{"id":3486,"date":"2021-05-28T15:43:38","date_gmt":"2021-05-28T15:43:38","guid":{"rendered":"https:\/\/moreiramenezes.com.br\/?p=3486"},"modified":"2021-05-28T16:20:48","modified_gmt":"2021-05-28T16:20:48","slug":"newsletter-n80","status":"publish","type":"post","link":"https:\/\/moreiramenezes.com.br\/en\/newsletter-n80\/","title":{"rendered":"Newsletter N\u00b080"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"3486\" class=\"elementor elementor-3486\" 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 elementor-col-100 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elementor-top-column elementor-element elementor-element-432017c1\" data-id=\"432017c1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-196ee0a4 elementor-section-content-middle elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"196ee0a4\" data-element_type=\"section\">\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 elementor-col-50 elementor-inner-column elementor-element elementor-element-412ab52\" data-id=\"412ab52\" 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-11073711 elementor-widget elementor-widget-image\" data-id=\"11073711\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1\" height=\"1\" src=\"https:\/\/moreiramenezes.com.br\/wp-content\/uploads\/2020\/08\/mmm-negativo.svg\" class=\"attachment-large size-large wp-image-2163\" alt=\"\" \/>\t\t\t\t\t\t\t\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<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-3b06700c\" data-id=\"3b06700c\" 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-7c27728a elementor-widget elementor-widget-heading\" data-id=\"7c27728a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Newsletter n\u00ba 80 | Maio 2021<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3787e589 elementor-align-right elementor-mobile-align-left elementor-widget elementor-widget-button\" data-id=\"3787e589\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/moreiramenezes.com.br\/wp-content\/uploads\/2021\/05\/2021_05_27-Newsletter-Moreira-Menezes-Martins-Advogados-no-80-final.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-far-file-pdf\" viewbox=\"0 0 384 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M369.9 97.9L286 14C277 5 264.8-.1 252.1-.1H48C21.5 0 0 21.5 0 48v416c0 26.5 21.5 48 48 48h288c26.5 0 48-21.5 48-48V131.9c0-12.7-5.1-25-14.1-34zM332.1 128H256V51.9l76.1 76.1zM48 464V48h160v104c0 13.3 10.7 24 24 24h104v288H48zm250.2-143.7c-12.2-12-47-8.7-64.4-6.5-17.2-10.5-28.7-25-36.8-46.3 3.9-16.1 10.1-40.6 5.4-56-4.2-26.2-37.8-23.6-42.6-5.9-4.4 16.1-.4 38.5 7 67.1-10 23.9-24.9 56-35.4 74.4-20 10.3-47 26.2-51 46.2-3.3 15.8 26 55.2 76.1-31.2 22.4-7.4 46.8-16.5 68.4-20.1 18.9 10.2 41 17 55.8 17 25.5 0 28-28.2 17.5-38.7zm-198.1 77.8c5.1-13.7 24.5-29.5 30.4-35-19 30.3-30.4 35.7-30.4 35zm81.6-190.6c7.4 0 6.7 32.1 1.8 40.8-4.4-13.9-4.3-40.8-1.8-40.8zm-24.4 136.6c9.7-16.9 18-37 24.7-54.7 8.3 15.1 18.9 27.2 30.1 35.5-20.8 4.3-38.9 13.1-54.8 19.2zm131.6-5s-5 6-37.3-7.8c35.1-2.6 40.9 5.4 37.3 7.8z\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Download 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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 elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-27b4df68\" data-id=\"27b4df68\" 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-f4591e0 elementor-toc--minimized-on-tablet elementor-widget elementor-widget-table-of-contents\" data-id=\"f4591e0\" data-element_type=\"widget\" data-settings=\"{&quot;headings_by_tags&quot;:[&quot;h4&quot;],&quot;exclude_headings_by_selector&quot;:[],&quot;marker_view&quot;:&quot;bullets&quot;,&quot;icon&quot;:{&quot;value&quot;:&quot;fas fa-square-full&quot;,&quot;library&quot;:&quot;fa-solid&quot;,&quot;rendered_tag&quot;:&quot;&lt;svg class=\\&quot;e-font-icon-svg 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edition:\t\t\t<\/h4>\n\t\t\t\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--expand\" role=\"button\" tabindex=\"0\" aria-controls=\"elementor-toc__f4591e0\" aria-expanded=\"true\" aria-label=\"Open table of contents\"><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-down\" viewbox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M207.029 381.476L12.686 187.132c-9.373-9.373-9.373-24.569 0-33.941l22.667-22.667c9.357-9.357 24.522-9.375 33.901-.04L224 284.505l154.745-154.021c9.379-9.335 24.544-9.317 33.901.04l22.667 22.667c9.373 9.373 9.373 24.569 0 33.941L240.971 381.476c-9.373 9.372-24.569 9.372-33.942 0z\"><\/path><\/svg><\/div>\n\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--collapse\" role=\"button\" tabindex=\"0\" aria-controls=\"elementor-toc__f4591e0\" aria-expanded=\"true\" aria-label=\"Close