{"id":4680,"date":"2022-07-29T12:59:30","date_gmt":"2022-07-29T12:59:30","guid":{"rendered":"https:\/\/moreiramenezes.com.br\/?p=4680"},"modified":"2022-07-29T19:25:36","modified_gmt":"2022-07-29T19:25:36","slug":"newsletter-n94","status":"publish","type":"post","link":"https:\/\/moreiramenezes.com.br\/en\/newsletter-n94\/","title":{"rendered":"Newsletter N\u00b094"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"4680\" class=\"elementor elementor-4680\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-349475bc elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"349475bc\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 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data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1\" height=\"1\" src=\"https:\/\/moreiramenezes.com.br\/wp-content\/uploads\/2020\/08\/mmm-negativo.svg\" class=\"attachment-large size-large wp-image-2163\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-3b06700c\" data-id=\"3b06700c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7c27728a elementor-widget elementor-widget-heading\" data-id=\"7c27728a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Newsletter n\u00ba 94 | Julho 2022<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3787e589 elementor-align-right elementor-mobile-align-left elementor-widget elementor-widget-button\" data-id=\"3787e589\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/moreiramenezes.com.br\/wp-content\/uploads\/2022\/07\/2022_07_29-Newsletter-Moreira-Menezes-Martins-Advogados-no-94-vf.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-far-file-pdf\" viewbox=\"0 0 384 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M369.9 97.9L286 14C277 5 264.8-.1 252.1-.1H48C21.5 0 0 21.5 0 48v416c0 26.5 21.5 48 48 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page.&quot;,&quot;minimize_box&quot;:&quot;yes&quot;,&quot;minimized_on&quot;:&quot;tablet&quot;,&quot;hierarchical_view&quot;:&quot;yes&quot;,&quot;min_height&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"table-of-contents.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-toc__header\">\n\t\t\t<h4 class=\"elementor-toc__header-title\">\n\t\t\t\tIn this 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-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 promove altera\u00e7\u00f5es pontuais em nova regra de <i>crowdfunding<\/i> de investimento<\/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 28.06.2022 a Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM editou a Resolu\u00e7\u00e3o CVM n\u00ba 158\/2022, promovendo altera\u00e7\u00f5es pontuais na Resolu\u00e7\u00e3o CVM n\u00ba 88\/2022, norma que disciplina as ofertas p\u00fablicas de valores mobili\u00e1rios de emiss\u00e3o de sociedades empres\u00e1rias de pequeno porte, realizadas com dispensa de registro por meio de plataforma eletr\u00f4nica de investimento participativo (<i>crowdfunding<\/i> de investimento) (\u201c<u>Nova 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 CVM n\u00ba 88\/2022 consiste no novo marco regulat\u00f3rio do <i>crowdfunding<\/i> de investimento no Brasil e foi editada em 27.04.2022, como noticiado pela Newsletter Moreira Menezes, Martins Advogados n\u00ba 92 (maio de 2022).\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 reforma promovida pela Nova Resolu\u00e7\u00e3o teve como objetivo atender a pleitos e questionamentos levantados por plataformas eletr\u00f4nicas de investimento participativo ap\u00f3s a edi\u00e7\u00e3o da Resolu\u00e7\u00e3o CVM n\u00ba 88\/2022 e antes de sua entrada em vigor, em 01.07.2022.<\/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 principais altera\u00e7\u00f5es trazidas pela Nova 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) <u>Possibilidade de limita\u00e7\u00e3o dos compradores dos valores mobili\u00e1rios objeto de opera\u00e7\u00f5es subsequentes<\/u><\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">A Resolu\u00e7\u00e3o CVM n\u00ba 88\/2022 passa a prever expressamente, em seu art. 16, que as sociedades empres\u00e1rias de pequeno porte (EPP) podem optar por limitar quem ser\u00e3o os potenciais compradores das opera\u00e7\u00f5es subsequentes, de forma a permitir que apenas pessoas que j\u00e1 invistam na EPP possam adquirir os valores mobili\u00e1rios de outro investidor que esteja buscando liquidez.