{"id":3505,"date":"2021-06-29T18:33:29","date_gmt":"2021-06-29T18:33:29","guid":{"rendered":"https:\/\/moreiramenezes.com.br\/?p=3505"},"modified":"2021-06-29T19:42:31","modified_gmt":"2021-06-29T19:42:31","slug":"newsletter-n81-6","status":"publish","type":"post","link":"https:\/\/moreiramenezes.com.br\/en\/newsletter-n81-6\/","title":{"rendered":"Newsletter N\u00b081"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"3505\" class=\"elementor elementor-3505\" 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 81 | Junho 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\/06\/2021_06_28-Newsletter-Moreira-Menezes-Martins-Advogados-no-81-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 PDF<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\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\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-a9c628b elementor-reverse-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a9c628b\" 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-top-column elementor-element elementor-element-41f4e8e8\" data-id=\"41f4e8e8\" 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-16fc3289 elementor-section-boxed 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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 intermedia\u00e7\u00e3o de opera\u00e7\u00f5es com valores mobili\u00e1rios<\/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 26.05.2021 a Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM editou as Resolu\u00e7\u00f5es CVM n\u00ba 35\/2021, 36\/2021 e 37\/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 realizado em observ\u00e2ncia ao Decreto Federal n\u00ba 10.139\/2019 (\u201c<u>Resolu\u00e7\u00f5es<\/u>\u201d).<\/p>\n<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 01.07.2021, disp\u00f5em sobre as seguintes mat\u00e9rias:<\/span><\/p>\n<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) <u>Resolu\u00e7\u00e3o CVM n\u00ba 35\/2021<\/u>: disp\u00f5e sobre as normas e procedimentos a serem observados na intermedia\u00e7\u00e3o de opera\u00e7\u00f5es realizadas com valores mobili\u00e1rios em mercados regulamentados de valores mobili\u00e1rios, revogando a Delibera\u00e7\u00e3o CVM n\u00ba 105\/1991 e as Instru\u00e7\u00f5es CVM n\u00bas 51\/1986, 333\/2000, 505\/2011, 526\/2012, 581\/2016, 612\/2019 e 618\/2020;<\/span><\/p>\n<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 36\/2021<\/u>: disp\u00f5e sobre as normas e procedimentos para a organiza\u00e7\u00e3o e o funcionamento das corretoras de mercadorias, revogando a Instru\u00e7\u00e3o CVM n\u00ba 402\/2004, que dispunha sobre o mesmo tema; e<\/span><\/p>\n<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 CVM n\u00ba 37\/2021<\/u>: disp\u00f5e sobre a atividade de capta\u00e7\u00e3o de ordens pulverizadas venda de a\u00e7\u00f5es, revogando a Instru\u00e7\u00e3o CVM n\u00ba 454\/2007, que dispunha sobre o mesmo tema.<\/span><\/p>\n<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 a Resolu\u00e7\u00e3o CVM n\u00ba 35\/2021 e a Resolu\u00e7\u00e3o CVM n\u00ba 37\/2021 n\u00e3o promoveram altera\u00e7\u00f5es no conte\u00fado das instru\u00e7\u00f5es revogadas. A Resolu\u00e7\u00e3o CVM n\u00ba 36\/2021, por sua vez, promoveu tr\u00eas altera\u00e7\u00f5es no texto da revogada Instru\u00e7\u00e3o CVM n\u00ba 402\/2004, da seguinte forma:<\/span><\/p>\n<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) passou a definir, em seu art. 3\u00ba, o conceito de \u201cs\u00f3cio da bolsa de mercadorias e futuros\u201d, no qual interessados poder\u00e3o ter que se enquadrar como condi\u00e7\u00e3o para obten\u00e7\u00e3o da autoriza\u00e7\u00e3o para operar, conforme dispuser o estatuto da bolsa de mercadorias e futuros;<\/span><\/p>\n<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) excluiu o \u00a75\u00ba do art. 11, segundo o qual, caso o registro para funcionamento de corretora de mercadorias n\u00e3o fosse pleiteado no prazo de 180 dias de sua admiss\u00e3o como membro da bolsa de mercadorias e futuros, a corretora de mercadorias deveria proceder \u00e0 venda em leil\u00e3o do seu t\u00edtulo patrimonial ou de suas a\u00e7\u00f5es, conforme o caso; e<\/span><\/p>\n<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) excluiu a necessidade de colocar \u00e0 disposi\u00e7\u00e3o da requerente os documentos que instru\u00edram o pedido de registro de corretora de mercadorias que tenha sido indeferido (art. 12 da instru\u00e7\u00e3o revogada).<\/span><\/p>\n<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).<\/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\">CVM divulga of\u00edcio-circular com orienta\u00e7\u00f5es a serem observadas por fundos de investimento<\/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 07.06.2021 a Superintend\u00eancia de Supervis\u00e3o com Investidores Institucionais\u00a0 \u2013 SIN e de Supervis\u00e3o de Securitiza\u00e7\u00e3o \u2013 SSE da Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM e a Subsecretaria de Regimes Pr\u00f3prios de Previd\u00eancia Social, da Secretaria de Previd\u00eancia do Minist\u00e9rio da Economia \u2013 SPREV divulgaram o Of\u00edcio Circular Conjunto n\u00ba 05\/2021 &#8211; CVM\/SIN\/SSE\/SPREV (\u201c<u>Of\u00edcio n\u00ba 05\/2021<\/u>\u201d<u>)<\/u>, contendo novos esclarecimentos a respeito da atual reda\u00e7\u00e3o do \u00a7 2\u00ba do art. 15 da Resolu\u00e7\u00e3o do Conselho Monet\u00e1rio Nacional \u2013 CMN n\u00ba 3.922\/2010 <u>(<\/u>\u201c<u>Resolu\u00e7\u00e3o CMN n\u00ba 3.922<\/u>\u201d).