{"id":3855,"date":"2021-12-22T16:58:04","date_gmt":"2021-12-22T16:58:04","guid":{"rendered":"https:\/\/moreiramenezes.com.br\/?p=3855"},"modified":"2021-12-22T17:52:13","modified_gmt":"2021-12-22T17:52:13","slug":"newsletter-n87-12","status":"publish","type":"post","link":"https:\/\/moreiramenezes.com.br\/en\/newsletter-n87-12\/","title":{"rendered":"Newsletter N\u00b087"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"3855\" class=\"elementor elementor-3855\" 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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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 divulga agenda regulat\u00f3ria com prioridades normativas para o ano de 2022<\/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 07.12.2021 a Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM divulgou sua agenda de temas priorit\u00e1rios para regulamenta\u00e7\u00e3o no ano de 2022 (\u201c<u>Agenda Regulat\u00f3ria<\/u>\u201d), contemplando as normas que ser\u00e3o editadas, os temas das pr\u00f3ximas audi\u00eancias p\u00fablicas e poss\u00edveis estudos normativos e an\u00e1lises de impacto regulat\u00f3rio.<\/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 indicado na Agenda Regulat\u00f3ria, a CVM possui o objetivo de realizar audi\u00eancias p\u00fablicas, durante o pr\u00f3ximo ano, a respeito dos seguintes temas: (i) transfer\u00eancia de cust\u00f3dia; (ii) revis\u00e3o de produtos destinados para investidores de varejo e do conceito de investidor qualificado; e (iii) regulamenta\u00e7\u00e3o espec\u00edfica dos Fundos de Investimento nas Cadeias Produtivas Agroindustriais \u2013 FIAGROs.<\/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 estudos normativos e an\u00e1lises de impacto regulat\u00f3rio, a CVM indicou, na Agenda Regulat\u00f3ria, que planeja realizar analisar os seguintes temas: (i) assembleias e boletim de voto a dist\u00e2ncia; (ii) influenciadores digitais; (iii) o Marco Legal das <i>Startups<\/i> (Lei Complementar n\u00ba 182\/2021); e (iv) transpar\u00eancia de pr\u00e9-negocia\u00e7\u00e3o de deb\u00eantures no mercado de balc\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 Agenda Regulat\u00f3ria aponta, ainda, as normas que ser\u00e3o editadas em 2022, que foram objeto de audi\u00eancias p\u00fablicas abertas durante os anos de 2020 e 2021:<\/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>Audi\u00eancia P\u00fablica SDM n\u00ba 09\/2019<\/u>: teve como objeto a proposta de minuta de norma que disp\u00f5e sobre a autorregula\u00e7\u00e3o unificada dos mercados organizados e das infraestruturas de mercado financeiro atuantes no mercado de valores mobili\u00e1rios; sobre o funcionamento dos mercados regulamentados de valores mobili\u00e1rios e a constitui\u00e7\u00e3o e funcionamento das entidades administradoras de mercado organizado; e sobre o regime de melhor execu\u00e7\u00e3o de ordens em contexto de concorr\u00eancia entre ambientes de negocia\u00e7\u00e3o;<\/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>Audi\u00eancia P\u00fablica SDM n\u00ba 02\/2020<\/u>: teve como objeto a proposta de minuta de norma que altera a Instru\u00e7\u00e3o CVM n\u00ba 588\/2017, que disp\u00f5e sobre a oferta p\u00fablica de distribui\u00e7\u00e3o de valores mobili\u00e1rios de emiss\u00e3o de sociedades empres\u00e1rias de pequeno porte realizada com dispensa de registro por meio de plataforma eletr\u00f4nica de investimento participativo (Equity Crowdfunding);<\/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>Audi\u00eancia P\u00fablica SDM n\u00ba 08\/2020<\/u>: teve como objeto a proposta de minuta de resolu\u00e7\u00e3o que disp\u00f5e sobre a constitui\u00e7\u00e3o, o funcionamento e a divulga\u00e7\u00e3o de informa\u00e7\u00f5es dos fundos de investimento, bem como a presta\u00e7\u00e3o de servi\u00e7os para os fundos (\u201cnova ICVM 555\u201d);<\/span><\/p><p style=\"padding-left: 40px;\">(iv) <u>Audi\u00eancia P\u00fablica SDM n\u00ba 01\/2021<\/u>: teve