-9.373 24.568-9.373 33.941-.001z\"><\/path><\/svg><\/div>\n\t\t\t\t\t<\/div>\n\t\t<div id=\"elementor-toc__f4591e0\" class=\"elementor-toc__body\">\n\t\t\t<div class=\"elementor-toc__spinner-container\">\n\t\t\t\t<svg class=\"elementor-toc__spinner eicon-animation-spin e-font-icon-svg e-eicon-loading\" aria-hidden=\"true\" viewbox=\"0 0 1000 1000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M500 975V858C696 858 858 696 858 500S696 142 500 142 142 304 142 500H25C25 237 238 25 500 25S975 237 975 500 763 975 500 975Z\"><\/path><\/svg>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-16fc3289 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"16fc3289\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container 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elementor-size-default\">Of\u00edcio Circular da CVM esclarece deveres de intermedi\u00e1rios em negocia\u00e7\u00f5es de renda fixa em mercados de balc\u00e3o organizado<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-270e6c11 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"270e6c11\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Em 02.04.2026, a Superintend\u00eancia de Rela\u00e7\u00f5es com o Mercado e Intermedi\u00e1rios (\u201c<span style=\"text-decoration: underline;\">SMI<\/span>\u201d) da Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM publicou o <a href=\"https:\/\/conteudo.cvm.gov.br\/legislacao\/oficios-circulares\/smi\/oc-smi-0226.html\">Of\u00edcio Circular n\u00ba 2\/2026\/CVM\/SMI<\/a> (\u201c<span style=\"text-decoration: underline;\">Of\u00edcio Circular n\u00ba 2\/2026<\/span>\u201d), com o objetivo de apresentar sua interpreta\u00e7\u00e3o, reiterar orienta\u00e7\u00f5es e alertar os intermedi\u00e1rios quanto aos deveres aplic\u00e1veis \u00e0s atividades de intermedia\u00e7\u00e3o e de relacionamento com clientes no contexto da negocia\u00e7\u00e3o de valores mobili\u00e1rios de renda fixa por meio de sistemas pr\u00f3prios ou disponibilizados por entidades administradoras de mercados de balc\u00e3o organizado. O documento foi editado em cen\u00e1rio de crescimento do mercado secund\u00e1rio de renda fixa, com aumento do n\u00famero de investidores de varejo e amplia\u00e7\u00e3o do uso de mecanismos tecnol\u00f3gicos voltados \u00e0 facilita\u00e7\u00e3o da liquidez.<\/p><p>O Of\u00edcio Circular n\u00ba 2\/2026 consolida a interpreta\u00e7\u00e3o da SMI a respeito do enquadramento regulat\u00f3rio desses mecanismos e refor\u00e7a deveres aplic\u00e1veis aos intermedi\u00e1rios e \u00e0s entidades autorreguladoras nesse contexto.<\/p><p>Dentre os principais t\u00f3picos destacados no Of\u00edcio Circular n\u00ba 2\/2026, ressaltam-se os seguintes:<\/p><p style=\"padding-left: 40px;\">(i) tais sistemas n\u00e3o constituem modalidades de sistemas de negocia\u00e7\u00e3o, nos termos do art. 142, incisos I e III, da Resolu\u00e7\u00e3o CVM n\u00ba 135\/2022. Segundo a interpreta\u00e7\u00e3o da SMI, esses mecanismos devem ser compreendidos como instrumentos de facilita\u00e7\u00e3o de liquidez no mercado de renda fixa, de modo que as opera\u00e7\u00f5es neles cursadas se submetem ao tratamento regulat\u00f3rio aplic\u00e1vel ao \u201cregistro de opera\u00e7\u00f5es previamente realizadas\u201d (art. 142, inciso IV, da Resolu\u00e7\u00e3o CVM n\u00ba 135\/2022);<\/p><p style=\"padding-left: 40px;\">(ii) ainda que as opera\u00e7\u00f5es levadas a registro sejam