{"id":4842,"date":"2022-10-20T15:42:59","date_gmt":"2022-10-20T15:42:59","guid":{"rendered":"https:\/\/moreiramenezes.com.br\/?p=4842"},"modified":"2022-10-20T16:08:57","modified_gmt":"2022-10-20T16:08:57","slug":"newsletter-n97","status":"publish","type":"post","link":"https:\/\/moreiramenezes.com.br\/en\/newsletter-n97\/","title":{"rendered":"Newsletter N\u00b097"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"4842\" class=\"elementor elementor-4842\" 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 elementor-top-column elementor-element elementor-element-3ab6797a\" data-id=\"3ab6797a\" 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-3e9eebc1 elementor-widget elementor-widget-template\" data-id=\"3e9eebc1\" data-element_type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"header\" data-elementor-id=\"16\" class=\"elementor elementor-16\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8b07cae elementor-section-content-middle elementor-section-full_width elementor-section-height-min-height elementor-section-height-default elementor-section-items-middle\" data-id=\"8b07cae\" data-element_type=\"section\" id=\"topo\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;sticky&quot;:&quot;top&quot;,&quot;sticky_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;],&quot;sticky_offset&quot;:0,&quot;sticky_effects_offset&quot;:0,&quot;sticky_anchor_link_offset&quot;:0}\">\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-50 elementor-top-column elementor-element elementor-element-9efaada\" data-id=\"9efaada\" 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-41f2eca elementor-widget elementor-widget-image\" data-id=\"41f2eca\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/moreiramenezes.com.br\/en\/\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1\" height=\"1\" src=\"https:\/\/moreiramenezes.com.br\/wp-content\/uploads\/2020\/08\/logo-branco-1.svg\" class=\"attachment-large size-large wp-image-174\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\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-top-column elementor-element elementor-element-82d0d6b\" data-id=\"82d0d6b\" 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-b9d6616 elementor-view-stacked elementor-shape-square elementor-hidden-desktop elementor-hidden-tablet elementor-widget elementor-widget-icon\" data-id=\"b9d6616\" data-element_type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<a class=\"elementor-icon\" href=\"#elementor-action%3Aaction%3Dpopup%3Aopen%26settings%3DeyJpZCI6IjE4OTQiLCJ0b2dnbGUiOmZhbHNlfQ%3D%3D\">\n\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-bars\" viewbox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M16 132h416c8.837 0 16-7.163 16-16V76c0-8.837-7.163-16-16-16H16C7.163 60 0 67.163 0 76v40c0 8.837 7.163 16 16 16zm0 160h416c8.837 0 16-7.163 16-16v-40c0-8.837-7.163-16-16-16H16c-8.837 0-16 7.163-16 16v40c0 8.837 7.163 16 16 16zm0 160h416c8.837 0 16-7.163 16-16v-40c0-8.837-7.163-16-16-16H16c-8.837 0-16 7.163-16 16v40c0 8.837 7.163 16 16 16z\"><\/path><\/svg>\t\t\t<\/a>\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-b06390e elementor-nav-menu__align-end elementor-hidden-mobile elementor-widget__width-auto elementor-nav-menu--dropdown-tablet elementor-nav-menu__text-align-aside elementor-nav-menu--toggle elementor-nav-menu--burger elementor-widget elementor-widget-nav-menu\" data-id=\"b06390e\" data-element_type=\"widget\" data-settings=\"{&quot;layout&quot;:&quot;horizontal&quot;,&quot;submenu_icon&quot;:{&quot;value&quot;:&quot;&lt;svg class=\\&quot;e-font-icon-svg e-fas-caret-down\\&quot; viewBox=\\&quot;0 0 320 512\\&quot; xmlns=\\&quot;http:\\\/\\\/www.w3.org\\\/2000\\\/svg\\&quot;&gt;&lt;path d=\\&quot;M31.3 192h257.3c17.8 0 26.7 21.5 14.1 34.1L174.1 354.8c-7.8 7.8-20.5 7.8-28.3 0L17.2 226.1C4.6 213.5 13.5 192 31.3 192z\\&quot;&gt;&lt;\\\/path&gt;&lt;\\\/svg&gt;&quot;,&quot;library&quot;:&quot;fa-solid&quot;},&quot;toggle&quot;:&quot;burger&quot;}\" data-no-translation=\"\" data-widget_type=\"nav-menu.