como objeto a proposta de minuta de norma que altera a Instru\u00e7\u00e3o CVM n\u00ba 480\/2009, para cria\u00e7\u00e3o de um novo comunicado sobre demandas societ\u00e1rias;<\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(v) <u>Audi\u00eancia P\u00fablica SDM n\u00ba 02\/21<\/u>: teve como objeto a proposta de minutas de resolu\u00e7\u00f5es que estabelecem o novo arcabou\u00e7o regulat\u00f3rio das ofertas p\u00fablicas de distribui\u00e7\u00e3o de valores mobili\u00e1rios;<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(vi) <u>Audi\u00eancia P\u00fablica SDM n\u00ba 03\/21<\/u>: teve como objeto a proposta de minutas de resolu\u00e7\u00f5es que estabelecem nova regulamenta\u00e7\u00e3o sobre certificados de dep\u00f3sitos emitidos no Brasil com lastro em a\u00e7\u00f5es ou valores mobili\u00e1rios representativos de d\u00edvida emitidos no exterior (BDR);<\/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) <u>Audi\u00eancia P\u00fablica SDM n\u00ba 04\/2021<\/u>: teve como objeto a proposta de altera\u00e7\u00f5es pontuais na Resolu\u00e7\u00e3o CVM n\u00ba 31\/2021, para inclus\u00e3o de previs\u00e3o a respeito da constitui\u00e7\u00e3o de gravames e\u2000\u00f4nus sobre cotas de fundos de investimento aberto;<\/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) <u>Audi\u00eancia P\u00fablica SDM n\u00ba 05\/2021<\/u>: teve como objeto a proposta de minutas de resolu\u00e7\u00f5es para alterar as regras aplic\u00e1veis a agentes aut\u00f4nomos de investimento e \u00e0 divulga\u00e7\u00e3o da remunera\u00e7\u00e3o na intermedia\u00e7\u00e3o de opera\u00e7\u00f5es realizadas com valores mobili\u00e1rios;<\/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 );\">(ix) <u>Audi\u00eancia P\u00fablica SDM n\u00ba 06\/2021<\/u>: teve como objeto a proposta de minuta de resolu\u00e7\u00e3o para alterar a Resolu\u00e7\u00e3o CVM n\u00ba 13\/2020 para dispensar o registro de investidor n\u00e3o residente pessoa natural na CVM;<\/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 );\">(x) <u>Audi\u00eancia P\u00fablica SDM n\u00ba 07\/2021<\/u>: teve como objeto a proposta de minuta de resolu\u00e7\u00e3o para altera\u00e7\u00f5es pontuais nas Resolu\u00e7\u00f5es CVM n\u00ba 45\/2021 e 46\/2021, que regulam, respectivamente, o rito dos procedimentos relativos \u00e0 atua\u00e7\u00e3o sancionadora no \u00e2mbito da CVM e a tramita\u00e7\u00e3o de processos administrativos n\u00e3o sancionadores no \u00e2mbito do Colegiado da CVM; 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 );\">(xi) <u>Audi\u00eancia P\u00fablica SDM n\u00ba 08\/2021<\/u>: teve como objeto a proposta de minuta de resolu\u00e7\u00e3o para alterar a Instru\u00e7\u00e3o CVM n\u00ba 472\/2008, para inclus\u00e3o de veda\u00e7\u00e3o expressa ao uso indevido de informa\u00e7\u00f5es privilegiadas em negocia\u00e7\u00f5es de cotas de fundo de investimento imobili\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 );\">Maiores informa\u00e7\u00f5es a respeito da Agenda Regulat\u00f3ria da CVM referente ao ano de 2022 podem ser encontradas no site da CVM (www.gov.br\/cvm).\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6a1d6f05 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"6a1d6f05\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-33fe2eec elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"33fe2eec\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-42f76604\" data-id=\"42f76604\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-25066afe elementor-widget elementor-widget-heading\" data-id=\"25066afe\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">CVM coloca em audi\u00eancia p\u00fablica minuta de resolu\u00e7\u00e3o para refor\u00e7ar proibi\u00e7\u00e3o ao <i>insider trading<\/i> em FII\u2019s<\/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 14.12.2021 a Superintend\u00eancia de Desenvolvimento de Mercado \u2013 SDM da Comiss\u00e3o de Valores Mobili\u00e1rios &#8211; CVM divulgou o Edital de Audi\u00eancia