<\/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 referido dispositivo da Resolu\u00e7\u00e3o CMN n\u00ba 3.922 estabelece crit\u00e9rios relacionados aos prestadores de servi\u00e7o autorizados a administrar ou gerir fundos de investimentos nos quais os Regimes Pr\u00f3prios de Previd\u00eancia Social \u2013 RPPS podem aplicar seus recursos.\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 );\">Dentre os requisitos regulamentares, destacam-se os seguintes: (i) o administrador ou o gestor do fundo de investimento dever\u00e1 ser institui\u00e7\u00e3o autorizada a funcionar pelo Banco Central do Brasil obrigada a instituir comit\u00ea de auditoria e comit\u00ea de riscos, nos termos da regulamenta\u00e7\u00e3o do CMN; (ii) o administrador do fundo de investimento deve deter, no m\u00e1ximo, 50% dos recursos sob sua administra\u00e7\u00e3o oriundos de RPPS; e (iii) o gestor e o administrador do fundo de investimento devem ser objeto de pr\u00e9vio credenciamento junto ao RPPS, nos termos do art. 1\u00ba, \u00a7 1\u00ba, inciso VI, da Resolu\u00e7\u00e3o CMN n\u00ba 3.922, e dever\u00e3o ser considerados \u2013 pelos respons\u00e1veis pela gest\u00e3o de recursos do RPPS \u2013 como de boa qualidade de gest\u00e3o e de ambiente de controle de investimento.<\/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 CVM e a SPREV recomendam, por meio do Of\u00edcio n\u00ba 05\/2021, que os fundos de investimento cujos administradores e gestores n\u00e3o estejam enquadrados nos requisitos constantes na Resolu\u00e7\u00e3o CMN busquem substitutos eleg\u00edveis para tais fun\u00e7\u00f5es.\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 );\">Caso n\u00e3o seja poss\u00edvel encontrar substitutos, os referidos administradores e gestores dever\u00e3o promover a liquida\u00e7\u00e3o do fundo, mediante a apresenta\u00e7\u00e3o de plano de liquida\u00e7\u00e3o objetivamente definido, a ser deliberado pelos cotistas em assembleia convocada especificamente para esse fim.<\/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 Of\u00edcio n\u00ba 05\/2021 destaca que, durante a liquida\u00e7\u00e3o, os fundos poder\u00e3o continuar buscando substitutos aos seus prestadores de servi\u00e7os, de modo a adequar-se \u00e0 regulamenta\u00e7\u00e3o em vigor. Caso sejam encontradas institui\u00e7\u00f5es que atendam aos requisitos previstos na Resolu\u00e7\u00e3o CMN n\u00ba 3.922, os cotistas poder\u00e3o deliberar sobre a revers\u00e3o do plano de liquida\u00e7\u00e3o, em assembleia espec\u00edfica.<\/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 referido Of\u00edcio tamb\u00e9m disp\u00f5e que seria poss\u00edvel substituir um prestador de servi\u00e7o ineleg\u00edvel por outro que tamb\u00e9m n\u00e3o atende as exig\u00eancias previstas na Resolu\u00e7\u00e3o CMN n\u00ba 3.922, desde que a substitui\u00e7\u00e3o seja a \u00fanica forma identificada para iniciar o processo de liquida\u00e7\u00e3o. O Of\u00edcio n\u00ba 05\/2021 contempla, como exemplos, as seguintes situa\u00e7\u00f5es:<\/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) casos envolvendo administradores que tenham sido liquidados extrajudicialmente pelo Banco Central do Brasil, nos termos da Lei n\u00ba 6.024\/1974;<\/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) casos envolvendo a institui\u00e7\u00e3o cuja autoriza\u00e7\u00e3o para administra\u00e7\u00e3o de carteiras de valores mobili\u00e1rios tenha sido cancelada de of\u00edcio pela CVM, na forma da Instru\u00e7\u00e3o CVM n\u00ba 558\/2015; e<\/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) casos em que fique caracterizada eventual ina\u00e7\u00e3o dos administradores e gestores dos fundos desenquadrados face \u00e0s exig\u00eancias da Resolu\u00e7\u00e3o CMN n\u00ba 3.922.\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 );\">Contudo, em todas as situa\u00e7\u00f5es acima previstas, o novo prestador de servi\u00e7os dever\u00e1 convocar assembleia geral para apresentar e deliberar sobre plano de liquida\u00e7\u00e3o do fundo, de modo a evidenciar que sua contrata\u00e7\u00e3o foi medida necess\u00e1ria para viabilizar o processo de reenquadramento do fundo de investimento.<\/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 do Of\u00edcio n\u00ba 05\/2021, podem ser encontrados no site da CVM (https:\/\/www.gov.br\/cvm\/).<\/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-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\">CVM promove audi\u00eancia p\u00fablica para alterar a regulamenta\u00e7\u00e3o de BDR<\/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><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 17.06.2021 a Superintend\u00eancia de Desenvolvimento de Mercado \u2013 SDM da Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM divulgou o Edital de Audi\u00eancia P\u00fablica SDM n\u00ba 03\/2021 <u>(<\/u>\u201c<u>Edital<\/u>\u201d), submetendo \u00e0 audi\u00eancia p\u00fablica minutas de Resolu\u00e7\u00f5es propondo uma nova regulamenta\u00e7\u00e3o para os certificados de dep\u00f3sitos emitidos no Brasil com lastro em a\u00e7\u00f5es ou valores mobili\u00e1rios de d\u00edvida emitidos no exterior (os chamados \u201c<u>BDR<\/u>\u201d<u>)<\/u>.