\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 );\">Nesse caso, tal op\u00e7\u00e3o dever\u00e1 ser informada pela plataforma eletr\u00f4nica, na p\u00e1gina da rede mundial de computadores destinada \u00e0 oferta. Al\u00e9m disso, as condi\u00e7\u00f5es e obriga\u00e7\u00f5es relacionadas aos investidores ativos devem ser lidas como se referindo a este universo menor de investidores.<\/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>Escritura\u00e7\u00e3o e controle de titularidade e de participa\u00e7\u00e3o societ\u00e1ria<\/u><\/span><\/p><p style=\"padding-left: 40px;\">O art. 53 Resolu\u00e7\u00e3o CVM n\u00ba 88\/2022 passa a prever que somente ser\u00e1 exig\u00edvel a obriga\u00e7\u00e3o de instituir controle de titularidade e participa\u00e7\u00e3o societ\u00e1ria ou de escritura\u00e7\u00e3o, conforme o caso, para os valores mobili\u00e1rios objeto de ofertas p\u00fablicas iniciadas ap\u00f3s 90 dias contados da entrada em vigor da Resolu\u00e7\u00e3o.<\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Ainda foi inclu\u00eddo par\u00e1grafo \u00fanico para determinar que, durante esse per\u00edodo de 90 dias: (ii.1) o valor alvo m\u00e1ximo de capta\u00e7\u00e3o n\u00e3o pode ser superior a R$ 5.000.000,00; (ii.2) n\u00e3o ser\u00e1 permitida a realiza\u00e7\u00e3o de opera\u00e7\u00f5es subsequentes com valores mobili\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 );\">A Resolu\u00e7\u00e3o entrou em vigor em 28.06.2022.<\/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 Resolu\u00e7\u00e3o, podem ser encontradas no site da CVM (www.gov.br\/cvm).<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6a1d6f05 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"6a1d6f05\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-33fe2eec elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"33fe2eec\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-42f76604\" data-id=\"42f76604\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-25066afe elementor-widget elementor-widget-heading\" data-id=\"25066afe\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Entra em vigor novo decreto que regulamenta a Lei Anticorrup\u00e7\u00e3o brasileira<\/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 12.07.2022 foi publicado o Decreto n\u00ba 11.129\/2022 (\u201c<u>Novo Decreto<\/u>\u201d), que regulamentando a Lei n\u00ba 12.846\/2013, a qual disp\u00f5e sobre a responsabiliza\u00e7\u00e3o administrativa e civil de pessoas jur\u00eddicas pela pr\u00e1tica de atos contra a administra\u00e7\u00e3o p\u00fablica, nacional ou estrangeira (\u201c<u>Lei Anticorrup\u00e7\u00e3o<\/u>\u201d). O Novo Decreto revogou o Decreto n\u00ba 8.420\/2015 (\u201c<u>Decreto Revogado<\/u>\u201d), que at\u00e9 ent\u00e3o regulamentava a Lei Anticorrup\u00e7\u00e3o.<\/p>\n<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">O Novo Decreto especifica que a Lei Anticorrup\u00e7\u00e3o se aplica aos atos lesivos praticados: (i) por pessoa jur\u00eddica brasileira contra administra\u00e7\u00e3o p\u00fablica estrangeira, ainda que cometidos no exterior; (ii) no todo ou em parte no territ\u00f3rio nacional ou que nele produzam ou possam produzir efeitos; ou (iii) no exterior, quando praticados contra a administra\u00e7\u00e3o p\u00fablica nacional. Podem ser responsabilizadas de acordo com a Lei Anticorrup\u00e7\u00e3o as pessoas jur\u00eddicas que tenham sede, filial ou representa\u00e7\u00e3o no territ\u00f3rio brasileiro, regularmente constitu\u00eddas ou existentes de fato.<\/span><\/p>\n<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Dentre as principais altera\u00e7\u00f5es promovidas pelo Novo Decreto, em compara\u00e7\u00e3o com o Decreto Revogado, destacam-se as seguintes:<\/span><\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(i) <u>Percentuais e fatores de dosimetria da pena de multa<\/u>:<\/span><\/p>\n<p style=\"padding-left: 40px;\">Assim como ocorria na vig\u00eancia do Decreto Revogado, a san\u00e7\u00e3o de multa \u00e9 calculada com base em percentuais do faturamento bruto da pessoa jur\u00eddica, apurado no exerc\u00edcio anterior \u00e0 instaura\u00e7\u00e3o do Processo Administrativo de Responsabiliza\u00e7\u00e3o (PAR). Entretanto, os percentuais aplic\u00e1veis, de acordo com cada fator de dosimetria, bem como os pr\u00f3prios fatores de dosimetria, foram alterados por meio do Novo Decreto.