table of contents\"><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-up\" viewbox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M240.971 130.524l194.343 194.343c9.373 9.373 9.373 24.569 0 33.941l-22.667 22.667c-9.357 9.357-24.522 9.375-33.901.04L224 227.495 69.255 381.516c-9.379 9.335-24.544 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<div class=\"elementor-element elementor-element-539af4ad elementor-widget elementor-widget-spacer\" data-id=\"539af4ad\" 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<div class=\"elementor-element elementor-element-2e427d72 elementor-widget elementor-widget-heading\" data-id=\"2e427d72\" 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 edita novas resolu\u00e7\u00f5es sobre <i>sandbox<\/i> regulat\u00f3rio, <i>suitability<\/i> e infraestruturas de mercado<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-270e6c11 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 11.05.2021 a Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM editou as Resolu\u00e7\u00f5es CVM n\u00ba 29\/2021 e 30\/2021 e, em 19.05.2021, as Resolu\u00e7\u00f5es CVM n\u00bas 31\/2021, 32\/2021, 33\/2021 e 34\/2021 (\u201c<u>Resolu\u00e7\u00f5es<\/u>\u201d). As Resolu\u00e7\u00f5es s\u00e3o decorrentes do processo de revis\u00e3o e consolida\u00e7\u00e3o dos atos normativos da Autarquia, que vem sendo progressivamente realizado em observ\u00e2ncia ao Decreto n\u00ba 10.139\/2019.\u00a0<\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Em s\u00edntese, as Resolu\u00e7\u00f5es, que entrar\u00e3o em vigor no dia 01.06.2021, disp\u00f5em sobre as seguintes mat\u00e9rias:\u00a0<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight ); background-color: transparent;\">(i)\u00a0<\/span><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight ); background-color: transparent;\"><u>Resolu\u00e7\u00e3o CVM n\u00ba 29\/2021<\/u><\/span><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight ); background-color: transparent;\">: disp\u00f5e sobre as regras de constitui\u00e7\u00e3o e funcionamento de ambiente regulat\u00f3rio experimental (o chamado \u201c<i>sandbox<\/i> regulat\u00f3rio\u201d), revogando a Instru\u00e7\u00e3o CVM n\u00ba 626\/2020, que dispunha sobre o mesmo assunto;\u00a0<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(ii) <u>Resolu\u00e7\u00e3o CVM n\u00ba 30\/2021<\/u>: disp\u00f5e sobre o dever de verifica\u00e7\u00e3o da adequa\u00e7\u00e3o dos produtos, servi\u00e7os e opera\u00e7\u00f5es ao perfil do cliente, aplic\u00e1vel \u00e0queles habilitados a atuar como integrantes do sistema de distribui\u00e7\u00e3o e aos consultores de valores mobili\u00e1rios, revogando a Instru\u00e7\u00e3o CVM n\u00ba 539\/2013, que dispunha sobre o mesmo assunto;\u00a0<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(iii) <u>Resolu\u00e7\u00e3o n\u00ba 31\/2021<\/u>: disp\u00f5e sobre a presta\u00e7\u00e3o de servi\u00e7os de dep\u00f3sito centralizado de valores mobili\u00e1rios, revogando a Instru\u00e7\u00e3o CVM n\u00ba 541\/2013, que dispunha sobre o mesmo assunto;\u00a0<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(iv) <u>Resolu\u00e7\u00e3o n\u00ba 32\/2021<\/u>: disp\u00f5e sobre a presta\u00e7\u00e3o de servi\u00e7os de cust\u00f3dia de valores mobili\u00e1rios, revogando a Instru\u00e7\u00e3o CVM n\u00ba 542\/2013, que dispunha sobre o mesmo assunto;\u00a0<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(v) <u>Resolu\u00e7\u00e3o n\u00ba 33\/2021<\/u>: disp\u00f5e sobre a presta\u00e7\u00e3o de servi\u00e7os de escritura\u00e7\u00e3o de valores mobili\u00e1rios e de emiss\u00e3o de certificados de valores mobili\u00e1rios, revogando a Instru\u00e7\u00e3o CVM n\u00ba 543\/2013, que dispunha sobre o mesmo assunto; e\u00a0<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(vi) <u>Resolu\u00e7\u00e3o n\u00ba 34\/2021<\/u>: disp\u00f5e sobre o empr\u00e9stimo de valores mobili\u00e1rios por c\u00e2maras e prestadores de servi\u00e7o de compensa\u00e7\u00e3o e liquida\u00e7\u00e3o de opera\u00e7\u00f5es com valores mobili\u00e1rios, revogando as Instru\u00e7\u00f5es CVM n\u00ba 441\/2006 e n\u00ba 466\/2008, que dispunham sobre o mesmo assunto.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Vale ressaltar que, com exce\u00e7\u00e3o da Resolu\u00e7\u00e3o CVM n\u00ba 30\/2021, as Resolu\u00e7\u00f5es n\u00e3o promoveram altera\u00e7\u00f5es no conte\u00fado das instru\u00e7\u00f5es revogadas.