<\/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 );\">Para tanto, \u00e9 proposta a edi\u00e7\u00e3o de duas novas Resolu\u00e7\u00f5es: uma primeira com objetivo de substituir a atual Instru\u00e7\u00e3o CVM n\u00ba 332\/2000 (\u201c<u>ICVM n\u00ba 332<\/u>\u201d), que disp\u00f5e sobre os BDR (\u201c<u>Minuta A<\/u>\u201d); e a segunda para fins de promover modifica\u00e7\u00f5es complementares em outras normas editadas pela CVM (\u201c<u>Minuta B<\/u>\u201d).<\/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 );\">Recentemente a CVM expandiu as possibilidades de investimento em BDR, flexibilizando exig\u00eancias relativas (i) aos valores mobili\u00e1rios que podem servir como lastro aos BDR; (ii) ao acesso aos BDR por investidores n\u00e3o considerados qualificados, nos termos da regulamenta\u00e7\u00e3o espec\u00edfica; e (iii) aos emissores estrangeiros que estariam aptos a obter seu registro junto \u00e0 CVM e, consequentemente, ter BDR lastreados em a\u00e7\u00f5es ou valores mobili\u00e1rios representativos de d\u00edvida de sua emiss\u00e3o ofertados publicamente no Brasil (Resolu\u00e7\u00e3o CVM n\u00ba 03\/2020).<\/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 );\">Contudo, a Autarquia consignou no Edital que \u201cuma s\u00e9rie de recentes casos concretos de requerimentos de registro de emissores e ofertas evidenciaram inadequa\u00e7\u00f5es e fragilidades na regula\u00e7\u00e3o preexistente que n\u00e3o haviam sido enfrentadas na reforma\u201d. Portanto, seria oportuno promover ampla revis\u00e3o da regulamenta\u00e7\u00e3o existente.<\/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 primeira altera\u00e7\u00e3o proposta consiste na modifica\u00e7\u00e3o do conceito de \u201ccompanhia aberta ou assemelhada\u201d, caracter\u00edstica exigida para que um emissor estrangeiro possa ter valores mobili\u00e1rios de sua emiss\u00e3o como lastro de BDR. Pela proposta contida da Minuta A, passa-se a se considerar emissor estrangeiro pass\u00edvel de emitir valores mobili\u00e1rios que sirvam de lastro para BDR aquele que contenha os seguintes atributos: (i) personalidade jur\u00eddica pr\u00f3pria; (ii) responsabilidade de seus acionistas limitada ao pre\u00e7o de emiss\u00e3o das a\u00e7\u00f5es subscritas ou adquiridas; (iii) admiss\u00e3o das a\u00e7\u00f5es emitidas em mercado organizado de valores mobili\u00e1rios; (iv) manuten\u00e7\u00e3o de registro junto a um supervisor local que tamb\u00e9m seja respons\u00e1vel por supervision\u00e1-lo; (v) administra\u00e7\u00e3o delegada, tendo como inst\u00e2ncia m\u00e1xima um \u00f3rg\u00e3o colegiado; e (vi) direito de acionistas a voto e a dividendos, admitidas limita\u00e7\u00f5es a algumas esp\u00e9cies e classes de a\u00e7\u00f5es.<\/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 );\">Al\u00e9m disso, a CVM registrou no Edital que algumas das principais dificuldades para autorizar a emiss\u00e3o de BDR consiste na inaplicabilidade de parte da legisla\u00e7\u00e3o brasileira aos seus emissores, nos obst\u00e1culos para obten\u00e7\u00e3o de informa\u00e7\u00f5es e nas dificuldades para compelir a observ\u00e2ncia da legisla\u00e7\u00e3o aplic\u00e1vel a entidades situadas no exterior.<\/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 essas raz\u00f5es, a Minuta A prop\u00f5e estabelecer a exig\u00eancia de que o emissor estrangeiro esteja registrado junto a um supervisor local do mercado de valores mobili\u00e1rios com efetiva atribui\u00e7\u00e3o de supervision\u00e1-lo (seja por supervisor local, seja por outros meios admitidos na jurisdi\u00e7\u00e3o em quest\u00e3o). Adicionalmente, nos casos de programas de BDRs N\u00edveis II e III, a deposit\u00e1ria passa a ter o \u00f4nus de demonstrar fundamentadamente que os supervisores locais do emissor e do mercado em que seus valores mobili\u00e1rios s\u00e3o admitidos \u00e0 negocia\u00e7\u00e3o possuem compet\u00eancia para obter e repassar \u00e0 CVM as informa\u00e7\u00f5es abrangidas pelo memorando multilateral de entendimento da Organiza\u00e7\u00e3o Internacional das Comiss\u00f5es de Valores \u2013 OICV\/IOSCO ou outro acordo celebrado com a CVM.<\/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 A mant\u00e9m a estrutura de tr\u00eas n\u00edveis de programas de BDR, com determinadas adapta\u00e7\u00f5es. Por exemplo, em rela\u00e7\u00e3o aos programas de BDR N\u00edvel I, prop\u00f5e-se que seu registro seja autom\u00e1tico, mediante a entrega das informa\u00e7\u00f5es exigidas pela norma. A CVM prop\u00f5e admitir, ainda, a convers\u00e3o de n\u00edveis de um programa para outro (sempre \u201cpara cima\u201d, conforme destacado no Edital).<\/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 CVM consignou que tem por objetivo \u201crealinhar a concep\u00e7\u00e3o original desses instrumentos financeiros [BDR] no Brasil e em outras jurisdi\u00e7\u00f5es\u201d. Assim, prop\u00f5e-se que o N\u00edvel I patrocinado e o N\u00edvel II voltem a ser apenas formas de o emissor de BDR estabelecer presen\u00e7a no mercado brasileiro, mas n\u00e3o uma forma de capta\u00e7\u00e3o de recursos. A finalidade de obten\u00e7\u00e3o de recursos por meio de acesso \u00e0 poupan\u00e7a popular \u00e9 atendida pelo N\u00edvel III, que permite a realiza\u00e7\u00e3o de ofertas p\u00fablicas de distribui\u00e7\u00e3o (sendo a primeira delas uma oferta necessariamente registrada junto \u00e0 CVM, podendo as demais adotar o regime de esfor\u00e7os restritos).