<\/p>\n<p style=\"padding-left: 40px;\">Nos termos do art. 22 do Novo Decreto, a multa aplic\u00e1vel passa a ser calculada pela soma dos valores correspondentes aos seguintes percentuais da base de c\u00e1lculo: (i.1) at\u00e9 4% em caso de concurso de atos lesivos; (i.2) at\u00e9 3% em caso de toler\u00e2ncia ou ci\u00eancia de pessoas do corpo diretivo ou gerencial da pessoa jur\u00eddica (na vig\u00eancia do Decreto Revogado, o percentual aplic\u00e1vel para tal fator de dosimetria se limitava a 2,5%); (i.3) at\u00e9 4% em caso de interrup\u00e7\u00e3o no fornecimento de servi\u00e7o p\u00fablico, execu\u00e7\u00e3o de obra ou entrega de bens ou servi\u00e7os essenciais \u00e0 presta\u00e7\u00e3o de servi\u00e7os p\u00fablicos ou no caso de descumprimento de requisitos regulat\u00f3rios; (i.4) 1% para a situa\u00e7\u00e3o econ\u00f4mica do infrator que apresente \u00edndices de solv\u00eancia geral e de liquidez geral superiores a um e lucro l\u00edquido no \u00faltimo exerc\u00edcio anterior ao da instaura\u00e7\u00e3o do PAR; (i.5) 3% em caso de reincid\u00eancia (na vig\u00eancia do Decreto Revogado, o percentual aplic\u00e1vel para tal fator de dosimetria era de 5%); (i.6) 1% a 5% a depender dos valores dos contratos afetados pelos atos lesivos, que variam de R$ 500.000,00 a R$ 250.000.000,00 (na vig\u00eancia do Decreto Revogado, os valores dos contratos afetados variavam de R$ 1.500.000,00 a R$ 1.000.000.000,00).<\/p>\n<p style=\"padding-left: 40px;\">Al\u00e9m dos fatores de majora\u00e7\u00e3o da multa, conforme disp\u00f5e o art. 23 do Novo Decreto, tamb\u00e9m foram alterados os fatores de diminui\u00e7\u00e3o, da seguinte forma: (i.1) diminui\u00e7\u00e3o de at\u00e9 0,5% em caso de n\u00e3o consuma\u00e7\u00e3o da infra\u00e7\u00e3o (na vig\u00eancia do Decreto Revogado, tal percentual era de at\u00e9 1%); (i.2) diminui\u00e7\u00e3o de at\u00e9 1% em caso de comprova\u00e7\u00e3o da devolu\u00e7\u00e3o espont\u00e2nea da vantagem auferida e ressarcimento dos danos resultantes do ato lesivo ou de inexist\u00eancia de comprova\u00e7\u00e3o de vantagem auferida e danos resultantes do ato lesivo; (i.3) diminui\u00e7\u00e3o de at\u00e9 1,5%, a depender do grau de colabora\u00e7\u00e3o da pessoa jur\u00eddica com a investiga\u00e7\u00e3o ou a apura\u00e7\u00e3o do ato lesivo, independentemente do acordo de leni\u00eancia; (i.4) diminui\u00e7\u00e3o de at\u00e9 2% em caso de admiss\u00e3o volunt\u00e1ria pela pessoa jur\u00eddica; e (i.5) diminui\u00e7\u00e3o de at\u00e9 5%, caso a pessoa jur\u00eddica possua e aplique um programa de integridade,<\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(ii) <u>Escopo da investiga\u00e7\u00e3o preliminar<\/u>:&nbsp;<\/span><\/p>\n<p style=\"padding-left: 40px;\">O Novo Decreto aumentou o escopo e passou a prever novas regras e ritos para a investiga\u00e7\u00e3o preliminar, procedimento de car\u00e1ter sigiloso e n\u00e3o punitivo que visa colher ind\u00edcios de atos lesivos \u00e0 administra\u00e7\u00e3o p\u00fablica federal, para subsidiar a eventual instaura\u00e7\u00e3o de PAR contra a pessoa jur\u00eddica investigada.<\/p>\n<p style=\"padding-left: 40px;\">Ampliou-se o rol de dilig\u00eancias investigativas a serem adotadas para&nbsp; elucida\u00e7\u00e3o dos fatos sob apura\u00e7\u00e3o, incluindo-se: (ii.1) proposi\u00e7\u00e3o \u00e0 autoridade instauradora da suspens\u00e3o cautelar dos efeitos do ato ou do processo objeto da investiga\u00e7\u00e3o; (ii.2) solicita\u00e7\u00e3o da atua\u00e7\u00e3o de especialistas com conhecimentos t\u00e9cnicos ou operacionais, de \u00f3rg\u00e3os e entidades p\u00fablicos ou de outras organiza\u00e7\u00f5es para auxiliar na investiga\u00e7\u00e3o; (ii.3) solicita\u00e7\u00e3o de informa\u00e7\u00f5es banc\u00e1rias sobre movimenta\u00e7\u00e3o de recursos p\u00fablicos, ainda que sigilosas; (ii.4) requisi\u00e7\u00e3o, por meio da autoridade competente, do compartilhamento de informa\u00e7\u00f5es tribut\u00e1rias da pessoa jur\u00eddica investigada, conforme previsto no C\u00f3digo Tribut\u00e1rio Nacional; (ii.5) solicita\u00e7\u00e3o, ao \u00f3rg\u00e3o de representa\u00e7\u00e3o judicial ou equivalente dos \u00f3rg\u00e3os ou das entidades lesadas, das medidas judiciais necess\u00e1rias para a investiga\u00e7\u00e3o e o processamento dos atos lesivos, inclusive de busca e apreens\u00e3o, no Brasil ou no exterior; ou (ii.6) solicita\u00e7\u00e3o de documentos ou informa\u00e7\u00f5es a pessoas f\u00edsicas ou jur\u00eddicas, de direito p\u00fablico ou privado, nacionais ou estrangeiras.