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">A respeito da Resolu\u00e7\u00e3o CVM n\u00ba 30\/2021, destaca-se que o seu conte\u00fado promove apenas uma altera\u00e7\u00e3o no texto da revogada Instru\u00e7\u00e3o CVM n\u00ba 539\/2013. Em seu art. 9\u00ba, inciso I, a Resolu\u00e7\u00e3o CVM n\u00ba 30\/2021 estabeleceu que as pessoas habilitadas a atuar como integrantes do sistema de distribui\u00e7\u00e3o e os consultores de valores mobili\u00e1rios devem realizar, em intervalos m\u00e1ximos de 5 anos, a atualiza\u00e7\u00e3o do perfil de seus clientes, sempre utilizando como base os crit\u00e9rios definidos na forma da Instru\u00e7\u00e3o CVM 617\/2019.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">A altera\u00e7\u00e3o promovida pela Resolu\u00e7\u00e3o CVM n\u00ba 30\/2021 teve o intuito de adequar a Resolu\u00e7\u00e3o ao disposto no art. 4\u00ba, III, da Instru\u00e7\u00e3o CVM n\u00ba 617\/2019, que disp\u00f5e que agentes de mercado mantenham Pol\u00edtica de Preven\u00e7\u00e3o \u00e0 Lavagem de Dinheiro e ao Financiamento do Terrorismo contendo crit\u00e9rios e periodicidades espec\u00edficos para a atualiza\u00e7\u00e3o do perfil de seus cientes.\u00a0\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Antes da referida altera\u00e7\u00e3o, a revogada Instru\u00e7\u00e3o CVM n\u00ba 539\/2013 n\u00e3o previa qualquer diretriz para a atualiza\u00e7\u00e3o das informa\u00e7\u00f5es relativas ao perfil de clientes, apenas determinado que tal atualiza\u00e7\u00e3o deveria ser realizada em intervalos n\u00e3o superiores a 24 meses.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Por n\u00e3o acarretarem mudan\u00e7as relevantes no m\u00e9rito nas obriga\u00e7\u00f5es dos agentes regulados, as Resolu\u00e7\u00f5es n\u00e3o foram submetidas a audi\u00eancias p\u00fablicas.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Maiores informa\u00e7\u00f5es, bem como o inteiro teor das Resolu\u00e7\u00f5es, podem ser encontrados no site da CVM (https:\/\/www.gov.br\/cvm).\u00a0<\/span><\/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-6a1d6f05 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"6a1d6f05\" 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-33fe2eec elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"33fe2eec\" 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-42f76604\" data-id=\"42f76604\" 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-25066afe elementor-widget elementor-widget-heading\" data-id=\"25066afe\" 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\">Banco Central submete a consulta p\u00fablica proposta normativa sobre divulga\u00e7\u00e3o de informa\u00e7\u00f5es relativas a riscos sociais, ambientais e clim\u00e1ticos<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-595e497c elementor-widget elementor-widget-text-editor\" data-id=\"595e497c\" 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 26.04.2021 o Banco Central do Brasil (<u>\u201cBACEN\u201d<\/u>) submeteu \u00e0 consulta p\u00fablica proposta de Resolu\u00e7\u00e3o que disp\u00f5e sobre a divulga\u00e7\u00e3o do Relat\u00f3rio de Riscos e Oportunidades Sociais, Ambientais e Clim\u00e1ticas (<u>\u201cRelat\u00f3rio GRSAC\u201d<\/u>) e estabelece requisitos para divulga\u00e7\u00e3o de informa\u00e7\u00f5es sobre aspectos sociais, ambientais e clim\u00e1ticos por parte de determinadas institui\u00e7\u00f5es atuantes no Sistema Financeiro Nacional (\u201c<u>Minuta\u201d<\/u>).\u00a0<\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Nos termos da Minuta, a obriga\u00e7\u00e3o de elabora\u00e7\u00e3o do Relat\u00f3rio GRSAC ser\u00e1 aplic\u00e1vel \u00e0s institui\u00e7\u00f5es enquadradas no Segmento 1 (S1), no Segmento 2 (S2), no Segmento 3 (S3) e no Segmento 4 (S4), conforme classifica\u00e7\u00e3o estabelecida nos termos da Resolu\u00e7\u00e3o n\u00ba 4.553\/2017.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">O Relat\u00f3rio GRSAC dever\u00e1 conter informa\u00e7\u00f5es referentes aos seguintes t\u00f3picos:\u00a0\u00a0<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(i) governan\u00e7a do gerenciamento dos riscos sociais, ambientais e clim\u00e1ticos, incluindo as atribui\u00e7\u00f5es e as responsabilidades do conselho de administra\u00e7\u00e3o, quando existente, e da diretoria da institui\u00e7\u00e3o;\u00a0\u00a0<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(ii) estrat\u00e9gias adotadas pela institui\u00e7\u00e3o nos neg\u00f3cios e no gerenciamento de risco e de capital nos horizontes de curto, m\u00e9dio e longo prazos, considerando diversos cen\u00e1rios; e\u00a0<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(iii) processos de gerenciamento dos riscos sociais, ambientais e clim\u00e1ticos.