<\/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 sua vez, a Minuta B contempla altera\u00e7\u00e3o das regras para obten\u00e7\u00e3o de registro de emissor estrangeiro. Atualmente, tais regras est\u00e3o relacionadas a crit\u00e9rios de localiza\u00e7\u00e3o de ativos e de origem de receitas dos emissores (o que, no entendimento da CVM, pode levar a resultados arbitr\u00e1rios e indesej\u00e1veis). A partir da proposta contida na Minuta B, a possibilidade de obten\u00e7\u00e3o de registro de emissor estrangeiro passa a decorrer de tr\u00eas poss\u00edveis vias:<\/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) ter como principal mercado de negocia\u00e7\u00f5es um \u201cmercado reconhecido\u201d (em linha com o que hoje \u00e9 previsto na Instru\u00e7\u00e3o CVM n\u00ba 480\/2009);\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) ter o emissor mantido ininterruptamente 25% ou mais de suas a\u00e7\u00f5es em circula\u00e7\u00e3o e um volume financeiro m\u00e9dio di\u00e1rio igual ou superior a R$ 25.000.000,00, ao menos nos 18 meses anteriores ao pedido de registro; ou<\/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) estar o emissor sediado em pa\u00edses cujo supervisor local tenha celebrado com a CVM acordo bilateral espec\u00edfico para os fins de que tratam as Minutas, voltado \u00e0 coopera\u00e7\u00e3o, troca de informa\u00e7\u00f5es e aumento de efetividade das medidas de fiscaliza\u00e7\u00e3o e supervis\u00e3o.<\/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 \u00faltima altera\u00e7\u00e3o relevante proposta pelas Minutas \u00e9 a presta\u00e7\u00e3o de informa\u00e7\u00f5es das entidades de investimento que sejam enquadradas no conceito de emissor estrangeiro. Com as altera\u00e7\u00f5es pretendidas, tais entidades dever\u00e3o prestar informa\u00e7\u00f5es sobre: (i) taxas cobradas para remunera\u00e7\u00e3o de prestadores de servi\u00e7o; (ii) rela\u00e7\u00e3o de encargos imput\u00e1veis ao emissor; (iii) relat\u00f3rio com justificativas para altera\u00e7\u00e3o no valor justo de investimento; e (iv) composi\u00e7\u00e3o da carteira.<\/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 \u00e0s Minutas dever\u00e3o ser encaminhados, por escrito, at\u00e9 o dia 30.07.2021 \u00e0 Superintend\u00eancia de Desenvolvimento de Mercado \u2013 SDM da CVM, preferencialmente para o endere\u00e7o de e-mail \u201caudpublicaSDM0321@cvm.gov.br\u201d.<\/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 das Minutas, podem ser encontrados no site da CVM (https:\/\/www.gov.br\/cvm).<\/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\">CVM divulga of\u00edcio-circular acerca da necessidade de implementa\u00e7\u00e3o de procedimentos de controle da penalidade de proibi\u00e7\u00e3o tempor\u00e1ria<\/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 26.05.2021 a Superintend\u00eancia de rela\u00e7\u00f5es com o Mercado e Intermedi\u00e1rios \u2013 SMI\u00a0 da Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM divulgou o Of\u00edcio Circular CVM\/SMI 02\/2021, que visa orientar administradores de mercado e intermedi\u00e1rios quanto \u00e0 necessidade de ado\u00e7\u00e3o de procedimentos e controles que busquem assegurar o efetivo cumprimento (i) das penas transitadas em julgado de proibi\u00e7\u00e3o tempor\u00e1ria para a realiza\u00e7\u00e3o de qualquer modalidade de opera\u00e7\u00e3o no mercado de valores mobili\u00e1rios, bem como (ii) dos compromissos assumidos no \u00e2mbito da celebra\u00e7\u00e3o de Termos de Compromisso com a CVM contendo a aplica\u00e7\u00e3o da referida penalidade (\u201c<u>Oficio n\u00ba 02\/2021<\/u>\u201d).<\/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 Oficio n\u00ba 02\/2021, a SMI manifesta seu entendimento segundo o qual os administradores de mercado e intermedi\u00e1rios devem adotar mecanismos de controle para que apenados e compromitentes \u2013 aos quais foi aplicada a penalidade de proibi\u00e7\u00e3o tempor\u00e1ria \u2013 sejam efetivamente impedidos de realizar opera\u00e7\u00f5es no mercado de valores mobili\u00e1rios durante a vig\u00eancia da pena ou do compromisso assumido, salvo para encerramento de posi\u00e7\u00f5es abertas antes do in\u00edcio de vig\u00eancia da proibi\u00e7\u00e3o.<\/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 Oficio n\u00ba 02\/2021 tamb\u00e9m esclarece que o referido impedimento n\u00e3o alcan\u00e7a as transfer\u00eancias de cust\u00f3dia (nos termos permitidos pela regulamenta\u00e7\u00e3o aplic\u00e1vel) que n\u00e3o sejam decorrentes das opera\u00e7\u00f5es realizadas no mercado de valores mobili\u00e1rios.