precedidas da utiliza\u00e7\u00e3o de sistemas pr\u00f3prios ou disponibilizados pelas entidades administradoras de mercados de balc\u00e3o organizado, remanesce o dever das entidades autorreguladoras de supervisionar e fiscalizar a observ\u00e2ncia das normas aplic\u00e1veis, em especial das disposi\u00e7\u00f5es constantes da Resolu\u00e7\u00e3o CVM n\u00ba 135\/2022 e da Resolu\u00e7\u00e3o CVM n\u00ba 35\/2021;\u00a0<\/p><p style=\"padding-left: 40px;\">(iii) a utiliza\u00e7\u00e3o desses sistemas n\u00e3o dispensa os intermedi\u00e1rios do cumprimento das obriga\u00e7\u00f5es previstas na Resolu\u00e7\u00e3o CVM n\u00ba 35\/2021, especialmente quanto \u00e0 obten\u00e7\u00e3o do melhor resultado poss\u00edvel para o cliente, \u00e0 identifica\u00e7\u00e3o de comitentes, ao tratamento de pessoas vinculadas, \u00e0 remunera\u00e7\u00e3o e aos conflitos de interesse, bem como \u00e0 atua\u00e7\u00e3o com boa-f\u00e9 e \u00e0 preval\u00eancia do interesse dos clientes;<\/p><p style=\"padding-left: 40px;\">(iv) os intermedi\u00e1rios devem manter regras, procedimentos e controles internos aptos a assegurar o cumprimento dessas obriga\u00e7\u00f5es, a supervis\u00e3o pelos \u00f3rg\u00e3os autorreguladores e pela pr\u00f3pria CVM, bem como a guarda da documenta\u00e7\u00e3o e das informa\u00e7\u00f5es pertinentes;<\/p><p style=\"padding-left: 40px;\">(v) o acesso dos clientes a esses sistemas deve ocorrer de forma ison\u00f4mica e n\u00e3o discriminat\u00f3ria, com crit\u00e9rios objetivos, previamente estabelecidos e pass\u00edveis de verifica\u00e7\u00e3o posterior. Para preservar a adequada forma\u00e7\u00e3o de pre\u00e7os, viabilizar a verifica\u00e7\u00e3o do dever de melhor execu\u00e7\u00e3o e evitar incentivos a pr\u00e1ticas discriminat\u00f3rias ou a aloca\u00e7\u00f5es seletivas de liquidez, os intermedi\u00e1rios devem utilizar um \u00fanico canal de intera\u00e7\u00e3o por valor mobili\u00e1rio, centralizando as ofertas ou inten\u00e7\u00f5es de negocia\u00e7\u00e3o cursadas por meio desses sistemas.<\/p><p>Trata-se, assim, de manifesta\u00e7\u00e3o orientativa que n\u00e3o institui disciplina aut\u00f4noma, mas enfatiza, para o contexto da negocia\u00e7\u00e3o de valores mobili\u00e1rios de renda fixa por meio de sistemas pr\u00f3prios ou disponibilizados por entidades administradoras de mercados de balc\u00e3o organizado, a incid\u00eancia de deveres j\u00e1 previstos na regulamenta\u00e7\u00e3o vigente.\u00a0<\/p><p>De um lado, o Of\u00edcio Circular n\u00ba 2\/2026 refor\u00e7a, \u00e0 luz da Resolu\u00e7\u00e3o CVM n\u00ba 35\/2021, que a utiliza\u00e7\u00e3o desses mecanismos n\u00e3o afasta os deveres de melhor execu\u00e7\u00e3o, boa-f\u00e9, preval\u00eancia do interesse dos clientes, preven\u00e7\u00e3o e adequada administra\u00e7\u00e3o de conflitos de interesses, identifica\u00e7\u00e3o de comitentes, manuten\u00e7\u00e3o de regras, procedimentos e controles internos, bem como de guarda de documentos e informa\u00e7\u00f5es.\u00a0<\/p><p>De outro lado, em conson\u00e2ncia com a Resolu\u00e7\u00e3o CVM n\u00ba 135\/2022, a SMI esclarece que os sistemas pr\u00f3prios dos intermedi\u00e1rios, ou aqueles disponibilizados por entidades administradoras de mercados de balc\u00e3o organizado, n\u00e3o se qualificam, por si s\u00f3s, como sistemas de negocia\u00e7\u00e3o. Segundo o Of\u00edcio Circular n\u00ba 2\/2026, tais mecanismos devem ser compreendidos como instrumentos de facilita\u00e7\u00e3o de liquidez, de modo que as opera\u00e7\u00f5es por eles viabilizadas se submetem ao regime de registro de opera\u00e7\u00f5es previamente realizadas.