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>.elementor-element-b06390e{display:none !important}<\/style>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f7ba297 elementor-nav-menu__align-end elementor-hidden-mobile elementor-widget__width-auto elementor-nav-menu--dropdown-tablet elementor-nav-menu__text-align-aside elementor-nav-menu--toggle elementor-nav-menu--burger elementor-widget elementor-widget-nav-menu\" data-id=\"f7ba297\" data-element_type=\"widget\" data-settings=\"{&quot;layout&quot;:&quot;horizontal&quot;,&quot;submenu_icon&quot;:{&quot;value&quot;:&quot;&lt;svg class=\\&quot;e-font-icon-svg e-fas-caret-down\\&quot; viewBox=\\&quot;0 0 320 512\\&quot; xmlns=\\&quot;http:\\\/\\\/www.w3.org\\\/2000\\\/svg\\&quot;&gt;&lt;path d=\\&quot;M31.3 192h257.3c17.8 0 26.7 21.5 14.1 34.1L174.1 354.8c-7.8 7.8-20.5 7.8-28.3 0L17.2 226.1C4.6 213.5 13.5 192 31.3 192z\\&quot;&gt;&lt;\\\/path&gt;&lt;\\\/svg&gt;&quot;,&quot;library&quot;:&quot;fa-solid&quot;},&quot;toggle&quot;:&quot;burger&quot;}\" data-no-translation=\"\" data-widget_type=\"nav-menu.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t<nav aria-label=\"Menu\" class=\"elementor-nav-menu--main elementor-nav-menu__container elementor-nav-menu--layout-horizontal e--pointer-underline e--animation-fade\">\n\t\t\t\t<ul id=\"menu-1-f7ba297\" class=\"elementor-nav-menu\"><li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2723\"><a href=\"https:\/\/moreiramenezes.com.br\/en\/quem-somos\/\" class=\"elementor-item\">About<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2718\"><a href=\"https:\/\/moreiramenezes.com.br\/en\/advocacia-de-negocios\/\" class=\"elementor-item\">Business Law<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2719\"><a href=\"https:\/\/moreiramenezes.com.br\/en\/areas-de-atuacao\/\" class=\"elementor-item\">Practice areas<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-7186\"><a href=\"https:\/\/moreiramenezes.com.br\/en\/equipe\/\" class=\"elementor-item\">Team<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2722\"><a href=\"https:\/\/moreiramenezes.com.br\/en\/publicacoes\/\" class=\"elementor-item\">Publications<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2720\"><a href=\"https:\/\/moreiramenezes.com.br\/en\/contato\/\" class=\"elementor-item\">Contact<\/a><\/li>\n<li class=\"trp-language-switcher-container menu-item menu-item-type-post_type menu-item-object-language_switcher current-language-menu-item menu-item-2724\"><a href=\"https:\/\/moreiramenezes.com.br\/en\/wp-json\/wp\/v2\/posts\/4842\" class=\"elementor-item elementor-item-anchor\"><span data-no-translation><span class=\"trp-ls-language-name\">PT<\/span><\/span><\/a><\/li>\n<\/ul>\t\t\t<\/nav>\n\t\t\t\t\t<div class=\"elementor-menu-toggle\" role=\"button\" tabindex=\"0\" aria-label=\"Menu Toggle\" aria-expanded=\"false\">\n\t\t\t<svg aria-hidden=\"true\" role=\"presentation\" class=\"elementor-menu-toggle__icon--open e-font-icon-svg e-eicon-menu-bar\" viewbox=\"0 0 1000 1000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M104 333H896C929 333 958 304 958 271S929 208 896 208H104C71 208 42 237 42 271S71 333 104 333ZM104 583H896C929 583 958 554 958 521S929 458 896 458H104C71 458 42 487 42 521S71 583 104 583ZM104 833H896C929 833 958 804 958 771S929 708 896 708H104C71 708 42 737 42 771S71 833 104 833Z\"><\/path><\/svg><svg aria-hidden=\"true\" role=\"presentation\" class=\"elementor-menu-toggle__icon--close e-font-icon-svg e-eicon-close\" viewbox=\"0 0 1000 1000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M742 167L500 408 258 167C246 154 233 150 217 150 196 150 179 158 167 167 154 179 150 196 150 212 150 229 154 242 171 254L408 500 167 742C138 771 138 800 167 829 196 858 225 858 254 829L496 587 738 829C750 842 767 846 783 846 800 846 817 