\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, restou consignado que a inobserv\u00e2ncia dos procedimentos e controles cuja necessidade de implementa\u00e7\u00e3o foi apontada no Oficio n\u00ba 02\/2021 poder\u00e1 configurar viola\u00e7\u00e3o ao art. 20, \u00a71\u00ba, V c\/c art. 32, I da Instru\u00e7\u00e3o CVM n\u00ba 505\/2011 (que estabelece normas e procedimentos a serem observados nas opera\u00e7\u00f5es realizadas com valores mobili\u00e1rios em mercados regulamentados), bem como ao art. 15, V da Instru\u00e7\u00e3o CVM n\u00ba 461\/2007 (que disciplina os mercados de valores mobili\u00e1rios e disp\u00f5e sobre a constitui\u00e7\u00e3o, organiza\u00e7\u00e3o, funcionamento e extin\u00e7\u00e3o das bolsas de valores, mercadorias, futuros e mercados de balc\u00e3o organizado).<\/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 completo do Oficio n\u00ba 02\/2021, podem ser encontradas no site da CVM (https:\/\/www.gov.br\/cvm).<\/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\">ANBIMA edita nova norma sobre gest\u00e3o de liquidez dos fundos<\/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 31.05.2021 a Associa\u00e7\u00e3o Brasileira das Entidades dos Mercados Financeiro e de Capitais \u2013 ANBIMA editou nova vers\u00e3o das Regras e Procedimentos de Risco de Liquidez para os chamados \u201cFundos 555\u201d <u>(<\/u>\u201c<u>Regras e Procedimentos de Risco de Liquidez<\/u>\u201d<u>)<\/u>, que fazem parte do C\u00f3digo de Administra\u00e7\u00e3o de Recursos de Terceiros tamb\u00e9m editado pela ANBIMA.\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 );\">Dentre as inova\u00e7\u00f5es introduzidas pelas Regras e Procedimentos de Risco de Liquidez, vale destacar as seguintes:<\/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) <u>responsabilidades dos prestadores de servi\u00e7os:<\/u> o gestor e o administrador de fundos de investimento passam a ser respons\u00e1veis por diferentes etapas do gerenciamento de risco de liquidez. Assim, a an\u00e1lise dos riscos de gest\u00e3o dever\u00e1 ser realizada pelos gestores; enquanto os administradores dever\u00e3o verificar a adequa\u00e7\u00e3o dos controles adotados pelo gestor;<\/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 );\">Al\u00e9m disso, os gestores tamb\u00e9m passam a ter maior grau de autonomia na defini\u00e7\u00e3o da pol\u00edtica de investimento do fundo, cabendo-lhes, ainda, informar \u00e0 ANBIMA os par\u00e2metros m\u00ednimos, \u00edndices, metodologias e crit\u00e9rios de avalia\u00e7\u00e3o preventiva previstos em suas pol\u00edticas de gest\u00e3o de risco de liquidez.<\/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 );\">Tamb\u00e9m passaram a ser obrigat\u00f3rios o registro da referida pol\u00edtica no Sistema de Supervis\u00e3o de Mercados \u2013 SSM da ANBIMA e a publica\u00e7\u00e3o da sua \u00edntegra no site do gestor. Sempre que forem promovidas altera\u00e7\u00f5es \u00e0 pol\u00edtica de gest\u00e3o de risco de liquidez o administrador dever\u00e1 ser comunicado a esse respeito, bem como ser\u00e1 necess\u00e1rio disponibilizar, no SSM da ANBIMA, a nova vers\u00e3o do documento.<\/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>m\u00e9tricas do passivo:<\/u> foram definidas condi\u00e7\u00f5es m\u00ednimas a serem consideradas pelos gestores na an\u00e1lise do passivo dos fundos de investimentos por eles administrados, como o valor dos resgates esperados em condi\u00e7\u00f5es normais de mercado, o grau de concentra\u00e7\u00e3o das cotas por investidor, os prazos para liquida\u00e7\u00e3o dos resgates, dentre outras.\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 );\">Ainda a respeito das m\u00e9tricas de an\u00e1lise do passivo dos fundos, foi criada uma refer\u00eancia para o mercado intitulada \u201cmatriz de probabilidade de resgates para fundos\u201d, que representa uma m\u00e9dia de mercado com rela\u00e7\u00e3o ao percentual de resgates dos fundos em determinados per\u00edodos. Na referida m\u00e9trica s\u00e3o considerados os diferentes tipos de fundos e de cotistas.\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 );\">A \u201cmatriz de probabilidade de resgates para fundos\u201d foi divulgada pela ANBIMA em 31.05.2021, ser\u00e1 atualizada mensalmente pela associa\u00e7\u00e3o e poder\u00e1 ser utilizada por gestores de fundos de investimento de forma volunt\u00e1ria, como refer\u00eancia para a an\u00e1lise do passivo dos fundos.<\/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>m\u00e9tricas do ativo:<\/u> as novas disposi\u00e7\u00f5es contempladas pelas Regras e Procedimentos de Risco de Liquidez buscam refor\u00e7ar a import\u00e2ncia de se considerar, nas metodologias do gestor, a din\u00e2mica do mercado em que os fundos est\u00e3o inseridos. Desse modo, poder\u00e3o ser utilizados, na an\u00e1lise do ativo do fundo, crit\u00e9rios como o fluxo de caixa de cada ativo e a estimativa do volume negociado no mercado secund\u00e1rio.<\/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 );\">Para auxiliar as institui\u00e7\u00f5es associadas \u00e0 ANBIMA na adapta\u00e7\u00e3o \u00e0s novas regras, tamb\u00e9m foi divulgado documento de perguntas e respostas que detalha alguns dos conceitos previstos nas Regras e Procedimentos de Risco de Liquidez.