<\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(iii) <u>Apresenta\u00e7\u00e3o de defesa e pedido de produ\u00e7\u00e3o de provas<\/u>:<\/span><\/p>\n<p style=\"padding-left: 40px;\">O prazo para apresenta\u00e7\u00e3o de defesa escrita e pedido de produ\u00e7\u00e3o de provas continua a ser de 30 dias contados da intima\u00e7\u00e3o da pessoa jur\u00eddica investigada, conforme j\u00e1 previa o Decreto Revogado. Contudo, o Novo Decreto inova ao estabelecer que o ato de intima\u00e7\u00e3o (i) facultar\u00e1 expressamente \u00e0 pessoa jur\u00eddica a possibilidade de apresentar informa\u00e7\u00f5es e provas que subsidiem a an\u00e1lise relativa aos elementos que atenuem o valor da pena de multa; e (ii) solicitar\u00e1 a apresenta\u00e7\u00e3o de informa\u00e7\u00f5es e documentos, nos termos estabelecidos pela Controladoria-Geral da Uni\u00e3o, que permitam a an\u00e1lise do programa de integridade da pessoa jur\u00eddica em quest\u00e3o.<\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(iv) <u>Acordo de leni\u00eancia<\/u>:&nbsp;<\/span><\/p>\n<p style=\"padding-left: 40px;\">Quanto ao acordo de leni\u00eancia, o Novo Decreto o define como ato administrativo negocial decorrente do exerc\u00edcio do poder sancionador do Estado, que visa \u00e0 responsabiliza\u00e7\u00e3o de pessoas jur\u00eddicas pela pr\u00e1tica de atos lesivos contra a administra\u00e7\u00e3o p\u00fablica nacional ou estrangeira. O par\u00e1grafo \u00fanico do art. 32 estabelece os objetivos buscados pelo acordo de leni\u00eancia, quais sejam: (iv.1) o incremento da capacidade investigativa da administra\u00e7\u00e3o p\u00fablica; (iv.2) a potencializa\u00e7\u00e3o da capacidade estatal de recupera\u00e7\u00e3o de ativos; e (iv.3) o fomento da cultura de integridade no setor privado.<\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Al\u00e9m disso, o Novo Decreto determina que ato conjunto do Ministro de Estado da Controladoria-Geral da Uni\u00e3o (\u201c<u>CGU<\/u>\u201d) e da Advocacia-Geral da Uni\u00e3o (\u201c<u>AGU<\/u>\u201d) (i) disciplinar\u00e1 a participa\u00e7\u00e3o de membros da AGU nos processos de negocia\u00e7\u00e3o e de acompanhamento do cumprimento dos acordos de leni\u00eancia; e (ii) dispor\u00e1 sobre a celebra\u00e7\u00e3o de acordos de leni\u00eancia pelo Ministro de Estado da CGU em conjunto com o Advogado-Geral da Uni\u00e3o.<\/span><\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Tamb\u00e9m foram impostos deveres adicionais \u00e0 pessoa jur\u00eddica que pretenda celebrar acordo de leni\u00eancia, como, por exemplo, a repara\u00e7\u00e3o integral da parcela incontroversa do dano causado; ou a perda, em favor do ente lesado ou da Uni\u00e3o, conforme o caso, dos valores correspondentes ao acr\u00e9scimo patrimonial indevido ou ao enriquecimento il\u00edcito direta ou indiretamente obtido pela infra\u00e7\u00e3o.<\/span><\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">A proposta de celebra\u00e7\u00e3o do acordo de leni\u00eancia dever\u00e1 ser feita necessariamente de forma escrita. Desse modo, foi exclu\u00edda a possibilidade de realiza\u00e7\u00e3o da proposta de forma oral, conforme permitia o Decreto Revogado. A negocia\u00e7\u00e3o relativa \u00e0 proposta do acordo de leni\u00eancia dever\u00e1 ser conclu\u00edda no prazo de 180 dias, contado da data de assinatura de memorando de entendimentos entre as partes e prorrog\u00e1vel por igual per\u00edodo.<\/span><\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">A celebra\u00e7\u00e3o do acordo de leni\u00eancia interrompe a prescri\u00e7\u00e3o quanto aos atos il\u00edcitos objeto do acordo. O prazo prescricional ficar\u00e1 suspenso at\u00e9 que sejam cumpridos os compromissos firmados no acordo ou at\u00e9 a sua rescis\u00e3o.<\/span><\/p>\n<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">As disposi\u00e7\u00f5es do Novo Decreto aplicam-se imediatamente aos processos em curso, excetuados os atos praticados antes de sua vig\u00eancia (que se iniciou em 18.07.2022).