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Adicionalmente, ser\u00e1 facultado \u00e0s institui\u00e7\u00f5es a divulga\u00e7\u00e3o, no Relat\u00f3rio GRSAC, das seguintes informa\u00e7\u00f5es:\u00a0\u00a0<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(i) indicadores quantitativos utilizados pela institui\u00e7\u00e3o no gerenciamento dos riscos sociais, ambientais e clim\u00e1ticos; e\u00a0<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(ii) oportunidades de neg\u00f3cios associados a temas (a)<u> sociais,<\/u> considerando o respeito e a prote\u00e7\u00e3o dos direitos e das garantias fundamentais e dos interesses coletivos; (b) <u>ambientais<\/u>, considerando a preserva\u00e7\u00e3o e a repara\u00e7\u00e3o do meio ambiente, incluindo sua recupera\u00e7\u00e3o, quando poss\u00edvel; e (c)<u> clim\u00e1ticos<\/u>, considerando a transi\u00e7\u00e3o para uma economia de baixo carbono, em que a emiss\u00e3o de gases do efeito estufa \u00e9 reduzida ou compensada, e a redu\u00e7\u00e3o dos impactos ocasionados por condi\u00e7\u00f5es ambientais extremas.\u00a0\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">A Minuta estabelece que o Relat\u00f3rio GRSAC dever\u00e1 ser divulgado anualmente, tendo como refer\u00eancia a data-base de 31 de dezembro de cada per\u00edodo, no prazo m\u00e1ximo de 90 dias ap\u00f3s tal data-base.\u00a0\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">O Relat\u00f3rio GRSAC dever\u00e1 permanecer dispon\u00edvel, pelo per\u00edodo de 5 anos a contar da data de sua disponibiliza\u00e7\u00e3o, em se\u00e7\u00e3o espec\u00edfica do <i>site<\/i> da institui\u00e7\u00e3o na rede mundial de computadores, de acesso p\u00fablico e de f\u00e1cil localiza\u00e7\u00e3o. A localiza\u00e7\u00e3o do Relat\u00f3rio GRSAC dever\u00e1 ser indicada pela institui\u00e7\u00e3o juntamente com a divulga\u00e7\u00e3o de suas demonstra\u00e7\u00f5es financeiras.\u00a0\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Sugest\u00f5es e coment\u00e1rios \u00e0 Minuta dever\u00e3o ser encaminhados, por escrito, at\u00e9 o dia 05.06.2021, por meio do e-mail \u201cprudencial.dereg@bcb.gov.br\u201d ou por meio do link contido no edital da audi\u00eancia p\u00fablica no site do BACEN (https:\/\/www3.bcb.gov.br\/audpub\/DetalharAudienciaPage?2).\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Maiores informa\u00e7\u00f5es, bem como o texto integral da Minuta, podem ser encontrados no site do BACEN (https:\/\/www.bcb.gov.br).\u00a0<\/span><\/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-5460324c elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"5460324c\" 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-5a48f71d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5a48f71d\" 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-4f65ac5e\" data-id=\"4f65ac5e\" 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-60085652 elementor-widget elementor-widget-heading\" data-id=\"60085652\" 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\">Declarada a inconstitucionalidade da extens\u00e3o do prazo de vig\u00eancia de patentes<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-23a6fb37 elementor-widget elementor-widget-text-editor\" data-id=\"23a6fb37\" 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 06.05.2021 o Supremo Tribunal Federal \u2013 STF, no \u00e2mbito do julgamento da A\u00e7\u00e3o Direta de Inconstitucionalidade n\u00ba 5.529\/DF (<u>\u201cADI\u201d<\/u>), decidiu que o prazo m\u00ednimo de vig\u00eancia de patentes, previsto no par\u00e1grafo \u00fanico do art. 40 da Lei n\u00ba 9.279\/1996 (<u>\u201cLPI\u201d<\/u>) \u00e9 inconstitucional.\u00a0<\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Conforme disp\u00f5e o art. 40, <i>caput<\/i>, da LPI, a patente de inven\u00e7\u00e3o vigorar\u00e1 pelo prazo de 20 anos, enquanto a de modelo de utilidade vigorar\u00e1 pelo prazo 15 anos, em ambos os casos, contados da data de dep\u00f3sito do pedido de patente. O par\u00e1grafo \u00fanico do referido dispositivo, por sua vez, estabelece que o prazo de vig\u00eancia da patente n\u00e3o ser\u00e1 inferior a 10 anos (quando se tratar de patente de inven\u00e7\u00e3o) ou a 7 anos (quando se tratar de patente de modelo de utilidade), a contar da data de concess\u00e3o da patente.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Nesse cen\u00e1rio, caso o pedido de patente apresentado ao Instituto Nacional de Propriedade Industrial \u2013 INPI demorasse mais de 10 anos ou 7 anos (para patente de inven\u00e7\u00e3o ou modelo de utilidade, respectivamente), o prazo de vig\u00eancia ap\u00f3s a concess\u00e3o poderia ser estendido para que fosse atendido o m\u00ednimo previsto no par\u00e1grafo \u00fanico do art. 40 da LPI.