{"id":3718,"date":"2021-10-21T19:09:30","date_gmt":"2021-10-21T19:09:30","guid":{"rendered":"https:\/\/moreiramenezes.com.br\/?p=3718"},"modified":"2021-10-21T20:03:56","modified_gmt":"2021-10-21T20:03:56","slug":"newsletter-n85-10","status":"publish","type":"post","link":"https:\/\/moreiramenezes.com.br\/en\/newsletter-n85-10\/","title":{"rendered":"Newsletter N\u00b085"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"3718\" class=\"elementor elementor-3718\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-349475bc elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"349475bc\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column 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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\">Minist\u00e9rio da Economia regulamenta publica\u00e7\u00e3o simplificada de atos de companhias fechadas<\/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><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 );\">E<\/span>Em 07.10.2021 o Minist\u00e9rio da Economia \u2013 ME editou a Portaria ME n\u00ba 12.071, que disp\u00f5e sobre a publica\u00e7\u00e3o e divulga\u00e7\u00e3o dos atos das companhias fechadas com receita bruta anual de at\u00e9 R$ 78 milh\u00f5es (\u201c<u>Portaria<\/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 );\">A Portaria \u00e9 decorrente da Lei Complementar n\u00ba 182\/2021 que, dentre outras provid\u00eancias, alterou a reda\u00e7\u00e3o do art. 294 da Lei 6.404\/76 (\u201c<u>Lei das S.A.<\/u>\u201d) para permitir que companhias fechadas que tenham receita bruta anual igual ou inferior ao limite acima mencionado realizem as publica\u00e7\u00f5es exigidas por Lei de forma simplificada e em meios exclusivamente eletr\u00f4nicos.<\/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 regra geral, nos termos de seu art. 289, as publica\u00e7\u00f5es ordenadas pela Lei das S.A. devem ser realizadas no Di\u00e1rio Oficial da Uni\u00e3o ou do Estado ou Distrito Federal do local da sede da companhia, bem como em jornal de grande circula\u00e7\u00e3o editado na mesma localidade.<\/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 );\">Desde a reda\u00e7\u00e3o original da Lei das S.A., o art. 294 excepcionava companhias fechadas que se enquadrassem em determinados crit\u00e9rios da necessidade de publicar an\u00fancios de convoca\u00e7\u00e3o de assembleias gerais e as suas demonstra\u00e7\u00f5es financeiras. O crit\u00e9rio que vigorava at\u00e9 ent\u00e3o era o do n\u00famero de acionistas (menos de 20) e valor do patrim\u00f4nio l\u00edquido da companhia (inferior a R$ 10 milh\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 );\">A partir da edi\u00e7\u00e3o da Lei Complementar n\u00ba 182\/2021, a exce\u00e7\u00e3o passou a levar em considera\u00e7\u00e3o apenas a receita bruta anual da companhia (R$ 78 milh\u00f5es) e ser aplic\u00e1vel a todas as publica\u00e7\u00f5es ordenadas pela Lei das S.A. O objetivo da Lei Complementar foi reduzir os custos inerentes ao tipo societ\u00e1rio \u201csociedade an\u00f4nima\u201d, incentivando que sociedades empres\u00e1rias de menor porte se organizem sob essa forma.<\/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 efic\u00e1cia da nova reda\u00e7\u00e3o do art. 294 da Lei das S.A. dependia da regulamenta\u00e7\u00e3o por ato do Ministro da Economia, que veio com a edi\u00e7\u00e3o da Portaria, que estabelece que as publica\u00e7\u00f5es das companhias fechadas que se enquadrem no requisito do referido artigo dever\u00e3o ser realizadas: (i) na Central de Balan\u00e7os do Sistema P\u00fablico de Escritura\u00e7\u00e3o Digital \u2013 SPED (n\u00e3o podendo ser cobradas taxas para utiliza\u00e7\u00e3o desse servi\u00e7o); e, cumulativamente, (ii) no s\u00edtio eletr\u00f4nico da companhia.<\/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 );\">Todos os atos divulgados na Central de Balan\u00e7os do SPED e no s\u00edtio eletr\u00f4nico da companhia dever\u00e3o conter assinatura eletr\u00f4nica inserida por meio de certificado digital.<\/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, a Portaria tamb\u00e9m determina que o SPED permitir\u00e1 a emiss\u00e3o documentos que comprovem a autenticidade, inalterabilidade e data de publica\u00e7\u00e3o dos atos divulgados na Central de Balan\u00e7os.<\/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 Portaria entrou em vigor em 13.10.2021, data de sua publica\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 );\">Maiores informa\u00e7\u00f5es, bem como o texto integral da Portaria, podem ser encontrados no site do Minist\u00e9rio da Economia (www.economia.gov.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-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\">Publicada Medida Provis\u00f3ria que altera a taxa de fiscaliza\u00e7\u00e3o cobrada dos participantes do mercado de valores mobili\u00e1rios<\/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><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 01.10.2021 foi publicada a Medida Provis\u00f3ria n\u00ba 1.072\/2021, que altera a forma de c\u00e1lculo da taxa de fiscaliza\u00e7\u00e3o dos mercados de t\u00edtulos e valores mobili\u00e1rios, cobrada pela Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM dos participantes do mercado (\u201c<u>MP n\u00ba 1.072\/2021<\/u>\u201d). Para tanto, a MP n\u00ba 1.072\/2021 altera a Lei n\u00ba 7.940\/1989 (que institui a taxa de fiscaliza\u00e7\u00e3o) e a Lei n\u00ba 6.385\/1976 (que disp\u00f5e sobre o mercado de valores mobili\u00e1rios e criou 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 );\">Dentre as altera\u00e7\u00f5es promovidas pela MP n\u00ba 1.072\/2021, destaca-se (i) a fixa\u00e7\u00e3o de novos valores para taxas de fiscaliza\u00e7\u00e3o anteriormente cobradas (seja para reduzi-las, seja para aumenta-las); (ii) a amplia\u00e7\u00e3o do conjunto de participantes do mercado que estariam sujeitos ao pagamento da taxa de fiscaliza\u00e7\u00e3o; e (iii) a previs\u00e3o de maior n\u00famero de \u201cfaixas\u201d de valores da referida taxa (que variam de acordo com o tipo de participante do mercado e o valor do seu patrim\u00f4nio l\u00edquido).