842 829 829 842 817 846 804 846 783 846 767 842 750 829 737L588 500 833 258C863 229 863 200 833 171 804 137 775 137 742 167Z\"><\/path><\/svg>\t\t\t<span class=\"elementor-screen-only\">Menu<\/span>\n\t\t<\/div>\n\t\t\t\t\t<nav class=\"elementor-nav-menu--dropdown elementor-nav-menu__container\" aria-hidden=\"true\">\n\t\t\t\t<ul id=\"menu-2-f7ba297\" class=\"elementor-nav-menu\"><li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2723\"><a href=\"https:\/\/moreiramenezes.com.br\/en\/quem-somos\/\" class=\"elementor-item\" tabindex=\"-1\">About<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2718\"><a href=\"https:\/\/moreiramenezes.com.br\/en\/advocacia-de-negocios\/\" class=\"elementor-item\" tabindex=\"-1\">Business Law<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2719\"><a href=\"https:\/\/moreiramenezes.com.br\/en\/areas-de-atuacao\/\" class=\"elementor-item\" tabindex=\"-1\">Practice areas<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-7186\"><a href=\"https:\/\/moreiramenezes.com.br\/en\/equipe\/\" class=\"elementor-item\" tabindex=\"-1\">Team<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2722\"><a href=\"https:\/\/moreiramenezes.com.br\/en\/publicacoes\/\" class=\"elementor-item\" tabindex=\"-1\">Publications<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2720\"><a href=\"https:\/\/moreiramenezes.com.br\/en\/contato\/\" class=\"elementor-item\" tabindex=\"-1\">Contact<\/a><\/li>\n<li class=\"trp-language-switcher-container menu-item menu-item-type-post_type menu-item-object-language_switcher current-language-menu-item menu-item-2724\"><a href=\"https:\/\/moreiramenezes.com.br\/en\/wp-json\/wp\/v2\/posts\/4842\" class=\"elementor-item elementor-item-anchor\" tabindex=\"-1\"><span data-no-translation><span class=\"trp-ls-language-name\">PT<\/span><\/span><\/a><\/li>\n<\/ul>\t\t\t<\/nav>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fbb192d elementor-search-form--skin-full_screen elementor-widget__width-auto elementor-hidden-phone elementor-widget elementor-widget-search-form\" data-id=\"fbb192d\" data-element_type=\"widget\" data-settings=\"{&quot;skin&quot;:&quot;full_screen&quot;}\" data-widget_type=\"search-form.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<search role=\"search\">\n\t\t\t<form class=\"elementor-search-form\" action=\"https:\/\/moreiramenezes.com.br\/en\/\" method=\"get\" data-trp-original-action=\"https:\/\/moreiramenezes.com.br\/en\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-search-form__toggle\" tabindex=\"0\" role=\"button\">\n\t\t\t\t\t<div class=\"e-font-icon-svg-container\"><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-search\" viewbox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M505 442.7L405.3 343c-4.5-4.5-10.6-7-17-7H372c27.6-35.3 44-79.7 44-128C416 93.1 322.9 0 208 0S0 93.1 0 208s93.1 208 208 208c48.3 0 92.7-16.4 128-44v16.3c0 6.4 2.5 12.5 7 17l99.7 99.7c9.4 9.4 24.6 9.4 33.9 0l28.3-28.3c9.4-9.4 9.4-24.6.1-34zM208 336c-70.7 0-128-57.2-128-128 0-70.7 57.2-128 128-128 70.7 0 128 57.2 128 128 0 70.7-57.2 128-128 128z\"><\/path><\/svg><\/div>\t\t\t\t\t<span class=\"elementor-screen-only\">Search<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-search-form__container\">\n\t\t\t\t\t<label class=\"elementor-screen-only\" for=\"elementor-search-form-fbb192d\">Search<\/label>\n\n\t\t\t\t\t\n\t\t\t\t\t<input id=\"elementor-search-form-fbb192d\" placeholder=\"O que voc\u00ea procura?\" class=\"elementor-search-form__input\" type=\"search\" name=\"s\" value=\"\">\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t<div class=\"dialog-lightbox-close-button dialog-close-button\" role=\"button\" tabindex=\"0\">\n\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-eicon-close\" viewbox=\"0 0 1000 1000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M742 167L500 408 258 167C246 154 233 150 217 150 196 150 179 158 167 167 154 179 150 196 150 212 150 229 154 242 171 254L408 500 167 742C138 771 138 800 167 829 196 858 225 858 254 829L496 587 738 829C750 842 767 846 783 846 800 846 817 842 829 829 842 817 846 804 846 783 846 767 842 750 829 737L588 500 833 258C863 229 863 200 833 171 804 137 775 137 742 167Z\"><\/path><\/svg>\t\t\t\t\t\t<span class=\"elementor-screen-only\">Close this search box.