\u00a0 \u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Entretanto, de acordo com o entendimento do Plen\u00e1rio do STF, a extens\u00e3o do prazo de patentes prevista no par\u00e1grafo \u00fanico do art. 40 da LPI foi considerada inconstitucional, por violar os princ\u00edpios da seguran\u00e7a jur\u00eddica, da efici\u00eancia da administra\u00e7\u00e3o p\u00fablica, da ordem econ\u00f4mica e do direito \u00e0 sa\u00fade.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Em 12.05.2021, o Plen\u00e1rio do STF decidiu modular os efeitos da decis\u00e3o de inconstitucionalidade proferida no \u00e2mbito da ADI em quest\u00e3o, conferindo-se efeitos <i>ex nunc<\/i>, ou seja, a partir da publica\u00e7\u00e3o da ata do julgamento da modula\u00e7\u00e3o de efeitos (i.e., 14.05.2021). Desse modo, a validade das patentes j\u00e1 concedidas e ainda vigentes em decorr\u00eancia do art. 40, par\u00e1grafo \u00fanico, da LPI, n\u00e3o foram afetadas.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Tal a modula\u00e7\u00e3o, contudo, n\u00e3o \u00e9 aplic\u00e1vel: (i) \u00e0s a\u00e7\u00f5es judiciais propostas at\u00e9 o dia 07.04.2021 (data da concess\u00e3o parcial da medida cautelar na ADI); e (ii) \u00e0s patentes relacionadas a produtos e processos farmac\u00eauticos e a equipamentos e\/ou materiais de uso em sa\u00fade que tenham sido concedidas com a extens\u00e3o de prazo prevista no art. 40, par\u00e1grafo \u00fanico, da LPI. Nesses dois casos, a declara\u00e7\u00e3o de inconstitucionalidade operar\u00e1 com efeitos <i>ex tunc<\/i>, resultando na perda das extens\u00f5es de prazo, respeitado o prazo de vig\u00eancia geral estabelecido no <i>caput <\/i>do art. 40 da LPI.\u00a0\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Maiores informa\u00e7\u00f5es podem ser encontradas no site do STF (https:\/\/portal.stf.jus.br\/). Cabe registrar que o inteiro teor do ac\u00f3rd\u00e3o do Plen\u00e1rio do STF ainda n\u00e3o havia sido publicado at\u00e9 a data de fechamento desta edi\u00e7\u00e3o da Newsletter.\u00a0<\/span><\/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-22168bd4 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"22168bd4\" 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-1d80b597 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1d80b597\" 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-613d44d2\" data-id=\"613d44d2\" 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-7633569e elementor-widget elementor-widget-heading\" data-id=\"7633569e\" 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\">STF decide sobre a modula\u00e7\u00e3o de efeitos da tese de exclus\u00e3o do ICMS da base de c\u00e1lculo do PIS\/COFINS<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-563dd8e1 elementor-widget elementor-widget-text-editor\" data-id=\"563dd8e1\" 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 13.05.2021 o Plen\u00e1rio do Supremo Tribunal Federal \u2013 STF decidiu sobre a modula\u00e7\u00e3o dos efeitos da tese sobre a exclus\u00e3o do Imposto sobre Circula\u00e7\u00e3o de Mercadorias e Servi\u00e7os \u2013 ICMS da base de c\u00e1lculo do PIS\/Cofins (<u>\u201cTema n\u00ba 69\u201d<\/u>), fixada no julgamento do Recurso Extraordin\u00e1rio n\u00ba 57.476, com repercuss\u00e3o geral, realizado em 15.03.2017.\u00a0<\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Conforme entendimento consolidado pelo STF no julgamento do Tema n\u00ba 69, \u201c[o] ICMS n\u00e3o comp\u00f5e a base de c\u00e1lculo para fins de incid\u00eancia do PIS e da COFINS\u201d.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">A modula\u00e7\u00e3o de efeitos do Tema n\u00ba 69 foi decidida no julgamento dos embargos de declara\u00e7\u00e3o opostos pela Uni\u00e3o em face do ac\u00f3rd\u00e3o paradigma da tese. No ato de oposi\u00e7\u00e3o dos referidos embargos, a Procuradoria-Geral da Fazenda Nacional \u2013 PGFN provocou a manifesta\u00e7\u00e3o do STF sobre os seguintes t\u00f3picos:\u00a0\u00a0<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(i) qual seria o momento a partir do qual o Tema n\u00ba 69 teria efeitos retroativos; e\u00a0<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(ii) se o valor do ICMS a ser exclu\u00eddo da base de c\u00e1lculo seria aquele destacado na Nota Fiscal ou aquele efetivamente recolhido pelo contribuinte.