P\u00fablica SDM n\u00ba 08\/2021 (\u201c<u>Edital<\/u>\u201d), que trata de minuta de Resolu\u00e7\u00e3o que promove altera\u00e7\u00f5es na Instru\u00e7\u00e3o CVM n\u00ba 472\/2008, a qual disp\u00f5e sobre a constitui\u00e7\u00e3o, a administra\u00e7\u00e3o, o funcionamento, a oferta p\u00fablica de distribui\u00e7\u00e3o de cotas e a divulga\u00e7\u00e3o de informa\u00e7\u00f5es dos Fundos de Investimento Imobili\u00e1rios \u2013 FII (\u201c<u>Minuta<\/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 Minuta tem por objetivo incluir na regulamenta\u00e7\u00e3o veda\u00e7\u00e3o expressa \u00e0 negocia\u00e7\u00e3o de cotas de FII com a finalidade de auferir vantagem, para si ou para outrem, por pessoa que tenha tido acesso a informa\u00e7\u00f5es que sejam relevantes para as expectativas acerca do valor da cota, antes que tais informa\u00e7\u00f5es sejam divulgadas ao mercado. Em outras palavras, pretende a CVM vedar expressamente a negocia\u00e7\u00e3o de cotas de FII com base em uso de informa\u00e7\u00f5es privilegiadas (<i>insider trading<\/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 );\">A reda\u00e7\u00e3o da norma proposta est\u00e1 em linha com o disposto na Resolu\u00e7\u00e3o CVM n\u00ba 44\/2021 (que trata da divulga\u00e7\u00e3o de informa\u00e7\u00f5es relevantes no \u00e2mbito de companhias abertas), ao estabelecer as presun\u00e7\u00f5es utilizadas pela autarquia em acusa\u00e7\u00f5es de <i>insider trading<\/i>.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Nesse sentido, a proposta prev\u00ea as seguintes presun\u00e7\u00f5es:\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) a pessoa que negociou cotas do fundo ou ativos a ela referenciados dispondo de informa\u00e7\u00e3o relevante ainda n\u00e3o divulgada fez uso de tal informa\u00e7\u00e3o na referida negocia\u00e7\u00e3o (\u201cpresun\u00e7\u00e3o de uso\u201d);<\/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) os diretores, funcion\u00e1rios e colaboradores do gestor que executem tarefas relacionadas \u00e0 gest\u00e3o da carteira de ativos t\u00eam acesso a toda informa\u00e7\u00e3o relevante ainda n\u00e3o divulgada a respeito do fundo (\u201cpresun\u00e7\u00e3o de acesso\u201d);<\/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 diretor do administrador que \u00e9 respons\u00e1vel pelo fundo tem acesso a toda informa\u00e7\u00e3o relevante ainda n\u00e3o divulgada a respeito do fundo (\u201cpresun\u00e7\u00e3o de acesso\u201d);<\/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) aquele que tem rela\u00e7\u00e3o comercial, profissional ou de confian\u00e7a com o fundo, ao ter tido acesso a informa\u00e7\u00e3o relevante ainda n\u00e3o divulgada ao mercado, sabe que se trata de informa\u00e7\u00e3o privilegiada (\u201cpresun\u00e7\u00e3o de relev\u00e2ncia\u201d);<\/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) o prestador de servi\u00e7os que se afasta da presta\u00e7\u00e3o de servi\u00e7os ao fundo dispondo de informa\u00e7\u00e3o relevante e ainda n\u00e3o divulgada se vale de tal informa\u00e7\u00e3o caso negocie cotas do fundo no per\u00edodo de 3 meses contados do seu afastamento; 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 );\">(vi) o representante dos cotistas que se afasta da fun\u00e7\u00e3o dispondo de informa\u00e7\u00e3o relevante e ainda n\u00e3o divulgada se vale de tal informa\u00e7\u00e3o, caso negocie cotas do fundo no per\u00edodo de 3 meses contados do t\u00e9rmino de seu mandato.<\/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 presun\u00e7\u00f5es acima mencionadas s\u00e3o relativas e devem ser analisadas em conjunto com outros elementos que indiquem se o il\u00edcito foi, ou n\u00e3o, praticado.