<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<input type=\"hidden\" name=\"trp-form-language\" value=\"en\"\/><\/form>\n\t\t<\/search>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b48d99c e-grid-align-right elementor-widget__width-auto elementor-hidden-phone elementor-shape-rounded elementor-grid-0 elementor-widget elementor-widget-social-icons\" data-id=\"b48d99c\" data-element_type=\"widget\" data-widget_type=\"social-icons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-social-icons-wrapper elementor-grid\">\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-facebook-f elementor-repeater-item-63028e9\" href=\"https:\/\/www.facebook.com\/moreiramenezesadvogados\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Facebook-f<\/span>\n\t\t\t\t\t\t<svg class=\"e-font-icon-svg e-fab-facebook-f\" viewbox=\"0 0 320 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M279.14 288l14.22-92.66h-88.91v-60.13c0-25.35 12.42-50.06 52.24-50.06h40.42V6.26S260.43 0 225.36 0c-73.22 0-121.08 44.38-121.08 124.72v70.62H22.89V288h81.39v224h100.17V288z\"><\/path><\/svg>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-linkedin-in elementor-repeater-item-bfbf4e8\" href=\"https:\/\/www.linkedin.com\/company\/moreira-menezes-martins-advogados\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Linkedin-in<\/span>\n\t\t\t\t\t\t<svg class=\"e-font-icon-svg e-fab-linkedin-in\" viewbox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M100.28 448H7.4V148.9h92.88zM53.79 108.1C24.09 108.1 0 83.5 0 53.8a53.79 53.79 0 0 1 107.58 0c0 29.7-24.1 54.3-53.79 54.3zM447.9 448h-92.68V302.4c0-34.7-.7-79.2-48.29-79.2-48.29 0-55.69 37.7-55.69 76.7V448h-92.78V148.9h89.08v40.8h1.3c12.4-23.5 42.69-48.3 87.88-48.3 94 0 111.28 61.9 111.28 142.3V448z\"><\/path><\/svg>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-instagram elementor-repeater-item-eded40c\" href=\"https:\/\/www.instagram.com\/moreiramenezesadv\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Instagram<\/span>\n\t\t\t\t\t\t<svg class=\"e-font-icon-svg e-fab-instagram\" viewbox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.1 141c-63.6 0-114.9 51.3-114.9 114.9s51.3 114.9 114.9 114.9S339 319.5 339 255.9 287.7 141 224.1 141zm0 189.6c-41.1 0-74.7-33.5-74.7-74.7s33.5-74.7 74.7-74.7 74.7 33.5 74.7 74.7-33.6 74.7-74.7 74.7zm146.4-194.3c0 14.9-12 26.8-26.8 26.8-14.9 0-26.8-12-26.8-26.8s12-26.8 26.8-26.8 26.8 12 26.8 26.8zm76.1 27.2c-1.7-35.9-9.9-67.7-36.2-93.9-26.2-26.2-58-34.4-93.9-36.2-37-2.1-147.9-2.1-184.9 0-35.8 1.7-67.6 9.9-93.9 36.1s-34.4 58-36.2 93.9c-2.1 37-2.1 147.9 0 184.9 1.7 35.9 9.9 67.7 36.2 93.9s58 34.4 93.9 36.2c37 2.1 147.9 2.1 184.9 0 35.9-1.7 67.7-9.9 93.9-36.2 26.2-26.2 34.4-58 36.2-93.9 2.1-37 2.1-147.8 0-184.8zM398.8 388c-7.8 19.6-22.9 34.7-42.6 42.6-29.5 11.7-99.5 9-132.1 9s-102.7 2.6-132.1-9c-19.6-7.8-34.7-22.9-42.6-42.6-11.7-29.5-9-99.5-9-132.1s-2.6-102.7 9-132.1c7.8-19.6 22.9-34.7 42.6-42.6 29.5-11.7 99.5-9 132.1-9s102.7-2.6 132.1 9c19.6 7.8 34.7 22.9 42.6 42.6 11.7 29.5 9 99.5 9 132.1s2.7 102.7-9 132.1z\"><\/path><\/svg>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\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>\n\t\t\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-top-section elementor-element elementor-element-153818ca elementor-section-height-min-height elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"153818ca\" 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-432017c1\" data-id=\"432017c1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-196ee0a4 elementor-section-content-middle elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"196ee0a4\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-412ab52\" data-id=\"412ab52\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-11073711 elementor-widget elementor-widget-image\" data-id=\"11073711\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1\" height=\"1\" src=\"https:\/\/moreiramenezes.com.br\/wp-content\/uploads\/2020\/08\/mmm-negativo.svg\" class=\"attachment-large size-large wp-image-2163\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-3b06700c\" data-id=\"3b06700c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7c27728a elementor-widget elementor-widget-heading\" data-id=\"7c27728a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Newsletter n\u00ba 97 | Outubro 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\/10\/2022_10_19-Newsletter-Moreira-Menezes-Martins-Advogados-no-97-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 48h288c26.5 0 48-21.5 48-48V131.9c0-12.7-5.1-25-14.1-34zM332.1 128H256V51.9l76.1 76.1zM48 464V48h160v104c0 13.3 10.7 24 24 24h104v288H48zm250.2-143.7c-12.2-12-47-8.7-64.4-6.5-17.2-10.5-28.7-25-36.8-46.3 3.9-16.1 10.1-40.6 5.4-56-4.2-26.2-37.8-23.6-42.6-5.9-4.4 16.1-.4 38.5 7 67.1-10 23.9-24.9 56-35.4 74.4-20 10.3-47 26.2-51 46.2-3.3 15.8 26 55.2 76.1-31.2 22.4-7.4 46.8-16.5 68.4-20.1 18.9 10.2 41 17 55.8 17 25.5 0 28-28.2 17.5-38.7zm-198.1 77.8c5.1-13.7 24.5-29.5 30.4-35-19 30.3-30.4 35.7-30.4 35zm81.6-190.6c7.4 0 6.7 32.1 1.8 40.8-4.4-13.9-4.3-40.8-1.8-40.8zm-24.4 136.6c9.7-16.9 18-37 24.7-54.7 8.3 15.1 18.9 27.2 30.1 35.5-20.8 4.3-38.9 13.1-54.8 19.2zm131.6-5s-5 6-37.3-7.8c35.1-2.6 40.9 5.4 37.3 7.8z\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Download PDF<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a9c628b elementor-reverse-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a9c628b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-41f4e8e8\" data-id=\"41f4e8e8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-16fc3289 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"16fc3289\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-27b4df68\" data-id=\"27b4df68\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-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-f4591e0 elementor-toc--minimized-on-tablet elementor-widget elementor-widget-table-of-contents\" data-id=\"f4591e0\" data-element_type=\"widget\" data-settings=\"{&quot;headings_by_tags&quot;:[&quot;h4&quot;],&quot;exclude_headings_by_selector&quot;:[],&quot;marker_view&quot;:&quot;bullets&quot;,&quot;icon&quot;:{&quot;value&quot;:&quot;fas fa-square-full&quot;,&quot;library&quot;:&quot;fa-solid&quot;,&quot;rendered_tag&quot;:&quot;&lt;svg class=\\&quot;e-font-icon-svg e-fas-square-full\\&quot; viewBox=\\&quot;0 0 512 512\\&quot; xmlns=\\&quot;http:\\\/\\\/www.w3.org\\\/2000\\\/svg\\&quot;&gt;&lt;path d=\\&quot;M512 512H0V0h512v512z\\&quot;&gt;&lt;\\\/path&gt;&lt;\\\/svg&gt;&quot;},&quot;no_headings_message&quot;:&quot;No headings were found on this 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 divulga parecer de orienta\u00e7\u00e3o sobre criptoativos e o mercado de valores mobili\u00e1rios<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-270e6c11 elementor-widget elementor-widget-text-editor\" data-id=\"270e6c11\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Em 11.10.2022 a Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM publicou o Parecer de Orienta\u00e7\u00e3o CVM n\u00ba 40\/2022, que tem por objetivo consolidar o entendimento da Autarquia a respeito das normas aplic\u00e1veis aos criptoativos que forem considerados valores mobili\u00e1rios (\u201c<u>Parecer de Orienta\u00e7\u00e3o n\u00ba 40<\/u>\u201d).\u00a0<\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Nesse sentido, o Parecer de Orienta\u00e7\u00e3o n\u00ba 40 pretende esclarecer os limites da atua\u00e7\u00e3o da Autarquia e a forma como a CVM poder\u00e1 exercer seus poderes de normatiza\u00e7\u00e3o, fiscaliza\u00e7\u00e3o e disciplina em rela\u00e7\u00e3o \u00e0 mat\u00e9ria.