<\/p><p>Maiores informa\u00e7\u00f5es, bem como o inteiro teor do Of\u00edcio Circular n\u00ba 2\/2026\/CVM\/SMI, podem ser encontradas no site da CVM (<a href=\"https:\/\/www.gov.br\/cvm\/pt-br\">www.gov.br\/cvm<\/a>).<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-be26991 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"be26991\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-9ebc3fb\" data-id=\"9ebc3fb\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7d273c1 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"7d273c1\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-de4587f elementor-widget elementor-widget-heading\" data-id=\"de4587f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">CVM orienta sobre preenchimento de requerimentos de ofertas p\u00fablicas com benef\u00edcios fiscais<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-871d5f8 elementor-widget elementor-widget-text-editor\" data-id=\"871d5f8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Em 26.03.2026, a Superintend\u00eancia de Registro de Valores Mobili\u00e1rios (\u201c<span style=\"text-decoration: underline;\">SRE<\/span>\u201d) da Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM divulgou o <a href=\"https:\/\/conteudo.cvm.gov.br\/legislacao\/oficios-circulares\/sre\/oc-sre-0326.html\">Of\u00edcio Circular CVM\/SRE 3\/2026<\/a> (\u201c<span style=\"text-decoration: underline;\">Of\u00edcio<\/span>\u201d), com o objetivo de complementar o Of\u00edcio Circular CVM\/SRE 1\/2026, com orienta\u00e7\u00f5es sobre os procedimentos a serem observados pelos coordenadores l\u00edderes no preenchimento de requerimentos de registro de ofertas p\u00fablicas de distribui\u00e7\u00e3o de valores mobili\u00e1rios com benef\u00edcios fiscais, nos termos das Leis n\u00ba 12.431\/2011 e 14.801\/2024.<\/p><p>O Of\u00edcio foi editado diante de d\u00favidas recorrentes recebidas pela \u00e1rea t\u00e9cnica acerca do preenchimento dos novos campos parametrizados introduzidos no Sistema de Registro de Ofertas &#8211; SRE (\u201c<span style=\"text-decoration: underline;\">Sistema<\/span>\u201d).<\/p><p>Dentre os principais pontos abordados no Of\u00edcio, destacam-se os seguintes:<\/p><p style=\"padding-left: 40px;\">(i) orienta\u00e7\u00f5es sobre o preenchimento de informa\u00e7\u00f5es em ofertas p\u00fablicas associadas a projetos de investimento que n\u00e3o estejam vinculados a um \u00fanico par de coordenadas geogr\u00e1ficas capaz de representar integralmente o empreendimento (p. ex.: torres de telecomunica\u00e7\u00f5es, rodovias, trilhos etc.);<\/p><p style=\"padding-left: 40px;\">(ii) esclarecimentos acerca dos novos campos parametrizados inclu\u00eddos no Sistema para ofertas de Deb\u00eantures, Certificados de Receb\u00edveis Imobili\u00e1rios &#8211; CRI e Fundos de Investimento em Direitos Credit\u00f3rios &#8211; FIDC, especialmente nos casos em que a oferta esteja associada a mais de um projeto de investimento;\u00a0<\/p><p style=\"padding-left: 40px;\">(iii) explica\u00e7\u00f5es sobre o procedimento de requerimento de registro no caso de ofertas p\u00fablicas de cotas de Fundos de Investimento em Participa\u00e7\u00f5es, a fim de refletir o benef\u00edcio fiscal existente nas emiss\u00f5es de cotas de FIP \u2013 Infraestrutura (FIP-IE) e cotas de FIP \u2013 Produ\u00e7\u00e3o Econ\u00f4mica intensiva em Pesquisa, Desenvolvimento e Inova\u00e7\u00e3o (FIP-PD&amp;I).