<\/span><\/p>\n<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Maiores informa\u00e7\u00f5es, bem como o inteiro teor do Novo Decreto, podem ser encontradas no portal \u201cPlanalto\u201d do site do Governo Federal (https:\/\/www.gov.br\/planalto).<\/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 edita resolu\u00e7\u00f5es sobre ofertas p\u00fablicas de distribui\u00e7\u00e3o 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-563dd8e1 elementor-widget elementor-widget-text-editor\" data-id=\"563dd8e1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Em 13.07.2022 a Comiss\u00e3o de Valores Mobili\u00e1rios (\u201c<u>CVM<\/u>\u201d) editou as Resolu\u00e7\u00f5es CVM n\u00ba 160\/2022, n\u00ba 161\/2022, n\u00ba 162\/2022 e n\u00ba 163\/2022 (em conjunto, \u201c<u>Resolu\u00e7\u00f5es<\/u>\u201d), que versam sobre ofertas p\u00fablicas de distribui\u00e7\u00e3o de valores mobili\u00e1rios.<\/p>\n<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">As Resolu\u00e7\u00f5es s\u00e3o provenientes das discuss\u00f5es promovidas no \u00e2mbito da Audi\u00eancia P\u00fablica SDM n\u00ba 02\/2021. Al\u00e9m disso, o tema das ofertas p\u00fablicas de distribui\u00e7\u00e3o de valores mobili\u00e1rios constitui um dos focos da Agenda Regulat\u00f3ria da CVM para o ano de 2022. A reforma do arcabou\u00e7o regulat\u00f3rio de ofertas p\u00fablicas de valores mobili\u00e1rios buscou implementar maior previsibilidade, agilidade e seguran\u00e7a jur\u00eddica para as ofertas p\u00fablicas.<\/span><\/p>\n<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Nesse contexto, destacam-se abaixo as mat\u00e9rias reguladas por cada Resolu\u00e7\u00e3o:<\/span><\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(i) <u>Resolu\u00e7\u00e3o CVM n\u00ba 160\/2022<\/u>: disp\u00f5e sobre as ofertas p\u00fablicas de distribui\u00e7\u00e3o prim\u00e1ria ou secund\u00e1ria de valores mobili\u00e1rios e a negocia\u00e7\u00e3o dos valores mobili\u00e1rios ofertados nos mercados regulamentados, revogando as Instru\u00e7\u00f5es CVM n\u00ba 400\/2003 e n\u00ba 476\/2009;<\/span><\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(ii) <u>Resolu\u00e7\u00e3o CVM n\u00ba 161\/2022<\/u>: disp\u00f5e sobre o registro de coordenadores de ofertas p\u00fablicas de distribui\u00e7\u00e3o de valores mobili\u00e1rios e sobre as regras, procedimentos e controles internos a serem observados na intermedia\u00e7\u00e3o de tais ofertas;<\/span><\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(iii) <u>Resolu\u00e7\u00e3o CVM n\u00ba 162\/2022<\/u>: promove altera\u00e7\u00f5es em diversas instru\u00e7\u00f5es e resolu\u00e7\u00f5es da CVM em vigor, adaptando-as \u00e0s novas Resolu\u00e7\u00f5es; e<\/span><\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(iv) <u>Resolu\u00e7\u00e3o CVM n\u00ba 163\/2022<\/u>: disp\u00f5e sobre a oferta p\u00fablica de distribui\u00e7\u00e3o de nota promiss\u00f3ria, revogando a Instru\u00e7\u00e3o CVM n\u00ba 566\/2015, que tratava desse mesmo tema.<\/span><\/p>\n<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Dentre as principais altera\u00e7\u00f5es promovidas em rela\u00e7\u00e3o ao regime anterior, destacam-se as seguintes:&nbsp;<\/span><\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(i) a Resolu\u00e7\u00e3o CVM n\u00ba 160\/2022 instituiu o chamado \u201crito de registro autom\u00e1tico de distribui\u00e7\u00e3o\u201d, nas quais o registro da oferta n\u00e3o se sujeita \u00e0 an\u00e1lise pr\u00e9via da CVM e pode ser realizada automaticamente, visando conferir maior flexibilidade e agilidade ao procedimento de registro nessas hip\u00f3teses espec\u00edficas. Em raz\u00e3o da cria\u00e7\u00e3o do rito de registro autom\u00e1tico, o novo arcabou\u00e7o regulat\u00f3rio n\u00e3o prev\u00ea mais as chamadas \u201cofertas p\u00fablicas de esfor\u00e7os restritos\u201d, atualmente previstas na Instru\u00e7\u00e3o CVM n\u00ba 476\/2009, uma vez que as principais vantagens de tal modalidade de oferta p\u00fablica foram contempladas e ampliadas pelo rito de registro autom\u00e1tico;<\/span><\/p>\n<p style=\"padding-left: 40px;\">(ii) enquadram-se no rito de registro autom\u00e1tico de distribui\u00e7\u00e3o as ofertas p\u00fablicas iniciais de distribui\u00e7\u00e3o de a\u00e7\u00f5es, b\u00f4nus