<\/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 altera\u00e7\u00f5es devem ser enviadas at\u00e9 o dia 11.02.2022 \u00e0 SDM, por meio do endere\u00e7o de e-mail \u201caudpublicaSDM0821@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 inteiro teor do Edital e da Minuta, 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-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\">ANBIMA disponibiliza ferramenta para cria\u00e7\u00e3o de pol\u00edticas de gerenciamento de liquidez de fundos de investimento<\/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 23.11.2021 a Associa\u00e7\u00e3o Brasileira das Entidades dos Mercados Financeiro e de Capitais \u2013 ANBIMA anunciou a disponibiliza\u00e7\u00e3o de ferramenta para cria\u00e7\u00e3o de pol\u00edticas de gerenciamento de liquidez de fundos de investimento.<\/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 ferramenta poder\u00e1 ser acessada pelas institui\u00e7\u00f5es aderentes ao C\u00f3digo de Administra\u00e7\u00e3o de Recursos de Terceiros, por meio da plataforma \u201cM\u00f3dulo de Aprendizagem e Publica\u00e7\u00f5es \u2013 MAP\u201d, integrada ao Sistema de Supervis\u00e3o de Mercados \u2013 SSM (\u201c<u>Ferramenta<\/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 );\">A cria\u00e7\u00e3o da Ferramenta, gratuita e facultativa, visa facilitar a atua\u00e7\u00e3o das institui\u00e7\u00f5es gestoras de recursos de terceiros, bem como contribuir para o trabalho de valida\u00e7\u00e3o dos documentos submetidos \u00e0 an\u00e1lise Ger\u00eancia de Supervis\u00e3o de Gest\u00e3o e Servi\u00e7os Fiduci\u00e1rios 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 );\">As entidades vinculadas ao C\u00f3digo de Administra\u00e7\u00e3o de Recursos de Terceiros s\u00e3o automaticamente cadastradas na Ferramenta. A cria\u00e7\u00e3o das pol\u00edticas de gerenciamento de liquidez por meio da utiliza\u00e7\u00e3o da Ferramenta ocorrer\u00e1 a partir do preenchimento de formul\u00e1rio com informa\u00e7\u00f5es relacionadas ao processo de gest\u00e3o de risco e liquidez dos fundos de investimento cujas carteiras sejam geridas pela institui\u00e7\u00e3o. Ap\u00f3s finalizado o preenchimento desse formul\u00e1rio, ser\u00e1 gerada a pol\u00edtica de gerenciamento de liquidez, submetida a registro obrigat\u00f3rio junto \u00e0 ANBIMA.<\/span><\/p><p>No caso das institui\u00e7\u00f5es que optarem por utilizar a Ferramenta, o prazo de entrega da nova pol\u00edtica de gest\u00e3o de liquidez dos fundos investimento regulados pela Instru\u00e7\u00e3o CVM n\u00ba 555\/2014 (necess\u00e1ria ap\u00f3s altera\u00e7\u00f5es das regras aplic\u00e1veis \u00e0 gest\u00e3o de liquidez da carteira desses tipos de fundos em 31.05.2021 \u2013 \u201c<u>Novas Regras de Gest\u00e3o de Liquidez<\/u>\u201d) inicialmente previsto para 01.12.2021, foi prorrogado para 28.02.2022.<\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Sobre esse particular, destaca-se que as Novas Regras de Gest\u00e3o de Liquidez, que passaram a integrar o C\u00f3digo de Administra\u00e7\u00e3o de Recursos de Terceiros, entraram em vigor em 01.12.2021. As Novas Regras de Gest\u00e3o de Liquidez t\u00eam por objetivo implementar m\u00e9tricas e controles mais adequadas \u00e0 liquidez dos ativos e ao comportamento no mercado dos passivos dos fundos 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 a respeito da Ferramenta 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-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\">CMN publica resolu\u00e7\u00e3o sobre os sistemas de controle internos das institui\u00e7\u00f5es financeiras<\/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 25.11.2021 o Conselho Monet\u00e1rio Nacional \u2013 CMN publicou a Resolu\u00e7\u00e3o CMN n\u00ba 4.968\/2021, que disp\u00f5e sobre os sistemas de controles internos das institui\u00e7\u00f5es financeiras e demais institui\u00e7\u00f5es autorizadas a funcionar pelo Banco Central do Brasil \u2013 BACEN (\u201c<u>Resolu\u00e7\u00e3o<\/u>\u201d), revogando a Resolu\u00e7\u00e3o CMN n\u00ba 2.554\/1998.