<\/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 sentido, a MP n\u00ba 1.072\/2021 especifica que s\u00e3o contribuintes da taxa de fiscaliza\u00e7\u00e3o as pessoas integrantes do sistema de distribui\u00e7\u00e3o de valores mobili\u00e1rios, companhias abertas, companhias estrangeiras sujeitas a registro na CVM, securitizadoras, fundos de investimento, administradores de carteira de valores mobili\u00e1rios, auditores independentes, agentes aut\u00f4nomos de investimento, analistas e consultores de valores mobili\u00e1rios, sociedades benefici\u00e1rias de recursos oriundos de benef\u00edcios fiscais registradas na CVM, entidades administradores de mercados organizados, centrais deposit\u00e1rias de valores mobili\u00e1rios e demais institui\u00e7\u00f5es operadoras de infraestruturas de mercado, plataformas de <i>crowdfunding <\/i>de investimentos, pessoas jur\u00eddicas participantes de ambientes regulat\u00f3rios experimentais no \u00e2mbito da CVM (<i>sandbox<\/i>), investidores individuais ou coletivos e outras entidades com resid\u00eancia, sede ou domic\u00edlio no exterior, registro na CVM como titular de conta pr\u00f3pria ou carteira coletiva, ag\u00eancias de classifica\u00e7\u00e3o de risco, agentes fiduci\u00e1rios, prestadores de servi\u00e7o de escritura\u00e7\u00e3o e cust\u00f3dia de valores mobili\u00e1rios e os emissores de valores mobili\u00e1rios, dispensados ou n\u00e3o de registro na 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 MP n\u00ba 1.072\/2021 entrou em vigor em 01.10.2021 e passar\u00e1 a produzir efeitos em 01.01.2022. Por se tratar de Medida Provis\u00f3ria, a norma tem prazo de vig\u00eancia de 60 dias, prorrog\u00e1vel por igual per\u00edodo. Caso a MP n\u00ba 1.072\/2021 n\u00e3o seja convertida em Lei dentro do prazo de sua vig\u00eancia, deixar\u00e1 de produzir efeitos.<\/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 a \u00edntegra da MP n\u00ba 1.040\/2021, podem ser encontradas da Presid\u00eancia da Rep\u00fablica (www.planalto.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-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 finaliza primeiro processo de admiss\u00e3o de participantes em <i>sandbox<\/i> regulat\u00f3rio<\/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 30.09.2021 a Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM comunicou o resultado do primeiro processo de admiss\u00e3o de participantes para ambiente regulat\u00f3rio experimental, em que as pessoas jur\u00eddicas admitidas podem receber autoriza\u00e7\u00f5es tempor\u00e1rias para testar modelos de neg\u00f3cio inovadores em atividades no mercado de valores mobili\u00e1rios regulamentadas pela CVM (\u201c<u><i>Sandbox <\/i>Regulat\u00f3rio<\/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 );\">Conforme divulgado no site da Autarquia, o Colegiado da CVM, acompanhando\u00a0 recomenda\u00e7\u00e3o do Comit\u00ea de <i>Sandbox<\/i> \u2013 CDS, aceitou 3 propostas de modelos de neg\u00f3cio. As autoriza\u00e7\u00f5es tempor\u00e1rias e respectivos limites, condi\u00e7\u00f5es e salvaguardas s\u00e3o contemplados nas Delibera\u00e7\u00f5es CVM n\u00ba 873\/2021, 874\/2021 e 875\/2021, editadas para cada proposta de participa\u00e7\u00e3o do <i>Sandbox<\/i> Regulat\u00f3rio aceita.<\/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 );\">Inicialmente, a CVM havia registrado 33 propostas para participa\u00e7\u00e3o do <i>Sandbox <\/i>Regulat\u00f3rio, dentre as quais (i) 3 foram aprovadas pelo Colegiado; (ii) 26 foram consideradas inaptas pelo CDS, sendo uma delas na segunda etapa de an\u00e1lise, ap\u00f3s altera\u00e7\u00f5es substanciais no modelo de neg\u00f3cio por iniciativa do proponente; (iii) 2 foram recusadas pelo Colegiado, por n\u00e3o justificarem a necessidade de opera\u00e7\u00e3o em regime diverso do ordin\u00e1rio; e (iv) 2 foram recusadas pelo Colegiado por aus\u00eancia de conveni\u00eancia e oportunidade, de acordo com o entendimento do art. 12 da Resolu\u00e7\u00e3o CVM n\u00ba 29\/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 );\">As datas de in\u00edcio das autoriza\u00e7\u00f5es foram fixadas entre dezembro de 2021 e mar\u00e7o de 2022. Antes disso, os participantes poder\u00e3o se preparar operacional e comercialmente para a implementa\u00e7\u00e3o das atividades autorizadas.\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 );\">Destaque-se que o in\u00edcio efetivo das opera\u00e7\u00f5es ficar\u00e1 condicionado \u00e0 apresenta\u00e7\u00e3o e aprova\u00e7\u00e3o dos documentos finais relacionados ao funcionamento dos modelos de neg\u00f3cios planejados pelos participantes.