<\/p><p>Adicionalmente, o Of\u00edcio refor\u00e7a a import\u00e2ncia do correto preenchimento das informa\u00e7\u00f5es relacionadas ao benef\u00edcio fiscal no Sistema, destacando que tais dados s\u00e3o essenciais para a supervis\u00e3o e o monitoramento da pol\u00edtica p\u00fablica pelos \u00f3rg\u00e3os competentes, incluindo a Secretaria de Reformas Econ\u00f4micas e a Secretaria Especial da Receita Federal do Brasil. Nesse sentido, a presta\u00e7\u00e3o de informa\u00e7\u00f5es incorretas ou incompletas pode acarretar consequ\u00eancias para os emissores.<\/p><p>Por fim, a SRE orienta que eventuais d\u00favidas relacionadas ao Sistema sejam encaminhadas exclusivamente ao e-mail suporte-sistemasre@cvm.gov.br.<\/p><p>Maiores informa\u00e7\u00f5es, bem como o inteiro teor do Of\u00edcio Circular CVM\/SRE 3\/2026, podem ser encontradas no site da CVM (<a href=\"https:\/\/www.gov.br\/cvm)\">https:\/\/www.gov.br\/cvm)<\/a>.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-9b0e897 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"9b0e897\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-1eb3774 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1eb3774\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-c494d82\" data-id=\"c494d82\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3908ebc elementor-widget elementor-widget-heading\" data-id=\"3908ebc\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Moreira Menezes, Martins advogados \u00e9 patrocinador do 14\u00ba Congresso Brasileiro de Direito Comercial<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-abb77ea elementor-widget elementor-widget-text-editor\" data-id=\"abb77ea\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Moreira Menezes, Martins Advogados \u00e9 patrocinador do 14\u00ba Congresso Brasileiro de Direito Comercial (\u201c<span style=\"text-decoration: underline;\">Congresso<\/span>\u201d), que ser\u00e1 realizado nos dias 14 e 15 de maio de 2026, na sede da Associa\u00e7\u00e3o dos Advogados de S\u00e3o Paulo &#8211; AASP, localizada na Rua \u00c1lvares Penteado, 151, Centro, S\u00e3o Paulo &#8211; SP.<\/p><p>O evento reunir\u00e1 especialistas, acad\u00eamicos e profissionais do mercado para debater temas atuais e relevantes do Direito Comercial.<\/p><p>Nosso s\u00f3cio Mauricio Moreira Menezes participar\u00e1 do painel \u201cInsider trading em fundos de investimento\u201d e da sess\u00e3o de homenagem ao comercialista Manuel Justino Bezerra Filho. J\u00e1 o s\u00f3cio Carlos Martins Neto integrar\u00e1 o painel \u201cDireito empresarial verde: finan\u00e7as e cadeias empresariais sustent\u00e1veis\u201d.<\/p><p>A participa\u00e7\u00e3o no Congresso refor\u00e7a o compromisso do escrit\u00f3rio com o desenvolvimento do Direito Comercial e sua atua\u00e7\u00e3o ativa nos debates mais relevantes do setor.<\/p><p>As inscri\u00e7\u00f5es e demais informa\u00e7\u00f5es sobre o Congresso podem ser obtidas no site oficial do evento: <a href=\"https:\/\/congressodireitocomercial.org.br\/site\/\">https:\/\/congressodireitocomercial.org.br\/site\/<\/a>.