<\/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 completo da nova vers\u00e3o das Regras e Procedimentos de Risco de Liquidez e de documentos correlatos, podem ser encontrados no site da ANBIMA (<\/span>https:\/\/www.anbima.com.br<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<div class=\"elementor-element elementor-element-bba458b elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"bba458b\" 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-381cd6c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"381cd6c\" 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-deca841\" data-id=\"deca841\" 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-9abdb8f elementor-widget elementor-widget-heading\" data-id=\"9abdb8f\" 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\">DREI edita instru\u00e7\u00e3o normativa que altera as Instru\u00e7\u00f5es Normativas n\u00ba 81\/2020 e n\u00ba 82\/2021<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-27e306c elementor-widget elementor-widget-text-editor\" data-id=\"27e306c\" 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 02.06.2021 o Departamento Nacional de Registro Empresarial e Integra\u00e7\u00e3o \u2013 DREI editou a\u00a0 Instru\u00e7\u00e3o Normativa DREI n\u00ba 55\/2021 <u>(<\/u>\u201c<u>IN DREI n\u00ba 55<\/u>\u201d ou \u201c<u>Instru\u00e7\u00e3o<\/u>\u201d<u>)<\/u>, a qual altera a Instru\u00e7\u00e3o Normativa DREI n\u00ba 81\/2020 (que disp\u00f5e sobre o Registro P\u00fablico de Empresas) e revoga dispositivo da Instru\u00e7\u00e3o Normativa n\u00ba 82\/2021 (que disp\u00f5e sobre a autentica\u00e7\u00e3o dos livros cont\u00e1beis de empres\u00e1rios individuais, das Empresas Individuais de Responsabilidade Limitada &#8211; EIRELI, das sociedades, bem como dos livros dos agentes auxiliares do com\u00e9rcio).<\/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 informado pelo DREI, a nova Instru\u00e7\u00e3o foi elaborada com o objetivo de facilitar o empreendedorismo no Brasil, simplificando os procedimentos de constitui\u00e7\u00e3o de sociedades, em linha com as inova\u00e7\u00f5es introduzidas pela Medida Provis\u00f3ria n\u00ba 1.040\/2021, conforme noticiada pela Newsletter Moreira Menezes, Martins n\u00ba 79 (abril\/2021).<\/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 registro de empresas, a IN DREI n\u00ba 55 (i) dispensa o reconhecimento de firma das procura\u00e7\u00f5es submetidas a arquivamento; e (ii) refor\u00e7a a possibilidade de utiliza\u00e7\u00e3o de qualquer tipo de certificado digital ou qualquer outro meio que garanta a comprova\u00e7\u00e3o da integridade de documentos eletr\u00f4nicos dos atos submetidos a registro. A Instru\u00e7\u00e3o tamb\u00e9m inovou ao permitir a inser\u00e7\u00e3o de elementos gr\u00e1ficos e t\u00e9cnicas de visual law (como timbres, imagens, fluxogramas e anima\u00e7\u00f5es) nos atos submetidos a registro perante Juntas Comerciais.<\/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 );\">Ademais, a IN DREI n\u00ba 55 excluiu a restri\u00e7\u00e3o de registro de empres\u00e1rios que utilizem nome empresarial semelhante a outros j\u00e1 registrados na mesma Junta Comercial. Com isso, a Junta Comercial apenas estar\u00e1 impedida de registrar nome empresarial id\u00eantico a outro j\u00e1 registrado. Nesses casos, o nome dever\u00e1 ser modificado ou acrescido de designa\u00e7\u00e3o que o distinga para que o correspondente ato possa ser arquivado. O crit\u00e9rio para an\u00e1lise de identidade entre firmas ou denomina\u00e7\u00f5es empresariais dever\u00e1 levar em considera\u00e7\u00e3o os nomes empresariais por inteiro, desconsiderando-se apenas as express\u00f5es relativas ao tipo jur\u00eddico adotado.<\/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 );\">Ainda a respeito do nome empresarial, a Instru\u00e7\u00e3o permite que o empres\u00e1rio individual, a EIRELI, a sociedade empres\u00e1ria e a cooperativa utilizem o n\u00famero de CNPJ seguido do tipo societ\u00e1rio como nome empresarial.\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 da IN DREI n\u00ba 55, podem ser encontrados no site do DREI (https:\/\/www.gov.br\/economia\/pt-br\/assuntos\/drei).<\/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<div class=\"elementor-element elementor-element-60c03f8 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"60c03f8\" 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-c73e61e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c73e61e\" 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-ad0d82f\" data-id=\"ad0d82f\" 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-8bae9bc elementor-widget elementor-widget-heading\" data-id=\"8bae9bc\" 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\">Marco Legal das <i>startups<\/i> \u00e9 sancionado<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3c1aea3 elementor-widget elementor-widget-text-editor\" data-id=\"3c1aea3\" 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 02.06.2021 foi publicada a Lei Complementar n\u00ba 182\/2021, que institui o marco legal das <i>startups <\/i>e do empreendedorismo inovador, bem como altera a Lei n\u00ba 6.404\/1976, a Lei n\u00ba 7.713\/1988, a Lei n\u00ba 8.212\/1991, a Lei n\u00ba 11.196\/2005 e a Lei Complementar n\u00ba 123\/2006 (\u201c<u>Marco Legal<\/u>\u201d).