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">No que diz respeito ao t\u00f3pico \u201c(i)\u201d acima, o STF decidiu que a decis\u00e3o proferida acerca do Tema n\u00ba 69 produziria efeitos retroativos, a partir de 15.03.2017, data em que foi fixada a tese com repercuss\u00e3o geral.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Ou seja, no caso de processos ajuizados ap\u00f3s 15.03.2017, o contribuinte ter\u00e1 direito \u00e0 restitui\u00e7\u00e3o do valor integral dos impostos pagos a maior devido \u00e0 inclus\u00e3o do ICMS na base de c\u00e1lculo do PIS\/COFINS. J\u00e1 com rela\u00e7\u00e3o aos processos ajuizados antes da mencionada data, o contribuinte ter\u00e1 direito \u00e0 restitui\u00e7\u00e3o do valor dos impostos pagos a maior apenas nos 5 anos anteriores ao ajuizamento da a\u00e7\u00e3o.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Sobre o t\u00f3pico \u201c(ii)\u201d acima, o STF consolidou o entendimento de que dever\u00e1 ser exclu\u00eddo da base de c\u00e1lculo do PIS\/Cofins o valor do ICMS destacado na Nota Fiscal.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Maiores informa\u00e7\u00f5es, bem como o teor do julgamento, podem ser encontrados no site do STF (https:\/\/www.portal.stf.jus.br).<\/span><\/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-df0b583 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"df0b583\" 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-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-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\">Terceira Turma do STJ considera inadequado m\u00e9todo do fluxo de caixa descontado na apura\u00e7\u00e3o de haveres de s\u00f3cio retirante<\/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 13.04.2021, no julgamento do Recurso Especial n\u00ba 1.877.331\/SP, a Terceira Turma do Superior Tribunal de Justi\u00e7a \u2013 STJ considerou inadequada a utiliza\u00e7\u00e3o do m\u00e9todo do fluxo de caixa descontado para fins de apura\u00e7\u00e3o de haveres de s\u00f3cios em caso de dissolu\u00e7\u00e3o parcial de sociedade.\u00a0<\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Em voto vencido, a Ministra Relatora Nancy Andrighi consignou que o m\u00e9todo do fluxo de caixa descontado seria adequado para estabelecer o valor patrimonial real da sociedade, sendo \u201crotineiramente utilizado em opera\u00e7\u00f5es de aquisi\u00e7\u00e3o, fus\u00e3o e incorpora\u00e7\u00e3o de participa\u00e7\u00f5es societ\u00e1rias\u201d. Para a Ministra Relatora, uma situa\u00e7\u00e3o de retirada de s\u00f3cio n\u00e3o seria diferente da aliena\u00e7\u00e3o de sua participa\u00e7\u00e3o societ\u00e1ria, de forma que \u201ca dissolu\u00e7\u00e3o parcial acaba equivalendo, em certa medida, \u00e0 aliena\u00e7\u00e3o de quotas sociais, com a \u00fanica diferen\u00e7a de que a adquirente \u00e9 a pr\u00f3pria sociedade (ou os s\u00f3cios remanescentes)\u201d.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Ap\u00f3s pedido de vista, o Ministro Ricardo Villas B\u00f4as Cueva proferiu voto divergente, que foi acompanhado pelos demais integrantes da Terceira Turma do STJ.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Segundo o referido voto vencedor, o art. 606 do C\u00f3digo de Processo Civil apenas refor\u00e7ou a disposi\u00e7\u00e3o contida no art. 1.031 do C\u00f3digo Civil, no sentido de que a apura\u00e7\u00e3o dos haveres do s\u00f3cio que se retira de sociedade deve ser realizada pelo crit\u00e9rio patrimonial, mediante elabora\u00e7\u00e3o de balan\u00e7o de determina\u00e7\u00e3o.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Nesse contexto, o m\u00e9todo do fluxo de caixa descontado seria destinado a nortear negocia\u00e7\u00f5es ou investimentos realizados em sociedades empres\u00e1rias, comportando, no entendimento do Ministro, \u201crelevante grau de incerteza e prognose, sem total fidelidade aos valores reais dos ativos\u201d. As referidas incertezas decorreriam, dentre outros motivos, da diversidade de rentabilidade de cada setor empresarial (com impactos nos m\u00faltiplos utilizados no m\u00e9todo), bem como na subjetividade quanto \u00e0s taxas de desconto aplicadas e riscos envolvidos.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Finalmente, foi apontado que a utiliza\u00e7\u00e3o do fluxo de caixa descontado poderia ensejar \u201cconsequ\u00eancias perniciosas\u201d, como por exemplo (i) desest\u00edmulo ao cumprimento dos deveres dos s\u00f3cios minorit\u00e1rios; (ii) incentivo ao exerc\u00edcio do direito de retirada, em preju\u00edzo da estabilidade da empresa; e (iii) enriquecimento indevido do s\u00f3cio desligado em detrimento daqueles que permanecem na sociedade.