\u00a0<\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Conforme consta da exposi\u00e7\u00e3o de motivos que acompanhou a minuta da Resolu\u00e7\u00e3o, a altera\u00e7\u00e3o foi motivada pela necessidade de atualiza\u00e7\u00e3o e aprimoramento das regras concernentes aos sistemas de controles internos no \u00e2mbito das institui\u00e7\u00f5es autorizadas a funcionar pelo BACEN, a fim de conferir maior ader\u00eancia do arcabou\u00e7o regulat\u00f3rio \u00e0s melhores pr\u00e1ticas internacionais de governan\u00e7a corporativa.\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 as altera\u00e7\u00f5es promovidas pela Resolu\u00e7\u00e3o, destacam-se 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) o aprimoramento e detalhamento das responsabilidades atribu\u00eddas ao Conselho de Administra\u00e7\u00e3o e\/ou \u00e0 Diretoria das institui\u00e7\u00f5es financeiras;\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) obrigatoriedade de designa\u00e7\u00e3o de diretor espec\u00edfico respons\u00e1vel pelos assuntos de controles internos; 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) previs\u00e3o das caracter\u00edsticas essenciais dos sistemas de controle internos, no que diz respeito aos aspectos relacionados: (iii.1) \u00e0 cultura de controle; (iii.2) \u00e0 identifica\u00e7\u00e3o e \u00e0 avalia\u00e7\u00e3o de riscos; (iii.3) \u00e0s atividades de controle e segrega\u00e7\u00e3o de fun\u00e7\u00f5es; (iii.4) \u00e0 informa\u00e7\u00e3o e \u00e0 comunica\u00e7\u00e3o; e (iii.5) ao monitoramento da efic\u00e1cia e funcionamento dos sistemas de controle interno.\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 a Resolu\u00e7\u00e3o entrar\u00e1 em vigor em 01.01.2022, exceto pelo seu art. 10 (que trata da designa\u00e7\u00e3o de diretor respons\u00e1vel pelos assuntos de controle interno), que entrar\u00e1 em vigor em 01.01.2023.\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 Resolu\u00e7\u00e3o e de sua exposi\u00e7\u00e3o de motivos 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-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\">Banco Central do Brasil divulga projetos selecionados para o seu <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-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 25.11.2021 o Banco Central do Brasil \u2013 BACEN divulgou os projetos selecionados para o seu <i>Sandbox<\/i> Regulat\u00f3rio (\u201c<u>Sandbox BC<\/u>\u201d), institu\u00eddo pela Resolu\u00e7\u00e3o BACEN n\u00b0 50\/2020.\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 );\">O Sandbox BC \u00e9 um ambiente experimental no qual agentes de mercado s\u00e3o autorizados pelo BACEN a testar, por per\u00edodo determinado, projetos considerados inovadores na \u00e1rea de finan\u00e7as e\/ou pagamentos, devendo ser observado um conjunto espec\u00edfico de disposi\u00e7\u00f5es regulamentares que amparam a realiza\u00e7\u00e3o controlada e delimitada de suas atividades.<\/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 objetivo do Sandbox BC \u00e9 estimular a inova\u00e7\u00e3o e a diversidade de modelos de neg\u00f3cio, bem como a concorr\u00eancia entre os fornecedores de produtos e servi\u00e7os financeiros utilizados no \u00e2mbito do Sistema Financeiro Nacional e do Sistema de Pagamentos Brasileiro, sempre de modo a assegurar a higidez desses sistemas.<\/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 );\">Durante o per\u00edodo de testes, as entidades respons\u00e1veis pelo desenvolvimento de cada projeto ficam sujeitas a requisitos regulat\u00f3rios diferenciados e podem receber, dos agentes reguladores, orienta\u00e7\u00f5es espec\u00edficas e personalizadas a respeito da interpreta\u00e7\u00e3o e aplica\u00e7\u00e3o da regulamenta\u00e7\u00e3o a elas aplic\u00e1vel.<\/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, tamb\u00e9m durante o per\u00edodo de testes, os \u00f3rg\u00e3os reguladores dos Sistemas Financeiro Nacional e de Pagamentos Brasileiro ser\u00e3o respons\u00e1veis por monitorar e verificar os resultados dos projetos, de modo a avaliar eventuais riscos associados aos produtos e servi\u00e7os sob desenvolvimento. Na hip\u00f3tese de o BACEN verificar alguma falha no gerenciamento de riscos na execu\u00e7\u00e3o do projeto, poder\u00e1 determinar o seu aperfei\u00e7oamento. Caso seja constatado que a atividade representa risco excessivo ao Sistema Financeiro Nacional ou ao Sistema de Pagamentos Brasileiro, a autarquia poder\u00e1 estabelecer limites para a execu\u00e7\u00e3o do projeto.