<\/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 Marco Legal conceitua como \u201c<i>startup<\/i>\u201d o empres\u00e1rio individual, a empresa individual de responsabilidade limitada, as sociedades empres\u00e1rias, as sociedades cooperativas e as sociedades simples caracterizadas pela \u201cinova\u00e7\u00e3o aplicada a modelo de neg\u00f3cios ou a produtos ou servi\u00e7os ofertados\u201d. Para se enquadrarem como <i>startups<\/i> para as finalidades da lei, o empres\u00e1rio ou a sociedade devem, ainda:<\/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) ter receita bruta de at\u00e9 R$ 16.000.000,00 no ano calend\u00e1rio anterior ou, quando existente a menos de um ano, inferior ao montante equivalente a R$ 1.333.334,00 multiplicados pelo n\u00famero de meses de atividade;<\/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) ter at\u00e9 10 anos de inscri\u00e7\u00e3o no Cadastro Nacional da Pessoa Jur\u00eddica \u2013 CNPJ; e<\/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) atender a pelo menos um dos seguintes requisitos: (iii.1) declarar (em seu ato constitutivo ou altera\u00e7\u00e3o) e utilizar modelos de neg\u00f3cios inovadores para gera\u00e7\u00e3o de produtos ou servi\u00e7os; ou (iii.2) estar enquadrada no regime especial \u201cInova Simples\u201d.<\/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 Marco Legal, as <i>startups <\/i>poder\u00e3o receber aportes de capital por parte de pessoas f\u00edsicas ou jur\u00eddicas, que n\u00e3o representar\u00e3o participa\u00e7\u00e3o no capital social da <i>startup.<\/i> Nesse sentido, n\u00e3o ser\u00e1 considerado como integrante do capital social, para fins do Marco Legal, o aporte realizado na <i>startup<\/i> por meio dos seguintes instrumentos:<\/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) contrato de op\u00e7\u00e3o de subscri\u00e7\u00e3o de a\u00e7\u00f5es ou de quotas celebrado entre o investidor e a <i>startup<\/i>;<\/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) contrato de op\u00e7\u00e3o de compra de a\u00e7\u00f5es ou de quotas celebrado entre o investidor e os acionistas ou s\u00f3cios da <i>startup;<\/i><\/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) deb\u00eanture convers\u00edvel emitida nos termos da Lei n\u00ba 6.404\/1976;<\/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) contrato de m\u00fatuo convers\u00edvel em participa\u00e7\u00e3o societ\u00e1ria celebrado entre o investidor e a <i>startup;<\/i><\/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) estrutura\u00e7\u00e3o de sociedade em conta de participa\u00e7\u00e3o celebrada entre o investidor e a <i>startup<\/i>;<\/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) contrato de investimento-anjo na forma da Lei Complementar n\u00ba 123\/2006;<\/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 );\">(vii) outros instrumentos de aporte de capital em que o investidor, pessoa f\u00edsica ou jur\u00eddica, n\u00e3o integre formalmente o quadro de s\u00f3cios da <i>startup <\/i>e\/ou n\u00e3o tenha subscrito qualquer participa\u00e7\u00e3o representativa do capital social da <i>startup.<\/i><\/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 );\">Caber\u00e1 \u00e0 Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM regulamentar as regras para aporte de capital nas formas acima mencionadas.<\/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 );\">Como consequ\u00eancia da realiza\u00e7\u00e3o de investimento por meio das referidas modalidades, o investidor da <i>startup<\/i> n\u00e3o ser\u00e1 considerado s\u00f3cio ou acionista, de modo que n\u00e3o responder\u00e1 por qualquer d\u00edvida da <i>startup<\/i>, inclusive em recupera\u00e7\u00e3o judicial, bem como a ele n\u00e3o se estender\u00e3o as hip\u00f3teses de desconsidera\u00e7\u00e3o da personalidade jur\u00eddica previstas no ordenamento jur\u00eddico brasileiro e redirecionamento da execu\u00e7\u00e3o fiscal (arts. 124, 134 e 135 do C\u00f3digo Tribut\u00e1rio Nacional). Tais limita\u00e7\u00f5es de responsabilidade n\u00e3o ser\u00e3o aplic\u00e1veis, contudo, em caso de dolo, fraude ou de simula\u00e7\u00e3o.<\/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, o Marco Legal estabelece que os empres\u00e1rios que possuam obriga\u00e7\u00f5es de investimento em pesquisa, desenvolvimento e inova\u00e7\u00e3o \u2013 decorrentes de outorgas ou de delega\u00e7\u00f5es firmadas com ag\u00eancias reguladoras \u2013 ficam autorizados a cumprir seus compromissos com aporte de recursos em fundos de investimento em participa\u00e7\u00f5es (FIP) nas categorias capital semente, empresas emergentes e empresas com produ\u00e7\u00e3o econ\u00f4mica intensiva em pesquisa, desenvolvimento e inova\u00e7\u00e3o.<\/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 Marco Legal possui, ainda, cap\u00edtulo destinado \u00e0 contrata\u00e7\u00e3o de solu\u00e7\u00f5es inovadores por parte da Administra\u00e7\u00e3o P\u00fablica. Por meio de procedimento licitat\u00f3rio especial, \u00f3rg\u00e3os e as entidades da Administra\u00e7\u00e3o P\u00fablica direta, aut\u00e1rquica e fundacional de quaisquer dos Poderes da Uni\u00e3o, dos Estados, do Distrito Federal e dos Munic\u00edpios poder\u00e3o contratar pessoas, f\u00edsicas ou jur\u00eddicas, para teste de solu\u00e7\u00f5es inovadoras para fins de: (i) resolver demandas p\u00fablicas que exijam solu\u00e7\u00e3o inovadora com emprego de tecnologia; e (ii) promover a inova\u00e7\u00e3o no setor produtivo por meio do uso do poder de compra do Estado (mediante o denominado \u201cContrato P\u00fablico para Solu\u00e7\u00e3o Inovadora\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 );\">Depois de encerrado o Contrato P\u00fablico para Solu\u00e7\u00e3o Inovadora, a Administra\u00e7\u00e3o P\u00fablica poder\u00e1 contratar o fornecimento do produto ou servi\u00e7o objeto de tal contrato, com a mesma <i>startup<\/i>, sem a necessidade de nova licita\u00e7\u00e3o.