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Sem preju\u00edzo de seu posicionamento, o Ministro Ricardo Villas B\u00f4as Cueva consignou no voto vencedor a possibilidade de aplica\u00e7\u00e3o do m\u00e9todo do fluxo de caixa descontado se houver cl\u00e1usula estipulada no contrato social nesse sentido. \u201cCaso contr\u00e1rio, ocorrer\u00e1 imposi\u00e7\u00e3o de valor, que deve ser, por for\u00e7a da lei, da doutrina e da jurisprud\u00eancia, o mais pr\u00f3ximo poss\u00edvel do real, ou seja, sem elementos arbitr\u00e1rios como as prognoses acerca de eventos futuros e incertos (faturamento e lucratividade futuros, taxa de juros utilizada no desconto etc.)\u201d.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Maiores informa\u00e7\u00f5es, bem como o inteiro teor do Ac\u00f3rd\u00e3o proferido no Recurso Especial n\u00ba 1.877.331\/SP, podem ser encontrados no site do STJ (http:\/\/www.stj.jus.br).\u00a0<\/span><\/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-79fb564 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"79fb564\" 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-97805b3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"97805b3\" 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-5d051e6\" data-id=\"5d051e6\" 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-cc106c0 elementor-widget elementor-widget-heading\" data-id=\"cc106c0\" 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\">STJ decide que faturizada n\u00e3o pode ser responsabilizada pela falta de pagamento do cr\u00e9dito cedido em opera\u00e7\u00e3o de <i>factoring<\/i><\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ee802af elementor-widget elementor-widget-text-editor\" data-id=\"ee802af\" 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 04.05.2021, no julgamento do Recurso Especial n\u00ba 1.711.412\/MG, a Terceira Turma do Superior Tribunal de Justi\u00e7a \u2013 STJ, refor\u00e7ou entendimento no sentido de que, em opera\u00e7\u00e3o de<i> factoring <\/i>(ou fomento mercantil), a faturizada (cedente do cr\u00e9dito) n\u00e3o pode assumir responsabilidade perante a faturizadora (cession\u00e1ria) pelo pagamento do valor do cr\u00e9dito cedido.\u00a0<\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Nos termos da Lei n\u00ba 8.981\/1995, o fomento mercantil consiste na &#8220;presta\u00e7\u00e3o cumulativa e cont\u00ednua de servi\u00e7os de assessoria credit\u00edcia, mercadol\u00f3gica, gest\u00e3o de cr\u00e9dito, sele\u00e7\u00e3o de riscos, administra\u00e7\u00e3o de contas a pagar e a receber, compra de direitos credit\u00f3rios resultantes de vendas mercantis a prazo ou de presta\u00e7\u00e3o de servi\u00e7os (<i>factoring<\/i>)\u201d.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">A partir da celebra\u00e7\u00e3o de contrato espec\u00edfico, a faturizadora adquire t\u00edtulos de cr\u00e9dito emitidos em favor da faturizada pelos clientes desta, normalmente por valor inferior ao de face dos cr\u00e9ditos. O devedor ou sacado, uma vez notificado da opera\u00e7\u00e3o, deve providenciar o pagamento do cr\u00e9dito diretamente \u00e0 faturizadora (e n\u00e3o mais \u00e0 cedente).\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Segundo o relator, Ministro Marco Aur\u00e9lio Bellizze, o contrato de <i>factoring<\/i> n\u00e3o representa uma simples cess\u00e3o de cr\u00e9dito, englobando, ainda, a presta\u00e7\u00e3o de servi\u00e7os de gest\u00e3o de cr\u00e9dito e a assun\u00e7\u00e3o dos riscos advindos da compra dos cr\u00e9ditos da faturizada. Tal risco consiste justamente na eventual inadimpl\u00eancia do devedor ou sacado e deve ser considerado elemento essencial do contrato de <i>factoring<\/i>.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Assim, o risco de inadimpl\u00eancia n\u00e3o pode ser transferido \u00e0 faturizada, sob pena de desnaturar-se a opera\u00e7\u00e3o de fomento mercantil. No entendimento un\u00e2nime da Terceira Turma, a natureza do contrato de fomento mercantil impede a estipula\u00e7\u00e3o de cl\u00e1usula que estabele\u00e7a a responsabilidade da faturizada pela solv\u00eancia do devedor ou sacado. Nessa esteira, o art. 296 do C\u00f3digo Civil seria inaplic\u00e1vel ao contrato de fomento mercantil.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">A partir de tais coloca\u00e7\u00f5es, concluiu a Terceira Turma do STJ que (i) a faturizada n\u00e3o responde, em absoluto, pelo n\u00e3o pagamento dos cr\u00e9ditos cedidos; (ii) s\u00e3o nulas as disposi\u00e7\u00f5es contratuais que estabele\u00e7am a responsabilidade da faturizada pela solv\u00eancia de tais cr\u00e9ditos, bem como t\u00edtulos de cr\u00e9dito emitidos com essa finalidade; e (iii) permanece a responsabilidade da faturizada t\u00e3o somente pela exist\u00eancia do cr\u00e9dito, ao tempo em que foi cedido \u00e0 faturizadora.