<\/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 Delibera\u00e7\u00f5es CVM n\u00ba 873\/2021, 874\/2021 e 875\/2021, podem ser encontrados no site da CVM (www.gov.br\/cvm\/pt-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\">CVM divulga Of\u00edcio Circular acerca de melhores pr\u00e1ticas de <i>Suitability<\/i><\/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 01.10.2021 a Superintend\u00eancia de Rela\u00e7\u00f5es com o Mercado e Intermedi\u00e1rios \u2013 SMI e a Superintend\u00eancia Supervis\u00e3o de Investidores Institucionais \u2013 SIN da Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM divulgaram o Of\u00edcio Circular Conjunto n\u00ba 2\/2021-CVM\/SMI-SIN, com o objetivo apresentar recomenda\u00e7\u00f5es aos consultores de valores mobili\u00e1rios, aos intermedi\u00e1rios e \u00e0s demais pessoas habilitadas para atuar como integrantes do sistema de distribui\u00e7\u00e3o a respeito das Resolu\u00e7\u00f5es CVM n\u00bas 19\/2021, 30\/2021 e 50\/2021 (\u201c<u>Of\u00edcio 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 );\">As recomenda\u00e7\u00f5es feitas pelas referidas Superintend\u00eancias podem ser separadas em dois principais temas: (i) harmoniza\u00e7\u00e3o do prazo de atualiza\u00e7\u00e3o do perfil de investimento de clientes com o prazo de atualiza\u00e7\u00e3o de dados cadastrais; e (ii) aplica\u00e7\u00f5es destinadas a investidores profissionais ou qualificados.<\/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 necessidade de harmoniza\u00e7\u00e3o dos prazos decorre do fato de que, desde a entrada em vigor da Resolu\u00e7\u00e3o CVM n\u00ba 45\/2021 (antiga Instru\u00e7\u00e3o CVM n\u00ba 607\/2019), o prazo m\u00e1ximo para a atualiza\u00e7\u00e3o de dados cadastrais de clientes \u00e9 de 5 anos, enquanto o prazo para a atualiza\u00e7\u00e3o do perfil de investimento de clientes, nos termos da Resolu\u00e7\u00e3o CVM n\u00ba 30\/2021 (antiga Instru\u00e7\u00e3o CVM n\u00ba 539\/2013), \u00e9 de no m\u00e1ximo 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 );\">A esse respeito, as Superintend\u00eancias sugeriram o seguinte:\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) as institui\u00e7\u00f5es que adotarem prazos <u>superiores<\/u> a 24 meses para atualiza\u00e7\u00e3o de dados cadastrais ou perfil de investimento dever\u00e3o realizar a atualiza\u00e7\u00e3o do perfil de investimento do cliente na mesma periodicidade da atualiza\u00e7\u00e3o de dados cadastrais, nos termos do art. 9\u00ba, inciso I da Resolu\u00e7\u00e3o CVM n\u00ba 30\/2021; 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 );\">(ii) as institui\u00e7\u00f5es que adotarem prazos <u>inferiores<\/u> a 24 meses para atualiza\u00e7\u00e3o de dados cadastrais de clientes dever\u00e3o manter o prazo de 24 meses para a atualiza\u00e7\u00e3o do perfil de investimento previsto na Resolu\u00e7\u00e3o CVM n\u00ba 30\/2021.\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 );\">As Superintend\u00eancias da Autarquia destacam, ainda, que as institui\u00e7\u00f5es que adotarem pol\u00edticas de atualiza\u00e7\u00e3o de dados cadastrais de clientes em prazo superior a 24 meses (em decorr\u00eancia das suas respectivas abordagens baseadas em risco), mas mantiverem o prazo de 24 meses para atualiza\u00e7\u00e3o do perfil de investimento de seus clientes, dever\u00e3o justificar as raz\u00f5es para ado\u00e7\u00e3o dessa pr\u00e1tica em suas pol\u00edticas de <i>Suitability<\/i> e de Preven\u00e7\u00e3o \u00e0 Lavagem de Dinheiro e ao Financiamento do Terrorismo.<\/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 segundo tema tratado no Of\u00edcio n\u00ba 02\/2021, as Superintend\u00eancias refor\u00e7aram a necessidade de as institui\u00e7\u00f5es sempre validarem as declara\u00e7\u00f5es apresentadas por\u00a0 clientes classificados como investidores qualificados ou profissionais.<\/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 );\">Nos termos do Of\u00edcio n\u00ba 02\/2021, a referida obriga\u00e7\u00e3o deve ser observada mesmo nos casos de cliente pessoa natural cuja carteira \u00e9 administrada discricionariamente, nos quais h\u00e1 dispensa de verifica\u00e7\u00e3o do perfil do investidor, nos termos do art. 10, inc. III da Resolu\u00e7\u00e3o CVM n\u00ba 30\/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 );\">Maiores informa\u00e7\u00f5es, bem como o inteiro teor do Of\u00edcio n\u00ba 02\/2021, podem ser encontrados no site da Comiss\u00e3o de Valores Mobili\u00e1rios (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-da0579a elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"da0579a\" 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-4a3da28 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4a3da28\" 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-29e178b\" data-id=\"29e178b\" 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-edd5c51 elementor-widget elementor-widget-heading\" data-id=\"edd5c51\" 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 submete a audi\u00eancia p\u00fablica altera\u00e7\u00f5es ao c\u00f3digo de administra\u00e7\u00e3o de recursos de terceiros<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0bf7839 elementor-widget elementor-widget-text-editor\" data-id=\"0bf7839\" 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 20.09.2021 a Associa\u00e7\u00e3o Brasileira das Entidades dos Mercados Financeiro e de Capitais \u2013 ANBIMA, submeteu a audi\u00eancia p\u00fablica altera\u00e7\u00f5es ao C\u00f3digo de Administra\u00e7\u00e3o de Recursos de Terceiros (\u201c<u>C\u00f3digo<\/u>\u201d), que estabelece princ\u00edpios e regras para as atividades relacionadas \u00e0 administra\u00e7\u00e3o de recursos de terceiros (\u201c<u>Audi\u00eancia P\u00fablica<\/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 );\">As principais altera\u00e7\u00f5es propostas consistem no estabelecimento de regras