de subscri\u00e7\u00e3o, deb\u00eantures convers\u00edveis ou permut\u00e1veis em a\u00e7\u00f5es e de certificados de dep\u00f3sito sobre estes valores mobili\u00e1rios de emissores registrados em fase operacional quando o requerimento de registro for previamente analisado por entidade autorreguladora autorizada pela CVM (art. 26, I da Resolu\u00e7\u00e3o CVM n\u00ba 160\/2022);<\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(iii) a Resolu\u00e7\u00e3o CVM n\u00ba 160\/2022 estabelece defini\u00e7\u00e3o mais precisa e restrita de \u201coferta p\u00fablica de distribui\u00e7\u00e3o\u201d, conceituando-a como \u201co ato de comunica\u00e7\u00e3o oriundo do ofertante, do emissor, quando este n\u00e3o for o ofertante, ou ainda de quaisquer pessoas naturais ou jur\u00eddicas, integrantes ou n\u00e3o do sistema de distribui\u00e7\u00e3o de valores mobili\u00e1rios, atuando em nome do emissor, do ofertante ou das institui\u00e7\u00f5es intermedi\u00e1rias, disseminado por qualquer meio ou forma que permita o alcance de diversos destinat\u00e1rios, e cujo conte\u00fado e contexto representem tentativa de despertar o interesse ou prospectar investidores para a realiza\u00e7\u00e3o de investimento em determinados valores mobili\u00e1rios [&#8230;]\u201d (art. 3\u00ba);<\/span><\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(iv) a Resolu\u00e7\u00e3o CVM n\u00ba 160\/2022 passa a contemplar modelos de prospecto categorizados de acordo com o tipo de valor mobili\u00e1rio ofertado, incluindo os seguintes: prospecto de a\u00e7\u00f5es, de d\u00edvida, de fundos fechados, de fundos de investimento em direitos credit\u00f3rios e de securitiza\u00e7\u00e3o;<\/span><\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(v) a Resolu\u00e7\u00e3o CVM 160\/2022 amplia as hip\u00f3teses em que t\u00edtulos de securitiza\u00e7\u00e3o podem se beneficiar do rito de registro autom\u00e1tico de distribui\u00e7\u00e3o, como por exemplo nos casos de oferta p\u00fablica de distribui\u00e7\u00e3o de t\u00edtulos de securitiza\u00e7\u00e3o emitidos por companhias securitizadoras registradas na CVM, destinados exclusivamente a investidores profissionais e qualificados (art. 26, VIII);<\/span><\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(vi) o conceito de \u201cinvestidor institucional\u201d \u00e9 substitu\u00eddo pelo conceito de \u201cinvestidor profissional\u201d, conceito j\u00e1 existente na regulamenta\u00e7\u00e3o vigente (art. 11 da Resolu\u00e7\u00e3o CVM n\u00ba 30\/2021);<\/span><\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(vii) foi aumentado para 25% o lote adicional da oferta p\u00fablica de distribui\u00e7\u00e3o, substituindo o percentual anterior de 20% previsto na Instru\u00e7\u00e3o CVM n\u00ba 400\/2003. Dessa forma, a quantidade de valores mobili\u00e1rios a ser distribu\u00edda pode, a crit\u00e9rio do ofertante e sem a necessidade de novo requerimento ou de modifica\u00e7\u00e3o dos termos da oferta, ser aumentada, at\u00e9 um montante que n\u00e3o exceda em 25% a quantidade inicialmente requerida. No que tange \u00e0s ofertas destinadas exclusivamente a investidores profissionais, fica dispensado esse limite de 25%, devendo ser especificados nos documentos da oferta tanto o valor m\u00e1ximo do lote adicional quanto a destina\u00e7\u00e3o dos recursos adicionais; e<\/span><\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(viii) a Resolu\u00e7\u00e3o CVM n\u00ba 160\/2022 passa a contemplar tamb\u00e9m a sociedade com prop\u00f3sito de aquisi\u00e7\u00e3o de companhia (\u201c<u>SPAC<\/u>\u201d), definindo-a como emissora em fase pr\u00e9-operacional constitu\u00edda com a finalidade exclusiva de participar futuramente no capital social de sociedade operacional pr\u00e9-existente (art. 2\u00ba, XXII). A norma prev\u00ea que a negocia\u00e7\u00e3o em mercados regulamentados de valores mobili\u00e1rios emitidos por SPACs somente pode ser realizada entre investidores qualificados, cessando tal restri\u00e7\u00e3o ap\u00f3s decorridos seis meses da opera\u00e7\u00e3o societ\u00e1ria que tenha resultado na combina\u00e7\u00e3o de neg\u00f3cios entre a SPAC e a sociedade operacional (art. 85).