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-42843fe elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"42843fe\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-c52e4ba elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c52e4ba\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-39a38eb\" data-id=\"39a38eb\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-047a06d elementor-widget elementor-widget-heading\" data-id=\"047a06d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Moreira Menezes, Martins advogados \u00e9 patrocinador do 3\u00ba Congresso Brasileiro de Direito do Mercado de Capitais<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d4756de elementor-widget elementor-widget-text-editor\" data-id=\"d4756de\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Moreira Menezes, Martins Advogados \u00e9 patrocinador do 3\u00ba Congresso Brasileiro de Direito do Mercado de Capitais, realizado pelo Instituto Brasileiro de Direito do Mercado de Capitais &#8211; IDMCap (\u201c<span style=\"text-decoration: underline;\">Congresso<\/span>\u201d). O evento acontecer\u00e1 nos dias 28 e 29 de maio de 2026, no Centro Cultural da Justi\u00e7a Federal, na Avenida Rio Branco, 241, Centro, Rio de Janeiro &#8211; RJ.<\/p><p>Durante dois dias, o Congresso reunir\u00e1 especialistas do mercado, reguladores e acad\u00eamicos para discutir temas contempor\u00e2neos, com foco na regula\u00e7\u00e3o e no desenvolvimento do mercado de capitais, promovendo um ambiente de an\u00e1lise t\u00e9cnica e troca estrat\u00e9gica.<\/p><p>Nosso s\u00f3cio Mauricio Moreira Menezes participar\u00e1 do painel \u201cModerniza\u00e7\u00e3o do mercado de capitais brasileiro\u201d e da sess\u00e3o de encerramento. O s\u00f3cio Carlos Martins Neto integrar\u00e1 o painel \u201cFundos de Investimento &#8211; Prestadores de Servi\u00e7os Essenciais: divis\u00e3o de atribui\u00e7\u00f5es e responsabilidades\u201d.<\/p><p>As inscri\u00e7\u00f5es e demais informa\u00e7\u00f5es sobre o Congresso podem ser obtidas no site oficial do evento: <a href=\"https:\/\/idmcap.com.br\/\">https:\/\/idmcap.com.br\/<\/a>.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-8daff51 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"8daff51\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-49e4105 elementor-widget elementor-widget-heading\" data-id=\"49e4105\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Jurisprud\u00eancia<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-889e70f elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"889e70f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h5><strong>Superior Tribunal de Justi\u00e7a<\/strong><\/h5><p>DIREITO PROCESSUAL CIVIL. RECURSO ESPECIAL. EXECU\u00c7\u00c3O DE T\u00cdTULO EXTRAJUDICIAL. C\u00c9DULA DE CR\u00c9DITO BANC\u00c1RIO. EXCE\u00c7\u00c3O DE PR\u00c9-EXECUTIVIDADE. JUNTADA DA VIA ORIGINAL. PROCESSO ELETR\u00d4NICO. DISCRICIONARIEDADE DO JU\u00cdZO. FORMALISMO EXCESSIVO. RECURSO DESPROVIDO.\u00a0<\/p><p><strong>I. Caso em exame\u00a0<\/strong><\/p><p>1. O Tribunal de Justi\u00e7a manteve decis\u00e3o de rejei\u00e7\u00e3o de exce\u00e7\u00e3o de pr\u00e9-executividade em execu\u00e7\u00e3o de t\u00edtulo extrajudicial fundada em C\u00e9dula de Cr\u00e9dito Banc\u00e1rio, na qual se alegava in\u00e9pcia da inicial pela aus\u00eancia de apresenta\u00e7\u00e3o do t\u00edtulo original.\u00a0<\/p><p><strong>II. Quest\u00e3o em discuss\u00e3o\u00a0<\/strong><\/p><p>2. A controv\u00e9rsia consiste em definir se a juntada da via original da C\u00e9dula de Cr\u00e9dito Banc\u00e1rio \u2013 CCB constitui requisito de admissibilidade da peti\u00e7\u00e3o inicial de execu\u00e7\u00e3o de t\u00edtulo extrajudicial.