e procedimentos para identifica\u00e7\u00e3o de Fundos de Investimento Sustent\u00e1vel e a cria\u00e7\u00e3o de anexo espec\u00edfico no C\u00f3digo destinado aos Fundos de Investimento em Participa\u00e7\u00f5es \u2013 FIP, em substitui\u00e7\u00e3o ao atual \u201cC\u00f3digo de Regula\u00e7\u00e3o e Melhores Pr\u00e1ticas para o Mercado de FIP\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 );\">De acordo com a classifica\u00e7\u00e3o de fundos de investimento atualmente em vigor, existe subcategoria <\/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 );\">\u201csustentabilidade\/governan\u00e7a\u201d aplic\u00e1vel apenas aos fundos de a\u00e7\u00f5es. Contudo, a ANBIMA vem verificando que outros tipos de fundos de investimento (que n\u00e3o se encaixam na subcategoria de \u201csustentabilidade\/governan\u00e7a\u201d atualmente existente) se auto intitulam \u201cverdes\u201d, sustent\u00e1veis ou ASG (ambiental, social e governan\u00e7a). Esse aspecto ganhou for\u00e7a desde a difus\u00e3o, nos \u00faltimos meses, do conceito de \u201cativos ASG\u201d, bem como em raz\u00e3o da demanda por esse tipo de ativo.<\/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 );\">Diante disso, a proposta de altera\u00e7\u00e3o do C\u00f3digo estipula regras e padr\u00f5es m\u00ednimos para que fundos de investimento e seus gestores possam ser enquadrados como sustent\u00e1veis ou ASG para fins de autorregula\u00e7\u00e3o da ANBIMA.\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, para que seja considerado sustent\u00e1vel, os fundos de investimento (que passar\u00e3o a ser denominados \u201c<u>Fundos IS<\/u>\u201d) dever\u00e3o, no entendimento da ANBIMA, \u201cter o objetivo de investimento sustent\u00e1vel como mandato\u201d. Segundo a proposta de altera\u00e7\u00e3o do C\u00f3digo, investimento sustent\u00e1vel consiste em \u201cinvestimento com o objetivo intencional de proteger, contribuir, evitar danos ou degrada\u00e7\u00f5es, gerar impacto positivo e\/ou assegurar direitos em quest\u00f5es ambientais, sociais e\/ou de governan\u00e7a sem que haja inten\u00e7\u00e3o de comprometer o desempenho financeiro\u201d 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 );\">Inicialmente, os tipos de fundos de investimento que poder\u00e3o ser identificados como Fundos IS ser\u00e3o apenas os de renda fixa e de a\u00e7\u00f5es, disciplinados pela Instru\u00e7\u00e3o CVM n\u00b0 555\/2014 e que atenderem aos crit\u00e9rios da ANBIMA.<\/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 ideia da ANBIMA \u00e9 que a gest\u00e3o de Fundos IS envolva tanto o gestor, quanto o fundo de investimento em si. Dentre os requisitos aplic\u00e1veis ao gestor de Fundos IS, destacam-se os 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) dever\u00e1 elaborar e manter documento escrito com diretrizes, regras e procedimentos internos adotados pela institui\u00e7\u00e3o referentes a quest\u00f5es de investimento sustent\u00e1vel; 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 );\">(ii) dever\u00e1 contar com profissionais qualificados com fun\u00e7\u00f5es e responsabilidades para promover os objetivos de gest\u00e3o de investimentos sustent\u00e1veis.<\/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 dos requisitos aplic\u00e1veis aos Fundos IS, destacam-se, dentre outros, os 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) dever\u00e1 adotar o sufixo \u201cIS\u201d (investimento sustent\u00e1vel) em sua denomina\u00e7\u00e3o e explicitar em seu regulamento um resumo do objetivo de investimento sustent\u00e1vel;<\/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) ser\u00e1 necess\u00e1rio adotar estrat\u00e9gia de investimento que compreenda, no m\u00ednimo: (ii.1) a metodologia utilizada com vistas aos objetivos de investimento sustent\u00e1vel do Fundo IS; (ii.2) fontes de refer\u00eancia das informa\u00e7\u00f5es utilizadas em conformidade com essa metodologia e a forma pela qual s\u00e3o processadas; e (c) outras ferramentas empregadas que complementem ou apoiem essa estrat\u00e9gia; 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) ser gerido por gestor que atenda as regras sobre investimento sustent\u00e1vel previstas no C\u00f3digo.<\/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 );\">Os requisitos acima mencionados dever\u00e3o ser atest\u00e1veis e informados \u00e0 ANBIMA, podendo a Associa\u00e7\u00e3o indicar modelo padr\u00e3o e periodicidade para acompanhamento e verifica\u00e7\u00e3o de cada um deles.<\/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, \u00e9 poss\u00edvel que determinados fundos n\u00e3o tenham como objetivo o investimento sustent\u00e1vel, mas que considerem quest\u00f5es ASG em suas pol\u00edticas de investimento ou no atingimento de objetivos diversos, caso em que poder\u00e3o ser enquadrados como \u201c<u>Fundos que Integram Quest\u00f5es ASG<\/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 );\">Os Fundos que Integram Quest\u00f5es ASG poder\u00e3o explicitar essa condi\u00e7\u00e3o em seus materiais publicit\u00e1rios. Contudo, dever\u00e3o observar determinados requisitos para o enquadramento, valendo destacar, dentre todos, os 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) informar, em sua documenta\u00e7\u00e3o, as linhas gerais da metodologia adotada para fins de integra\u00e7\u00e3o de quest\u00f5es ASG;<\/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) adotar metodologia de integra\u00e7\u00e3o de quest\u00f5es ASG (como, por exemplo, a sele\u00e7\u00e3o de ativos de acordo com uma avalia\u00e7\u00e3o de aspectos de ASG); 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) utilizar informa\u00e7\u00f5es, m\u00e9tricas e\/ou indicadores materiais que permitam identificar as caracter\u00edsticas ASG dos ativos investidos.