<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Segundo definido pelo Parecer de Orienta\u00e7\u00e3o n\u00ba 40, criptoativos consistem em ativos representados digitalmente, protegidos por criptografia, que podem ser objeto de transa\u00e7\u00f5es executadas e armazenadas por meio de tecnologia de registro distribu\u00eddo (<i>Distributed Ledger Technologies \u2013 DTLs<\/i>). Normalmente, os criptoativos, ou sua propriedade, est\u00e3o representados por tokens, que s\u00e3o t\u00edtulos digitais intang\u00edveis.\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 CVM menciona no Parecer de Orienta\u00e7\u00e3o n\u00ba 40 as seguintes categorias de <i>tokens<\/i>:<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(i)<i> <u>Token<\/u><\/i><u> de pagamento<\/u>: busca replicar as fun\u00e7\u00f5es de moeda, notadamente de unidade de conta, meio de troca e reserva de valor;<\/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><i>Token<\/i> de utilidade<\/u>: utilizado para adquirir ou acessar determinados produtos ou servi\u00e7os; 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) <u><i>Token<\/i> referenciado a ativo<\/u>: representa um ou mais ativos, tang\u00edveis ou intang\u00edveis.<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Sobre esse particular, a CVM entende que um token referenciado a ativo pode ou n\u00e3o ser um valor mobili\u00e1rio, a depender da ess\u00eancia econ\u00f4mica dos direitos conferidos aos seus titulares e da fun\u00e7\u00e3o que assuma ao longo do desempenho do projeto a ele relacionado.<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">No que diz respeito \u00e0 caracteriza\u00e7\u00e3o de um token como valor mobili\u00e1rio, a CVM orienta que os agentes de mercado analisem as caracter\u00edsticas de cada criptoativo \u00e0 luz do art. 2\u00ba da Lei 6.385\/1976.<\/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 );\">Dessa forma, um criptoativo seria classificado como valor mobili\u00e1rio quando:<\/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) for a representa\u00e7\u00e3o digital de algum dos valores mobili\u00e1rios previstos taxativamente nos incisos I a VIII do art. 2\u00ba da Lei n\u00ba 6.385\/1976 e\/ou previstos na Lei n\u00ba 14.430\/2022 (i.e., certificados de receb\u00edveis em geral); ou<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(ii) enquadrar-se no conceito aberto de valor mobili\u00e1rio do inciso IX do art. 2\u00ba da Lei n\u00ba 6.385\/1976, na medida em que seja contrato de investimento coletivo.<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Sobre o conceito de contrato de investimento coletivo, o Parecer de Orienta\u00e7\u00e3o n\u00ba 40 ressalta que o Colegiado da CVM tem considerado as seguintes caracter\u00edsticas para decidir se determinado t\u00edtulo \u00e9 ou n\u00e3o um valor mobili\u00e1rio:<\/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) realiza\u00e7\u00e3o de aporte em dinheiro pelos 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) t\u00edtulo ou contrato resultante da rela\u00e7\u00e3o entre investidor e ofertante, independentemente de sua natureza jur\u00eddica ou forma espec\u00edfica;<\/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) car\u00e1ter coletivo do investimento;<\/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) expectativa de benef\u00edcio econ\u00f4mico (seja por direito a alguma forma de participa\u00e7\u00e3o, parceria ou remunera\u00e7\u00e3o, decorrente do sucesso da atividade referida no item (v) a seguir);<\/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) esfor\u00e7o do empreendedor ou de terceiro (benef\u00edcio econ\u00f4mico resultante da atua\u00e7\u00e3o preponderante de terceiro que n\u00e3o o investidor); 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) oferta p\u00fablica do t\u00edtulo, consistente no esfor\u00e7o de capta\u00e7\u00e3o de recursos junto \u00e0 poupan\u00e7a popular.