\u00a0<\/p><p><strong>III. Raz\u00f5es de decidir\u00a0<\/strong><\/p><p>3. O art. 425, VI, do CPC e o art. 11 da Lei n. 11.419\/2006 equiparam as reprodu\u00e7\u00f5es digitalizadas de documentos aos originais para todos os efeitos legais, impondo ao detentor o dever de conservar os originais at\u00e9 o fim do prazo para propositura de a\u00e7\u00e3o rescis\u00f3ria (art. 425, \u00a7 1\u00ba, do CPC), o que, por si, inibe a circula\u00e7\u00e3o irregular do t\u00edtulo ap\u00f3s o ajuizamento da execu\u00e7\u00e3o.\u00a0<\/p><p>4. O art. 425, \u00a7 2\u00ba, do CPC confere ao juiz mera faculdade de determinar o dep\u00f3sito em cart\u00f3rio ou secretaria de c\u00f3pia digital de t\u00edtulo executivo extrajudicial, revelando que o legislador n\u00e3o instituiu a apresenta\u00e7\u00e3o do original f\u00edsico como condi\u00e7\u00e3o de procedibilidade da execu\u00e7\u00e3o, mas atribuiu ao julgador a avalia\u00e7\u00e3o, caso a caso, da necessidade de apresenta\u00e7\u00e3o do documento.<\/p><p>5. Ausente qualquer alega\u00e7\u00e3o espec\u00edfica de adultera\u00e7\u00e3o, de circula\u00e7\u00e3o do cr\u00e9dito, de endosso irregular ou de exist\u00eancia de outra execu\u00e7\u00e3o fundada na mesma C\u00e9dula de Cr\u00e9dito Banc\u00e1rio, a simples obje\u00e7\u00e3o gen\u00e9rica \u00e0 juntada de c\u00f3pia converte a exig\u00eancia do original f\u00edsico em formalismo destitu\u00eddo de utilidade, incompat\u00edvel com os princ\u00edpios da instrumentalidade das formas, da celeridade processual e da efetividade da tutela jurisdicional.\u00a0<\/p><p>6. A aferi\u00e7\u00e3o da necessidade de juntada do t\u00edtulo original, \u00e0 luz das peculiaridades f\u00e1ticas e probat\u00f3rias de cada demanda, incumbe precipuamente ao ju\u00edzo de origem, e eventual revis\u00e3o dessa valora\u00e7\u00e3o, no \u00e2mbito do recurso especial, demandaria reexame de mat\u00e9ria f\u00e1tico-probat\u00f3ria, provid\u00eancia vedada pela S\u00famula n. 7\/STJ.\u00a0<\/p><p><strong>IV. Dispositivo e tese\u00a0<\/strong><\/p><p>7. Recurso especial desprovido.\u00a0<\/p><p><strong>Tese de julgamento:\u00a0<\/strong><\/p><p>1. A juntada da via original do t\u00edtulo executivo extrajudicial n\u00e3o constitui requisito de admissibilidade da execu\u00e7\u00e3o no sistema processual eletr\u00f4nico, cabendo ao juiz, com discricionariedade fundamentada, avaliar casuisticamente a necessidade de juntada do t\u00edtulo original.\u00a0<\/p><p>Dispositivos relevantes citados:<\/p><p>Lei n. 10.931\/2004, arts. 28, \u00a7 2\u00ba, I e II, e 29, \u00a7 1\u00ba; Lei n. 11.419\/2006, art. 11, \u00a7 3\u00ba; CPC\/2015, arts. 77, \u00a7 2\u00ba, 425, VI, e \u00a7\u00a7 1\u00ba e 2\u00ba, e 79 a 81; CC, art. 940. Jurisprud\u00eancia relevante citada: STJ, AgInt no REsp 1.939.207\/SC, Rel. Min. Marco Buzzi, Quarta Turma, j. 20.06.2022, DJe 24.06.2022; STJ, REsp 2.013.526\/MT, rel. p\/ ac\u00f3rd\u00e3o Min. Moura Ribeiro, Terceira Turma, j. 28.02.2023, DJe 06.03.2023.<\/p><p>(STJ, Quarta Turma, Recurso Especial n\u00ba 2.015.911\/DF. Relator: Min. Ant\u00f4nio Carlos Ferreira. Data de Julgamento: 23.03.2026. Data de publica\u00e7\u00e3o: 27.03.2026)<\/p><p>\u00a0<\/p><p>DIREITO PROCESSUAL CIVIL. AGRAVO EM RECURSO ESPECIAL. FRAUDE \u00c0 EXECU\u00c7\u00c3O. DOA\u00c7\u00c3O DE ASCENDENTE A DESCENDENTE, NO CURSO DA DEMANDA. INEFIC\u00c1CIA DO NEG\u00d3CIO JUR\u00cdDICO. AGRAVO CONHECIDO. RECURSO PARCIALMENTE PROVIDO.