<\/span><\/p><p>Dos 52 projetos inscritos para concorrer ao Sandbox BC, foram selecionados os seguintes:\u00a0<\/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) solu\u00e7\u00e3o que envolve empr\u00e9stimo com garantia de im\u00f3vel, com o pagamento no vencimento e sem amortiza\u00e7\u00f5es peri\u00f3dicas, conjugado com a contrata\u00e7\u00e3o de seguros espec\u00edficos para redu\u00e7\u00e3o dos riscos pertinentes \u2013 desenvolvido pela Himov Neg\u00f3cios e Participa\u00e7\u00f5es S.A.;\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) solu\u00e7\u00e3o tecnol\u00f3gica para a execu\u00e7\u00e3o de instru\u00e7\u00f5es de pagamentos multi-moeda, de uso exclusivo entre institui\u00e7\u00f5es autorizadas pelo BACEN a operar no mercado de c\u00e2mbio com a finalidade de troca imediata de reservas \u2013 desenvolvido pelo J.P. Morgan S.A.;<\/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) realiza\u00e7\u00e3o de transa\u00e7\u00f5es de pagamento com concess\u00e3o de cr\u00e9dito, rotativo ou parcelado, utilizando funcionalidades do \u201cPix\u201d \u2013 desenvolvido pelo Banco Itaucard S.A.;\u00a0<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(iv) plataforma para emiss\u00e3o e negocia\u00e7\u00e3o secund\u00e1ria de t\u00edtulos de renda fixa privada \u2013 desenvolvido pela SEP Sociedade de Empr\u00e9stimos entre Pessoas Ltda.;\u00a0<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(v) desenvolvimento de mercado secund\u00e1rio de C\u00e9dulas de Cr\u00e9dito Banc\u00e1rio \u2013 CCBs \u2013 desenvolvido pela Inco Plataforma Eletr\u00f4nica de Investimentos Participativos Ltda.;\u00a0<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(vi) implementa\u00e7\u00e3o de rede de pontos f\u00edsicos que ofere\u00e7am o servi\u00e7o de aporte de recursos em esp\u00e9cie \u2013 desenvolvido pela Mercadopago.com Representa\u00e7\u00f5es Ltda.; 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 );\">(vii) plataforma capaz de movimentar valores entre duas ou mais contas, mediante a transfer\u00eancia de valores para contas \u201ctempor\u00e1rias ou de liquida\u00e7\u00e3o\u201d, sob demanda, para a realiza\u00e7\u00e3o de opera\u00e7\u00e3o sob condi\u00e7\u00f5es previamente firmadas. \u2013 desenvolvido pela Iupi Mobilecard Servi\u00e7os de Processamento de Dados Ltda.<\/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 projetos aprovados receber\u00e3o autoriza\u00e7\u00e3o espec\u00edfica do Banco Central e ter\u00e3o o seu desenvolvimento acompanhado pelo Comit\u00ea Estrat\u00e9gico de Gest\u00e3o do Sandbox BC.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">O primeiro ciclo do Sandbox BC ter\u00e1 dura\u00e7\u00e3o de um ano, podendo ser prorrogado por prazo igual.\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 a respeito dos projetos aprovados podem ser encontradas 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-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\">STJ decide sobre redirecionamento de execu\u00e7\u00e3o fiscal em casos de dissolu\u00e7\u00e3o irregular da pessoa jur\u00eddica<\/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 24.11.2021, no julgamento do Recurso Especial n\u00ba 1.377.019\/SP, a Primeira Se\u00e7\u00e3o do Superior Tribunal de Justi\u00e7a \u2013 STJ firmou a seguinte tese \u201co redirecionamento da execu\u00e7\u00e3o fiscal, quando fundado na dissolu\u00e7\u00e3o irregular da pessoa jur\u00eddica executada ou na presun\u00e7\u00e3o de sua ocorr\u00eancia, n\u00e3o pode ser autorizado contra o s\u00f3cio ou terceiro n\u00e3o-s\u00f3cio que, embora exercesse poderes de ger\u00eancia ao tempo