<\/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, o Marco Legal implementou altera\u00e7\u00f5es relevantes na Lei n\u00ba 6.404\/1976, valendo destacar as seguintes:<\/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) a Diretoria de qualquer companhia passa a poder ser composta por apenas um diretor (a reda\u00e7\u00e3o original exigia o m\u00ednimo de dois);<\/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) as companhias com receita bruta anual de at\u00e9 R$ 78.000.000,00 poder\u00e3o: (a) realizar as publica\u00e7\u00f5es exigidas por Lei de forma exclusivamente eletr\u00f4nica; e (b) substituir Livros Societ\u00e1rios por registros mecanizados ou eletr\u00f4nicos;<\/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) inclus\u00e3o do conceito legal de \u201ccompanhia de menor porte\u201d como aquela que aufira receita bruta anual inferior a R$ 500.000.000,00; e<\/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) delega\u00e7\u00e3o de novos poderes \u00e0 CVM para que regulamente condi\u00e7\u00f5es facilitadas para o acesso de \u201ccompanhias de menor porte\u201d ao mercado de capitais, podendo modular a obrigatoriedade de: (iv.1) instala\u00e7\u00e3o de conselho fiscal a pedido dos acionistas; (iv.2) intermedia\u00e7\u00e3o de institui\u00e7\u00e3o financeira para realiza\u00e7\u00e3o de ofertas p\u00fablicas de valores mobili\u00e1rios; (iv.3) distribui\u00e7\u00e3o de dividendos obrigat\u00f3rios; e (iv.4) realiza\u00e7\u00e3o de publica\u00e7\u00f5es obrigat\u00f3rias.<\/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 completo da Lei Complementar, podem ser encontradas no site da Presid\u00eancia da Rep\u00fablica (http:\/\/www.planalto.gov.br\/).<\/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 81 | Junho 2021 Download PDF Nesta edi\u00e7\u00e3o: CVM edita novas resolu\u00e7\u00f5es sobre intermedia\u00e7\u00e3o de opera\u00e7\u00f5es com valores mobili\u00e1rios Em 26.05.2021 a Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM editou as Resolu\u00e7\u00f5es CVM n\u00ba 35\/2021, 36\/2021 e 37\/2021 (\u201cResolu\u00e7\u00f5es\u201d). As Resolu\u00e7\u00f5es s\u00e3o decorrentes do processo de revis\u00e3o e consolida\u00e7\u00e3o dos atos normativos da Autarquia, [&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-3505","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\u00b081 - 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-n81-6\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Newsletter N\u00b081 - Moreira Menezes Martins\" \/>\n<meta property=\"og:description\" content=\"Newsletter n\u00ba 81 | Junho 2021 Download PDF Nesta edi\u00e7\u00e3o: CVM edita novas resolu\u00e7\u00f5es sobre intermedia\u00e7\u00e3o de opera\u00e7\u00f5es com valores mobili\u00e1rios Em 26.05.2021 a Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM editou as Resolu\u00e7\u00f5es CVM n\u00ba 35\/2021, 36\/2021 e 37\/2021 (\u201cResolu\u00e7\u00f5es\u201d). As Resolu\u00e7\u00f5es s\u00e3o decorrentes do processo de revis\u00e3o e consolida\u00e7\u00e3o dos atos normativos da Autarquia, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/moreiramenezes.com.br\/en\/newsletter-n81-6\/\" \/>\n<meta property=\"og:site_name\" content=\"Moreira Menezes Martins\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-29T18:33:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-06-29T19:42:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/moreiramenezes.com.br\/wp-content\/uploads\/2020\/08\/mmm-negativo.svg\" \/>\n<meta name=\"author\" content=\"mmm\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mmm\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"23 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/moreiramenezes.com.br\/newsletter-n81-6\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/moreiramenezes.com.br\/newsletter-n81-6\/\"},\"author\":{\"name\":\"mmm\",\"@id\":\"https:\/\/moreiramenezes.com.br\/#\/schema\/person\/d525376b6c67f0d68e4dfc4475c65d78\"},\"headline\":\"Newsletter N\u00b081\",\"datePublished\":\"2021-06-29T18:33:29+00:00\",\"dateModified\":\"2021-06-29T19:42:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/moreiramenezes.com.br\/newsletter-n81-6\/\"},\"wordCount\":4644,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/moreiramenezes.com.br\/newsletter-n81-6\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/moreiramenezes.com.br\/wp-content\/uploads\/2020\/08\/mmm-negativo.svg\",\"articleSection\":[\"Newsletter\",\"Newsletter MMM\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/moreiramenezes.com.br\/newsletter-n81-6\/\",\"url\":\"https:\/\/moreiramenezes.com.br\/newsletter-n81-6\/\",\"name\":\"Newsletter N\u00b081 - 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