\u00a0<\/p><p>1. A S\u00famula 375 do STJ estabelece que o reconhecimento da fraude \u00e0 execu\u00e7\u00e3o depende do registro da penhora do bem alienado ou da prova de m\u00e1 f\u00e9 do terceiro adquirente.\u00a0<\/p><p>2. Todavia, jurisprud\u00eancia do STJ admite a relativiza\u00e7\u00e3o da S\u00famula 375 em casos de doa\u00e7\u00f5es realizadas no \u00e2mbito familiar, quando a transfer\u00eancia de bens revela evidente tentativa de blindagem patrimonial com o prop\u00f3sito de frustrar credores.\u00a0<\/p><p>3. A m\u00e1-f\u00e9 do devedor \u00e9 presumida em hip\u00f3teses de transfer\u00eancia patrimonial para descendentes, sendo a ci\u00eancia da demanda e o v\u00ednculo familiar suficientes para caracterizar o conluio fraudulento, independentemente da exist\u00eancia de registro da penhora.\u00a0<\/p><p>4. No caso concreto, a doa\u00e7\u00e3o do im\u00f3vel \u00e0 neta do executado configura evidente tentativa de blindagem patrimonial, caracterizando fraude \u00e0 execu\u00e7\u00e3o. 5. Agravo conhecido para dar parcial provimento ao recurso especial.<\/p><p>(STJ, Quarta Turma, Recurso Especial n\u00ba 2.847.102\/GO. Relator: Min. Raul Ara\u00fajo. Data de Julgamento: 18.03.2026. Data de publica\u00e7\u00e3o: 23.03.2026)<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1f63285 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"1f63285\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-heading-title elementor-size-default\">A Newsletter Moreira Menezes, Martins Advogados \u00e9 uma publica\u00e7\u00e3o exclusivamente informativa, n\u00e3o devendo ser considerada, para quaisquer fins, como opini\u00e3o legal, sugest\u00e3o ou orienta\u00e7\u00e3o emitida pelo Escrit\u00f3rio.<\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-66734bdc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"66734bdc\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-168c5e9d\" data-id=\"168c5e9d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2c8f4dd7 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"2c8f4dd7\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-square-full\" viewbox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M512 512H0V0h512v512z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">latest news<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5d516374 elementor-widget elementor-widget-spacer\" data-id=\"5d516374\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>Newsletter n\u00ba 139 | Abril 2026 Download PDF Nesta edi\u00e7\u00e3o: &nbsp; Of\u00edcio Circular da CVM esclarece deveres de intermedi\u00e1rios em negocia\u00e7\u00f5es de renda fixa em mercados de balc\u00e3o organizado Em 02.04.2026, a Superintend\u00eancia de Rela\u00e7\u00f5es com o Mercado e Intermedi\u00e1rios (\u201cSMI\u201d) da Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM publicou o Of\u00edcio Circular n\u00ba 2\/2026\/CVM\/SMI (\u201cOf\u00edcio [&hellip;]<\/p>","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,22],"tags":[],"class_list":["post-10129","post","type-post","status-publish","format-standard","hentry","category-newsletter","category-newsletter-mmm"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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