<\/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, a altera\u00e7\u00e3o do C\u00f3digo pretende a inclus\u00e3o de Anexo espec\u00edfico sobre FIPs. O referido anexo define par\u00e2metros operacionais para administradores, gestores e distribuidores de FIPs, contendo disposi\u00e7\u00f5es sobre o processo de sele\u00e7\u00e3o, investimento e desinvestimento em participa\u00e7\u00e3o, bem como defini\u00e7\u00e3o das atribui\u00e7\u00f5es de cada prestador de servi\u00e7os dos FIPs.\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 destacar que o atual \u201cC\u00f3digo de Regula\u00e7\u00e3o e Melhores Pr\u00e1ticas para o Mercado de FIP\u201d foi elaborado pela ANBIMA em conjunto com a Associa\u00e7\u00e3o Brasileira de Private Equity e Venture Capital \u2013 ABVCAP. Assim, um dos objetivos manifestados pela Associa\u00e7\u00e3o com a mudan\u00e7a consiste em concentrar integralmente a autorregula\u00e7\u00e3o dos FIPs no \u00e2mbito da ANBIMA.<\/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 fim, importante notar que, por se tratar de entidade de autorregula\u00e7\u00e3o, os C\u00f3digos e demais orienta\u00e7\u00f5es editadas pela ANBIMA representam boas pr\u00e1ticas na concep\u00e7\u00e3o da Associa\u00e7\u00e3o e devem ser seguidos apenas por aqueles que se associam a ela ou aderem voluntariamente a determinados C\u00f3digos.<\/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 Regras e Procedimentos dever\u00e3o ser encaminhados, por escrito, at\u00e9 o dia 29.10.2021, por meio do endere\u00e7o de e-mail \u201caudiencia.publica@anbima.com.br\u201d, ou por meio do <i>Workplace<\/i> da ANBIMA, espa\u00e7o exclusivo para associados \u00e0 institui\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 );\">Maiores informa\u00e7\u00f5es sobre a Audi\u00eancia P\u00fablica e seu conte\u00fado podem ser encontradas no site da ANBIMA (www.anbima.com.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-b73080a elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"b73080a\" 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-b764851 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b764851\" 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-a046aa6\" data-id=\"a046aa6\" 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-418198a elementor-widget elementor-widget-heading\" data-id=\"418198a\" 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 do Brasil autoriza amplia\u00e7\u00e3o do uso de derivativos no exterior para integrantes do mercado financeiro<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b212f0a elementor-widget elementor-widget-text-editor\" data-id=\"b212f0a\" 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 30.09.2021 o Banco Central do Brasil \u2013 BACEN publicou a Resolu\u00e7\u00e3o CMN \u00ba 4.948\/2021 que amplia as possibilidades de uso de derivativos no exterior para integrantes do mercado financeiro (\u201c<u>Resolu\u00e7\u00e3o<\/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 );\">A Resolu\u00e7\u00e3o altera a (i) Resolu\u00e7\u00e3o CMN n\u00ba 3.568\/2008, que disp\u00f5e sobre o mercado de c\u00e2mbio; e (ii) Resolu\u00e7\u00e3o CMN n\u00ba 4.033\/2011, que disp\u00f5e sobre a aplica\u00e7\u00e3o no exterior das disponibilidades em moeda estrangeira dos bancos autorizados a operar no mercado de c\u00e2mbio e sobre a capta\u00e7\u00e3o de recursos externos para as finalidades que especifica. Ao mesmo tempo, a nova Resolu\u00e7\u00e3o editada revoga a (i) Resolu\u00e7\u00e3o n\u00ba 3.312\/2005 que disp\u00f5e sobre opera\u00e7\u00f5es de prote\u00e7\u00e3o (<i>hedge<\/i>) com institui\u00e7\u00f5es financeiras do exterior ou em bolsas estrangeiras; e (ii) Resolu\u00e7\u00e3o CMN n\u00ba 3.833\/2010 (que tinha modificado aquela de 2005).<\/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 );\">At\u00e9 a edi\u00e7\u00e3o da Resolu\u00e7\u00e3o, as opera\u00e7\u00f5es realizadas pelo mercado brasileiro com derivativos no exterior eram restritas \u00e0s opera\u00e7\u00f5es de prote\u00e7\u00e3o \u2013 denominadas <i>hedge<\/i> \u2013 de direitos ou obriga\u00e7\u00f5es comerciais e financeiras.<\/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, a Resolu\u00e7\u00e3o, que entrar\u00e1 em vigor em 03.01.2022, consiste em marco regulat\u00f3rio, ao permitir \u00e0s institui\u00e7\u00f5es financeiras e demais institui\u00e7\u00f5es autorizadas a funcionar pelo BACEN realizar opera\u00e7\u00f5es de derivativos de qualquer modalidade, desde que regularmente praticadas no mercado internacional.<\/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 Resolu\u00e7\u00e3o podem ser encontrados no site do Banco Central do Brasil (www.bcb.gov.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-af51c80 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"af51c80\" 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-03f1c5e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"03f1c5e\" 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-f41bdda\" data-id=\"f41bdda\" 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-0c53d9f elementor-widget elementor-widget-heading\" data-id=\"0c53d9f\" 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\">In\u00edcio da terceira fase de implementa\u00e7\u00e3o do <i>Open Banking<\/i> est\u00e1 prevista para o final de outubro<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ade266a elementor-widget elementor-widget-text-editor\" data-id=\"ade266a\" 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 27.08.2021 o Banco Central do Brasil \u2013 BACEN publicou a Resolu\u00e7\u00e3o BCB n\u00ba 133\/2021, por meio da qual foi adiada para 29.10.2021 a data de in\u00edcio da implementa\u00e7\u00e3o da terceira fase do Sistema Financeiro Aberto (<i>Open Banking<\/i>), originalmente programada para 30.08.2021 (\u201c<u>Resolu\u00e7\u00e3o<\/u>\u201d).