do fato gerador, sem incorrer em pr\u00e1tica de atos com excesso de poderes ou infra\u00e7\u00e3o \u00e0 lei, ao contrato social ou aos estatutos, dela regularmente se retirou e n\u00e3o deu causa \u00e0 sua posterior dissolu\u00e7\u00e3o irregular, conforme art. 135, III, do CTN\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 );\">Como regra geral, firmada no enunciado da S\u00famula 430 do STJ, o inadimplemento da obriga\u00e7\u00e3o tribut\u00e1ria pela sociedade n\u00e3o gera, por si s\u00f3, a responsabilidade solid\u00e1ria do administrador (\u201cs\u00f3cio-gerente\u201d). A simples falta de pagamento do tributo n\u00e3o configura, nem em tese, circunst\u00e2ncia que acarreta a responsabilidade subsidi\u00e1ria do s\u00f3cio, prevista no art. 135 do CTN. \u00c9 indispens\u00e1vel, para tanto, que tenha o administrador agido com excesso de poderes ou infra\u00e7\u00e3o \u00e0 lei, ao contrato social ou ao estatuto da empresa.\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 );\">Como destacado pela Ministra Relatora em seu voto, essa conclus\u00e3o \u00e9 corol\u00e1rio da autonomia patrimonial da pessoa jur\u00eddica, uma vez que, conforme disposto no art. 49-A do C\u00f3digo Civil, a pessoa jur\u00eddica n\u00e3o se confunde com os seus s\u00f3cios, associados, instituidores ou administradores, tratando de patrim\u00f4nios diversos.<\/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 Primeira Se\u00e7\u00e3o do STJ considerou que a responsabilidade pelo d\u00e9bito tribut\u00e1rio deve recair sobre aquele que pratica o fato ensejador da responsabilidade. N\u00e3o tendo o ex-s\u00f3cio concorrido para a dissolu\u00e7\u00e3o irregular da pessoa jur\u00eddica executada, n\u00e3o pode ele ser responsabilizado por este fato.<\/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 );\">Na tese firmada, foram ressalvados os casos de fraude, simula\u00e7\u00e3o e il\u00edcitos an\u00e1logos, na dissolu\u00e7\u00e3o irregular da pessoa jur\u00eddica devedora, bem como as hip\u00f3teses em que o s\u00f3cio-gerente que se retirou tenha praticado, quando do fato gerador, ato com excesso de poderes ou infra\u00e7\u00e3o \u00e0 lei, ao contrato social ou aos estatutos.<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Maiores informa\u00e7\u00f5es, bem como o inteiro teor do Ac\u00f3rd\u00e3o proferido no Recurso Especial n\u00ba 1.377.019\/SP, podem ser encontrados no site do STJ (www.stj.jus.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 87 | Dezembro 2021 Download PDF Nesta edi\u00e7\u00e3o: CVM divulga agenda regulat\u00f3ria com prioridades normativas para o ano de 2022 Em 07.12.2021 a Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM divulgou sua agenda de temas priorit\u00e1rios para regulamenta\u00e7\u00e3o no ano de 2022 (\u201cAgenda Regulat\u00f3ria\u201d), contemplando as normas que ser\u00e3o editadas, os temas das pr\u00f3ximas [&hellip;]<\/p>","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,22],"tags":[],"class_list":["post-3855","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\u00b087 - 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-n87-12\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Newsletter N\u00b087 - Moreira Menezes Martins\" \/>\n<meta property=\"og:description\" content=\"Newsletter n\u00ba 87 | Dezembro 2021 Download PDF Nesta edi\u00e7\u00e3o: CVM divulga agenda regulat\u00f3ria com prioridades normativas para o ano de 2022 Em 07.12.2021 a Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM divulgou sua agenda de temas priorit\u00e1rios para regulamenta\u00e7\u00e3o no ano de 2022 (\u201cAgenda Regulat\u00f3ria\u201d), contemplando as normas que ser\u00e3o editadas, os temas das pr\u00f3ximas [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/moreiramenezes.com.br\/en\/newsletter-n87-12\/\" \/>\n<meta property=\"og:site_name\" content=\"Moreira Menezes Martins\" \/>\n<meta property=\"article:published_time\" 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