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Adicionalmente, no mesmo julgamento, discutiu-se acerca da subsist\u00eancia de aval aposto em notas promiss\u00f3rias emitidas para garantir a solv\u00eancia dos cr\u00e9ditos cedidos em opera\u00e7\u00e3o de<i> factoring<\/i>.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Sobre esse aspecto em particular, o voto condutor do Ac\u00f3rd\u00e3o relativo ao Recurso Especial n\u00ba 1.711.412\/MG ressaltou que, como regra geral, a obriga\u00e7\u00e3o assumida pelo avalista deve ser entendida como aut\u00f4noma e independente daquela atribu\u00edda ao devedor principal. Em raz\u00e3o de tal caracter\u00edstica da declara\u00e7\u00e3o cambial, n\u00e3o deve ser permitido ao avalista arguir a nulidade do aval diante de v\u00edcios na rela\u00e7\u00e3o entre avalizado e credor origin\u00e1rio, especialmente quando h\u00e1 circula\u00e7\u00e3o do t\u00edtulo de cr\u00e9dito.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Por outro lado, a decis\u00e3o ressalta que deve ser reconhecida a possibilidade de o avalista se opor \u00e0 cobran\u00e7a quando, n\u00e3o havendo circula\u00e7\u00e3o do t\u00edtulo, \u00e9 o pr\u00f3prio credor quem, de m\u00e1-f\u00e9, \u00e9 o respons\u00e1vel pela extin\u00e7\u00e3o, nulidade ou inexist\u00eancia da obriga\u00e7\u00e3o do avalizado. Do contr\u00e1rio, o direito de a\u00e7\u00e3o do credor contra o avalista representaria enriquecimento indevido.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Logo, a Terceira Turma do STJ reconheceu a insubsist\u00eancia de aval aposto em nota promiss\u00f3ria emitida para garantir a solv\u00eancia dos cr\u00e9ditos cedidos em opera\u00e7\u00e3o de <i>factoring<\/i>: no entendimento do Tribunal, estando a faturizada\/cedente impedida de garantir o pagamento do cr\u00e9dito cedido \u00e0 faturizadora, a declara\u00e7\u00e3o cambial feita com essa mesma finalidade deve ser considerada inv\u00e1lida.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Maiores informa\u00e7\u00f5es, bem como o inteiro teor do Ac\u00f3rd\u00e3o proferido pela Terceira Turma do STJ no julgamento do Recurso Especial n\u00ba 1.711.412\/MG, podem ser encontrados no site do STJ (<\/span><a href=\"https:\/\/www.stj.jus.br\/sites\/portalp\/Inicio\" target=\"_blank\" rel=\"noopener\">https:\/\/www.stj.jus.br<\/a><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">).\u00a0<\/span><\/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-fa2180c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fa2180c\" 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-9bbe1c7\" data-id=\"9bbe1c7\" 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-ee5a579 elementor-widget elementor-widget-heading\" data-id=\"ee5a579\" 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\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 80 | Maio 2021 Download PDF Nesta edi\u00e7\u00e3o: CVM edita novas resolu\u00e7\u00f5es sobre sandbox regulat\u00f3rio, suitability e infraestruturas de mercado Em 11.05.2021 a Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM editou as Resolu\u00e7\u00f5es CVM n\u00ba 29\/2021 e 30\/2021 e, em 19.05.2021, as Resolu\u00e7\u00f5es CVM n\u00bas 31\/2021, 32\/2021, 33\/2021 e 34\/2021 (\u201cResolu\u00e7\u00f5es\u201d). As Resolu\u00e7\u00f5es s\u00e3o [&hellip;]<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,22],"tags":[],"class_list":["post-3486","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 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Newsletter N\u00b080 - Moreira Menezes Martins<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/moreiramenezes.com.br\/en\/newsletter-n80\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Newsletter N\u00b080 - Moreira Menezes Martins\" \/>\n<meta property=\"og:description\" content=\"Newsletter n\u00ba 80 | Maio 2021 Download PDF Nesta edi\u00e7\u00e3o: CVM edita novas resolu\u00e7\u00f5es sobre sandbox regulat\u00f3rio, suitability e infraestruturas de mercado Em 11.05.2021 a Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM editou as Resolu\u00e7\u00f5es CVM n\u00ba 29\/2021 e 30\/2021 e, em 19.05.2021, as Resolu\u00e7\u00f5es CVM n\u00bas 31\/2021, 32\/2021, 33\/2021 e 34\/2021 (\u201cResolu\u00e7\u00f5es\u201d). 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