\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 );\">Para tanto, a Resolu\u00e7\u00e3o alterou o art. 2\u00ba, II, da Resolu\u00e7\u00e3o BCB n\u00ba 109\/2021, que estabelece os cronogramas de implementa\u00e7\u00e3o, por parte das institui\u00e7\u00f5es participantes do <i>Open Banking<\/i>, do compartilhamento de dados e servi\u00e7os de que trata a Resolu\u00e7\u00e3o Conjunta n\u00ba 1\/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 );\">Nos termos do Comunicado Extraordin\u00e1rio divulgado por Moreira Menezes, Martins Advogados em 05.05.2020, a disciplina do <i>Open Banking<\/i> brasileiro vem sendo implementado em fases, tendo sido a primeira delas iniciada em 30.11.2020.\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 );\">Conclu\u00eddas as duas primeiras etapas, a terceira fase, que est\u00e1 prevista para iniciar em 29.10.2021, compreende a possibilidade de compartilhamento dos servi\u00e7os de inicia\u00e7\u00e3o de transa\u00e7\u00f5es de pagamento instant\u00e2neos (PIX) entre institui\u00e7\u00f5es participantes, possibilitando realizar pagamentos fora do ambiente do banco do usu\u00e1rio.\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 iniciativa de adiamento da implementa\u00e7\u00e3o da terceira fase decorreu da necessidade de ajustes nas especifica\u00e7\u00f5es t\u00e9cnicas, que comprometeram o prazo para a realiza\u00e7\u00e3o de testes no sistema, bem como para a certifica\u00e7\u00e3o das institui\u00e7\u00f5es participantes, conforme noticiado pelo pr\u00f3prio BACEN por meio de not\u00edcia veiculada em seu site em 27.08.2021.<\/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 );\">Maiores informa\u00e7\u00f5es, bem como o texto integral da Resolu\u00e7\u00e3o, da Resolu\u00e7\u00e3o BCB n\u00ba 109\/2021 e da Resolu\u00e7\u00e3o Conjunta n\u00ba 1\/2020, podem ser encontrados no site do BACEN (www.bcb.gov.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-59d9c25 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"59d9c25\" 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-2d9d1a7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2d9d1a7\" 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-f8a9dcd\" data-id=\"f8a9dcd\" 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-f6ac2e4 elementor-widget elementor-widget-heading\" data-id=\"f6ac2e4\" 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\">Receita Federal responde a consulta acerca da tributa\u00e7\u00e3o sobre reembolso por rateio de despesas<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-70ba3af elementor-widget elementor-widget-text-editor\" data-id=\"70ba3af\" 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 21.09.2021 a Receita Federal do Brasil \u2013 RFB editou a Solu\u00e7\u00e3o de Consulta n\u00ba 149 \u2013 Cosit, que examinou a incid\u00eancia de Imposto sobre a Renda da Pessoa Jur\u00eddica (IRPJ), Contribui\u00e7\u00e3o Social sobre o Lucro L\u00edquido (CSLL), Contribui\u00e7\u00e3o para o Financiamento da Seguridade Social (Cofins) e Contribui\u00e7\u00e3o para o Programa de Integra\u00e7\u00e3o Social e de Forma\u00e7\u00e3o do Patrim\u00f4nio do Servidor P\u00fablico (Contribui\u00e7\u00e3o para o PIS\/Pasep) sobre valores reembolsados a t\u00edtulo de rateio de custos e despesas entre sociedades (\u201c<u>SC Cosit n\u00ba 149<\/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 rateio de custos e despesas a que se refere a SC Cosit n\u00ba 149 caracteriza-se pela concentra\u00e7\u00e3o, em uma \u00fanica sociedade (centralizadora), dos custos e despesas comuns a outras sociedades que integram o mesmo grupo econ\u00f4mico e que s\u00e3o igualmente beneficiadas pelos produtos ou servi\u00e7os adquiridos. Nesse contexto, tais custos e despesas s\u00e3o rateados entre as sociedades benefici\u00e1rias, havendo o reembolso de recursos \u00e0 sociedade centralizadora.<\/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 );\">Nos termos da SC Cosit n\u00ba 149, podem ser considerados reembolsos os valores recebidos por pessoa jur\u00eddica centralizadora relativos a contratos de rateio de custos e despesas das demais pessoas jur\u00eddicas ligadas, desde que:<\/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) as despesas reembolsadas comprovadamente correspondam a bens e servi\u00e7os recebidos e efetivamente pagos;<\/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 despesas objeto de reembolso sejam necess\u00e1rias, usuais e normais nas atividades das sociedades;<\/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) o rateio se realize atrav\u00e9s de crit\u00e9rios razo\u00e1veis e objetivos, previamente ajustados, devidamente formalizados por instrumento firmado entre as envolvidas;<\/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) o crit\u00e9rio de rateio esteja de acordo com o efetivo gasto de cada sociedade e com o pre\u00e7o global pago pelos bens e servi\u00e7os, em observ\u00e2ncia aos princ\u00edpios t\u00e9cnicos ditados pelas regras de contabilidade;<\/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) a