<\/span><\/p>\n<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">As Resolu\u00e7\u00f5es entram em vigor a partir de 02.01.2023, devendo-se observar, contudo, a ressalva do art. 100, par\u00e1grafo \u00fanico da Resolu\u00e7\u00e3o CVM n\u00ba 160\/2022, que disp\u00f5e que as ofertas que estejam em curso naquela data ser\u00e3o regidas, inclusive no que tange \u00e0s restri\u00e7\u00f5es \u00e0 negocia\u00e7\u00e3o em mercado secund\u00e1rio dos valores mobili\u00e1rios ofertados, pelas normas vigentes (i) na data do protocolo do requerimento de registro; ou (ii) na data em que informado o in\u00edcio da oferta, no caso de ofertas isentas de registro.<\/span><\/p>\n<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Maiores informa\u00e7\u00f5es, bem como a \u00edntegra das Resolu\u00e7\u00f5es, podem ser encontradas no site da CVM (www.gov.br\/cvm).<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-df0b583 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"df0b583\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-be26991 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"be26991\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-9ebc3fb\" data-id=\"9ebc3fb\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-de4587f elementor-widget elementor-widget-heading\" data-id=\"de4587f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Jurisprud\u00eancia<\/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><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 );\">PROCESSUAL CIVIL E TRIBUT\u00c1RIO. RECURSO ESPECIAL REPRESENTATIVO DE CONTROV\u00c9RSIA. TEMA 1.012. EXECU\u00c7\u00c3O FISCAL. BLOQUEIO DE VALORES DO DEVEDOR VIA SISTEMA BACENJUD ANTERIOR \u00c0 CONCESS\u00c3O DE PARCELAMENTO FISCAL. MANUTEN\u00c7\u00c3O DA CONSTRI\u00c7\u00c3O. PRECEDENTES. REAFIRMA\u00c7\u00c3O DA JURISPRUD\u00caNCIA CONSOLIDADA DESTA CORTE. SUPERVENIENTE PREJUDICIALIDADE DO RECURSO ESPECIAL QUE N\u00c3O IMPEDE A FIXA\u00c7\u00c3O DA TESE RELATIVA \u00c0 QUEST\u00c3O JUR\u00cdDICA AFETADA AO RITO DOS REPETITIVOS. INTELIG\u00caNCIA DO PAR\u00c1GRAFO \u00daNICO DO ART. 998 DO CPC\/2015.\u00a0<\/span><\/p><p>1. As quest\u00f5es relativas aos requisitos de admissibilidade e abrang\u00eancia de argumenta\u00e7\u00e3o e discuss\u00e3o da quest\u00e3o a ser decidida foram analisadas pela Primeira Se\u00e7\u00e3o desta Corte no ac\u00f3rd\u00e3o de fls. 209-210 e-STJ, na forma dos arts. 256-I e 257-A, \u00a7 1\u00ba, do RISTJ, tendo sido afetados e considerados aptos a representar a controv\u00e9rsia o REsp 1.756.506\/PA, o REsp 1.696.270\/MG e o REsp 1.703.535\/PA, para fins de fixa\u00e7\u00e3o da tese jur\u00eddica para os efeitos dos arts. 927, III, 1.039 e seguintes do CPC\/2015, cujo objeto \u00e9 a defini\u00e7\u00e3o da seguinte quest\u00e3o: &#8220;possibilidade de manuten\u00e7\u00e3o de penhora da valores via sistema BACENJUD no caso de parcelamento do cr\u00e9dito fiscal executado (art. 151, VI, do CTN)&#8221;. Por ocasi\u00e3o do ac\u00f3rd\u00e3o de afeta\u00e7\u00e3o foi determinada a suspens\u00e3o dos processos sobre o tema em todo o territ\u00f3rio nacional, inclusive os que tramitam nos juizados especiais.<\/p><p>2. A jurisprud\u00eancia consolidada desta Corte, a qual se pretende reafirmar, mantendo-a est\u00e1vel, \u00edntegra e coerente, na forma do art. 926 do CPC\/2015, admite a manuten\u00e7\u00e3o do bloqueio de valores via sistema BACENJUD realizado em momento anterior \u00e0 concess\u00e3o de parcelamento fiscal, seja em raz\u00e3o de expressa previs\u00e3o, na legisla\u00e7\u00e3o do parcelamento, de manuten\u00e7\u00e3o das garantias j\u00e1 prestadas, seja porque, ainda que n\u00e3o haja tal previs\u00e3o na legisla\u00e7\u00e3o do benef\u00edcio, o parcelamento, a teor do art. 151, VI, do CTN, n\u00e3o extingue a obriga\u00e7\u00e3o, apenas suspende a exigibilidade do cr\u00e9dito tribut\u00e1rio, mantendo a rela\u00e7\u00e3o jur\u00eddica processual no estado em que ela se encontra, cuja execu\u00e7\u00e3o fiscal poder\u00e1 ser retomada, com a execu\u00e7\u00e3o da garantia, em caso de eventual exclus\u00e3o do contribuinte do programa de parcelamento fiscal. Nesse sentido: AgInt no REsp 1.864.068\/SC, Rel. Ministro Benedito Gon\u00e7alves, Primeira Turma, DJe 18\/12\/2020; REsp 1.701.820\/SP, Min. Ministro Herman Benjamin, Segunda Turma, DJe 19\/12\/2017; AgInt no REsp 1.379.633\/PB, Rel. Ministro Gurgel De Faria, Primeira Turma, DJe 15\/12\/2017; AgInt no REsp 1.488.977\/RS, Rel. Ministro Napole\u00e3o Nunes Maia Filho, Primeira Turma, DJe 03\/08\/2017; AgInt no REsp 1.614.946\/DF, Rel. Ministra Regina Helena Costa, Primeira Turma, DJe 29\/03\/2017; AgRg nos EDcl no REsp 1.342.361\/PE, Rel. Ministro S\u00e9rgio Kukina, Primeira Turma, DJe 04\/10\/2016; AgInt no REsp 1.596.222\/PI, Rel. Min. Og Fernandes, Segunda Turma, DJe 30\/09\/2016; REsp 1.229.028\/PR, Rel. Ministro Mauro Campbell Marques, Segunda Turma, DJe 18\/10\/2011; AgRg no REsp 1.249.210\/MG, Rel. Ministro Humberto Martins, Segunda Turma, DJe 24\/06\/2011.