sociedade centralizadora da opera\u00e7\u00e3o de aquisi\u00e7\u00e3o de bens e servi\u00e7os aproprie como despesa t\u00e3o somente a parcela que lhe cabe de acordo com o crit\u00e9rio de rateio (devendo as sociedades descentralizadas benefici\u00e1rias dos bens e servi\u00e7os proceder de forma id\u00eantica), bem como contabilize as parcelas a serem ressarcidas como direitos de cr\u00e9ditos a recuperar, orientando a opera\u00e7\u00e3o conforme os princ\u00edpios t\u00e9cnicos ditados pela contabilidade;<\/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) a sociedade centralizadora da opera\u00e7\u00e3o de aquisi\u00e7\u00e3o de bens e servi\u00e7os, assim como as sociedades descentralizadas, mantenham escritura\u00e7\u00e3o destacada de todos os atos diretamente relacionados com o rateio das despesas administrativas;<\/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) n\u00e3o haja qualquer margem de lucro no reembolso; 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 );\">(viii) n\u00e3o seja configurado pagamento por servi\u00e7os prestados pela sociedade centralizadora.<\/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 );\">Sendo assim, os reembolsos auferidos pela pessoa jur\u00eddica centralizadora decorrente do rateio de custos e despesas, que atendam \u00e0s especifica\u00e7\u00f5es acima, n\u00e3o ser\u00e3o considerados como receita para fins de incid\u00eancia do IRPJ e da CSLL apurados com base no lucro presumido e no resultado presumido, respectivamente, tampouco para fins de integrar a base de c\u00e1lculo da Contribui\u00e7\u00e3o para o PIS\/Pasep e da Cofins com incid\u00eancia cumulativa.<\/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 SC Cosit n\u00ba 149, podem ser encontrados no site da Receita Federal (www.gov.br\/receitafederal).<\/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-b3e0a49 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"b3e0a49\" 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-90618a8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"90618a8\" 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-6f466ee\" data-id=\"6f466ee\" 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-70d3271 elementor-widget elementor-widget-heading\" data-id=\"70d3271\" 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\">Receita Federal responde consulta sobre tributa\u00e7\u00e3o de <i>Marketplaces<\/i><\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d7bbd99 elementor-widget elementor-widget-text-editor\" data-id=\"d7bbd99\" 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 27.09.2021 a Receita Federal do Brasil \u2013 RFB editou a Solu\u00e7\u00e3o de Consulta n\u00ba 170 \u2013 Cosit, que examinou a incid\u00eancia de Imposto sobre a Renda da Pessoa Jur\u00eddica (IRPJ), Contribui\u00e7\u00e3o Social sobre o Lucro L\u00edquido (CSLL), Contribui\u00e7\u00e3o para o Financiamento da Seguridade Social (Cofins) e Contribui\u00e7\u00e3o para o Programa de Integra\u00e7\u00e3o Social e de Forma\u00e7\u00e3o do Patrim\u00f4nio do Servidor P\u00fablico (Contribui\u00e7\u00e3o para o PIS\/Pasep) sobre valores recebidos por entidades que operem os chamados <i>marketplaces<\/i> (\u201c<u>SC Cosit n\u00ba 170<\/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 );\">O ramo da atividade desenvolvida pela sociedade que realizou a consulta se caracteriza pela intermedia\u00e7\u00e3o de neg\u00f3cios, por meio da disponibiliza\u00e7\u00e3o de s\u00edtio eletr\u00f4nico para que parceiros efetuem a venda de produtos diretamente a terceiros (conhecido como <i>marketplace<\/i>). Por sua atua\u00e7\u00e3o como intermediadora, a consulente ret\u00e9m comiss\u00e3o sobre o valor das opera\u00e7\u00f5es realizadas no ambiente que disponibiliza.<\/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 particularidade submetida \u00e0 an\u00e1lise da RFB consiste no fato de que a consulente, enquanto intermediadora, n\u00e3o \u00e9 destinat\u00e1ria da totalidade dos recursos objeto da negocia\u00e7\u00e3o realizada em seu <i>marketplace<\/i>. Nesse sentido, a operadora do <i>marketplace<\/i> repassa o valor pago pelo consumidor ao parceiro que se utilizou de sua plataforma, retendo apenas a comiss\u00e3o. Foi questionado \u00e0 RFB se os montantes repassados ao parceiro alienante seriam considerados receita da operadora do <i>marketplace<\/i> para fins de tributa\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 );\">No entendimento da RFB, os valores recebidos relativos \u00e0 rela\u00e7\u00e3o jur\u00eddica de compra e venda de mercadorias n\u00e3o consistem em receita da operadora do <i>marketplace<\/i>, mas sim da pessoa que se utilizou da plataforma para realizar a venda. Logo, a receita bruta da consulente, para fins de incid\u00eancia de IRPJ, CSLL, Cofins e PIS\/Pasep n\u00e3o compreender\u00e1 a entrada dos recursos repassados a terceiros.<\/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, afirma a RFB n\u00e3o haver d\u00favidas de que o valor recebido pela consulente pelos servi\u00e7os de intermedia\u00e7\u00e3o prestados (sua comiss\u00e3o) consiste em receita para fins tribut\u00e1rios.<\/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, a RFB ressalta que o entendimento acima resumido se aplica somente se estiverem bem definidas duas rela\u00e7\u00f5es jur\u00eddicas: (i) a de presta\u00e7\u00e3o de servi\u00e7os entre a consulente e seus parceiros; e (ii) aquela de compra e venda, entre os parceiros e os consumidores finais. Tal ressalva abre margem para que, futuramente, a RFB adote entendimentos distintos em situa\u00e7\u00f5es em que essas rela\u00e7\u00f5es n\u00e3o sejam demonstradas (como nos casos em que a sociedade atua como <i>marketplace<\/i>, mas tamb\u00e9m utiliza sua plataforma para promover a venda de produtos pr\u00f3prios).