\u00a0<\/p><p>3. N\u00e3o prospera o argumento levado a efeito pelo Tribunal de origem, bem como pela Defensoria P\u00fablica da Uni\u00e3o em sua manifesta\u00e7\u00e3o como amicus curiae, no sentido de diferenciar o dinheiro em dep\u00f3sito ou aplica\u00e7\u00e3o financeira, bloqueado via sistema BACENJUD, dos demais bens pass\u00edveis de penhora ou constri\u00e7\u00e3o, visto que n\u00e3o h\u00e1 diferencia\u00e7\u00e3o em rela\u00e7\u00e3o ao bem dado em garantia na legisla\u00e7\u00e3o que trata da manuten\u00e7\u00e3o das garantias do d\u00e9bito objeto do parcelamento fiscal, n\u00e3o cabendo ao int\u00e9rprete faz\u00ea-lo, sob pena de atuar como legislador positivo em viola\u00e7\u00e3o ao princ\u00edpio da separa\u00e7\u00e3o dos poderes.\u00a0<\/p><p>4. Se o bloqueio de valores do executado via sistema BACENJUD ocorre em momento posterior \u00e0 concess\u00e3o de parcelamento fiscal, n\u00e3o se justifica a manuten\u00e7\u00e3o da constri\u00e7\u00e3o, devendo ser levantado o bloqueio, visto que: (i) se o parcelamento for daqueles cuja ades\u00e3o exige, como um dos requisitos, a apresenta\u00e7\u00e3o de garantias do d\u00e9bito, tais requisitos ser\u00e3o analisados pelo Fisco no \u00e2mbito administrativo e na forma da legisla\u00e7\u00e3o pertinente para fins de inclus\u00e3o do contribuinte no programa; e (ii) a suspens\u00e3o da exigibilidade do cr\u00e9dito fiscal pelo parcelamento (j\u00e1 concedido) obsta sejam levadas a efeito medidas constritivas enquanto durar a suspens\u00e3o da exigibilidade do cr\u00e9dito, no caso, na vig\u00eancia do parcelamento fiscal. Tal orienta\u00e7\u00e3o j\u00e1 foi consolidada pela Primeira Se\u00e7\u00e3o desta Corte, em sede de recurso especial repetitivo, nos autos do REsp n\u00ba 1.140.956\/SP, de relatoria do eminente Ministro Luiz Fux, DJe 3\/12\/2010.\u00a0<\/p><p>5. Tese jur\u00eddica fixada para os fins dos arts. 927, III, 1.039 e seguintes do CPC\/2015: O bloqueio de ativos financeiros do executado via sistema BACENJUD, em caso de concess\u00e3o de parcelamento fiscal, seguir\u00e1 a seguinte orienta\u00e7\u00e3o: (i) ser\u00e1 levantado o bloqueio se a concess\u00e3o \u00e9 anterior \u00e0 constri\u00e7\u00e3o; e (ii) fica mantido o bloqueio se a concess\u00e3o ocorre em momento posterior \u00e0 constri\u00e7\u00e3o, ressalvada, nessa hip\u00f3tese, a possibilidade excepcional de substitui\u00e7\u00e3o da penhora online por fian\u00e7a banc\u00e1ria ou seguro garantia, diante das peculiaridades do caso concreto, mediante comprova\u00e7\u00e3o irrefut\u00e1vel, a cargo do executado, da necessidade de aplica\u00e7\u00e3o do princ\u00edpio da menor onerosidade.\u00a0<\/p><p>6. Dispositivo: Julgo prejudicado o recurso especial da FAZENDA NACIONAL em raz\u00e3o da superveniente perda de objeto decorrente da extin\u00e7\u00e3o da execu\u00e7\u00e3o fiscal em face do pagamento do d\u00e9bito pelo ent\u00e3o devedor.<\/p><p>(STJ. Primeira Se\u00e7\u00e3o. REsp n\u00ba 1.696.270\/MG. Rel.: Min. Mauro Campbell Marques. Data de julgamento: 08.06.2022. Data de publica\u00e7\u00e3o: 14.06.2022)<\/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 94 | Julho 2022 Download PDF Nesta edi\u00e7\u00e3o: CVM promove altera\u00e7\u00f5es pontuais em nova regra de crowdfunding de investimento Em 28.06.2022 a Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM editou a Resolu\u00e7\u00e3o CVM n\u00ba 158\/2022, promovendo altera\u00e7\u00f5es pontuais na Resolu\u00e7\u00e3o CVM n\u00ba 88\/2022, norma que disciplina as ofertas p\u00fablicas de valores mobili\u00e1rios de emiss\u00e3o [&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-4680","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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