<\/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 SC Cosit n\u00ba 170, podem ser encontrados no site da Receita Federal (www.gov.br\/receitafederal).<\/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-a20e635 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"a20e635\" 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-3f76fc4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3f76fc4\" 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-755083c\" data-id=\"755083c\" 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-cb5a4b0 elementor-widget elementor-widget-heading\" data-id=\"cb5a4b0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Jurisprud\u00eancia<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-481aa1e elementor-widget elementor-widget-text-editor\" data-id=\"481aa1e\" 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><b>Superior Tribunal de Justi\u00e7a<\/b><\/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 );\">DIREITO CIVIL E PROCESSUAL CIVIL. RECURSO ESPECIAL. NEGATIVA DE PRESTA\u00c7\u00c3O JURISDICIONAL. INOCORR\u00caNCIA. A\u00c7\u00c3O DE EXECU\u00c7\u00c3O DE T\u00cdTULOS EXTRAJUDICIAIS. C\u00c9DULAS DE CR\u00c9DITO BANC\u00c1RIO. PENHORA DE BENS DE EMPRESA INDIVIDUAL DE RESPONSABILIDADE LIMITADA \u2013 EIRELI QUE N\u00c3O \u00c9 PARTE NA EXECU\u00c7\u00c3O. IMPOSSIBILIDADE. ALEGA\u00c7\u00c3O DE FRAUDE E CONFUS\u00c3O PATRIMONIAL. DESCONSIDERA\u00c7\u00c3O INVERSA DA PERSONALIDADE JUR\u00cdDICA. INSTAURA\u00c7\u00c3O DO INCIDENTE. NECESSIDADE.<\/span><br><\/p><p>1. A\u00e7\u00e3o de execu\u00e7\u00e3o de t\u00edtulos extrajudiciais proposta em 31\/03\/2016. Recurso especial interposto em 16\/07\/2019 e concluso ao Gabinete em 06\/05\/2020. Julgamento: Aplica\u00e7\u00e3o do CPC\/2015.<\/p><p>2. O prop\u00f3sito recursal consiste em dizer, para al\u00e9m da negativa de presta\u00e7\u00e3o jurisdicional, acerca da possibilidade de penhora de bens pertencentes a empresa individual de responsabilidade limitada (EIRELI), por d\u00edvidas do empres\u00e1rio que a constituiu, independentemente da instaura\u00e7\u00e3o de incidente de desconsidera\u00e7\u00e3o inversa da personalidade jur\u00eddica.<\/p><p>3. N\u00e3o ocorre viola\u00e7\u00e3o do art. 1.022 do CPC\/15 quando o Tribunal de origem, aplicando o direito que entende cab\u00edvel \u00e0 hip\u00f3tese, soluciona integralmente a controv\u00e9rsia submetida \u00e0 sua aprecia\u00e7\u00e3o, ainda que de forma diversa daquela pretendida pela parte.<\/p><p>4. A Empresa Individual de Responsabilidade Limitada \u2013 EIRELI foi introduzida no ordenamento jur\u00eddico p\u00e1trio pela Lei 12.441\/2011, com vistas a sanar antiga lacuna legal quanto \u00e0 limita\u00e7\u00e3o do risco patrimonial no exerc\u00edcio individual da empresa.&nbsp;<\/p><p>5. O fundamento e efeito \u00faltimo da constitui\u00e7\u00e3o da EIRELI \u00e9 a separa\u00e7\u00e3o do patrim\u00f4nio \u2013 e naturalmente, da responsabilidade \u2013 entre a pessoa jur\u00eddica e a pessoa natural que lhe titulariza. Uma vez constitu\u00edda a EIRELI, por meio do registro de seu ato constitutivo na Junta Comercial, n\u00e3o mais entrela\u00e7adas estar\u00e3o as esferas patrimoniais da empresa e do empres\u00e1rio, como explicitamente prescreve o art. 980-A, \u00a7 7\u00ba, do CC\/02.<\/p><p>6. Na hip\u00f3tese de ind\u00edcios de abuso da autonomia patrimonial, a personalidade jur\u00eddica da EIRELI pode ser desconsiderada, de modo a atingir os bens particulares do empres\u00e1rio individual para a satisfa\u00e7\u00e3o de d\u00edvidas contra\u00eddas pela pessoa jur\u00eddica. Tamb\u00e9m se admite a desconsidera\u00e7\u00e3o da personalidade jur\u00eddica de maneira inversa, quando se constatar a utiliza\u00e7\u00e3o abusiva, pelo empres\u00e1rio individual, da blindagem patrimonial conferida \u00e0 EIRELI, como forma de ocultar seus bens pessoais.<\/p><p>7. Em uma ou em outra situa\u00e7\u00e3o, todavia, \u00e9 imprescind\u00edvel a instaura\u00e7\u00e3o do incidente de desconsidera\u00e7\u00e3o da personalidade jur\u00eddica de que tratam os arts. 133 e seguintes do CPC\/2015, de modo a permitir a inclus\u00e3o do novo sujeito no processo \u2013 o empres\u00e1rio individual ou a EIRELI \u2013, atingido em seu patrim\u00f4nio em decorr\u00eancia da medida.<\/p><p>8. Recurso especial conhecido e provido.<\/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 );\">(Superior Tribunal de Justi\u00e7a. REsp n\u00ba 1.874.256\/SP. Relatora Ministra Nancy Andrighi, Terceira Turma, jul. em 17 de ago. 2021 e publicado no DJe em 19 de ago. 2021).<\/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 85 | Outubro 2021 Download PDF Nesta edi\u00e7\u00e3o: Minist\u00e9rio da Economia regulamenta publica\u00e7\u00e3o simplificada de atos de companhias fechadas EEm 07.10.2021 o Minist\u00e9rio da Economia \u2013 ME editou a Portaria ME n\u00ba 12.071, que disp\u00f5e sobre a publica\u00e7\u00e3o e divulga\u00e7\u00e3o dos atos das companhias fechadas com receita bruta anual de at\u00e9 R$ 78 [&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-3718","post","type-post","status-publish","format-standard","hentry","category-newsletter","category-newsletter-mmm"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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