<\/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, o Parecer de Orienta\u00e7\u00e3o n\u00ba 40 lista, de forma exemplificativa, as informa\u00e7\u00f5es exig\u00edveis, no \u00e2mbito de oferta p\u00fablica de criptoativos, referentes aos direitos dos titulares dos <i>tokens<\/i> e aqueles relacionados \u00e0 negocia\u00e7\u00e3o, \u00e0 infraestrutura e \u00e0 propriedade dos <i>tokens<\/i>. Em qualquer hip\u00f3tese, as informa\u00e7\u00f5es dever\u00e3o ser divulgadas em linguagem acess\u00edvel ao p\u00fablico.<\/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 Parecer de Orienta\u00e7\u00e3o n\u00ba 40 aborda, ainda, o papel dos intermedi\u00e1rios em mercado secund\u00e1rio que atuem, direta ou indiretamente, na oferta de criptoativos. Segundo o entendimento da CVM refletido no Parecer de Orienta\u00e7\u00e3o n\u00ba 40, o intermedi\u00e1rio n\u00e3o pode se isentar de garantir, na oferta de tais criptoativos, adequado n\u00edvel de transpar\u00eancia e informa\u00e7\u00e3o a respeito das caracter\u00edsticas e riscos associados a tais ativos, em particular quando oferecidos de forma direta, ou seja, n\u00e3o por meio de um produto regulado, que j\u00e1 conte com suas pr\u00f3prias regras de transpar\u00eancia m\u00ednima.\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 );\">Com rela\u00e7\u00e3o aos investimentos diretos em criptoativos realizados por fundos de investimento constitu\u00eddos no Brasil, o Parecer de Orienta\u00e7\u00e3o n\u00ba 40 n\u00e3o inova o entendimento da CVM a esse respeito (que se encontra refletido nos Of\u00edcios Circulares n\u00ba 1\/2018\/CVM\/SIN e n\u00ba 11\/2018\/CVM\/SIN).\u00a0\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Por fim, o Parecer de Orienta\u00e7\u00e3o n\u00ba 40 esclarece que as orienta\u00e7\u00f5es ali contidas se destinam apenas a consolidar entendimentos e que n\u00e3o esgotam os debates sobre o tema.<\/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 do Parecer de Orienta\u00e7\u00e3o n\u00ba 40, 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\">Publicada Lei que reduz qu\u00f3runs de delibera\u00e7\u00e3o de s\u00f3cios em sociedades limitadas<\/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 22.09.2022 foi publicada a Lei n\u00ba 14.451\/2022, que altera os artigos 1.061 e 1.076 do C\u00f3digo Civil, que tratam de qu\u00f3runs de delibera\u00e7\u00e3o de s\u00f3cios de sociedades limitadas.<\/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 );\">Com a altera\u00e7\u00e3o promovida pela Lei n\u00ba 14.451\/2022, o art. 1.061 do C\u00f3digo Civil passou a prever que a designa\u00e7\u00e3o de administradores n\u00e3o s\u00f3cios depende da aprova\u00e7\u00e3o de: (i) 2\/3 do capital social, enquanto o capital social da sociedade n\u00e3o estiver integralizado (reduzindo o qu\u00f3rum anterior, que era de unanimidade); e (ii) s\u00f3cios titulares de quotas correspondentes a mais da metade do capital social, quando o capital social da sociedade j\u00e1 estiver integralizado (reduzindo o qu\u00f3rum anterior, que era de 2\/3 do capital social).\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Adicionalmente, por meio de altera\u00e7\u00f5es ao art. 1.076 do C\u00f3digo Civil, passou-se a prever que tanto a (i) altera\u00e7\u00e3o do contrato social, como (ii) opera\u00e7\u00f5es de incorpora\u00e7\u00e3o, fus\u00e3o, dissolu\u00e7\u00e3o, ou cessa\u00e7\u00e3o do estado de liquida\u00e7\u00e3o da sociedade dependem da aprova\u00e7\u00e3o de mais da metade do capital social (reduzindo o qu\u00f3rum anterior, que era de 3\/4 do capital social).<\/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 Lei n\u00ba 14.451\/2022 entrar\u00e1 em vigor ap\u00f3s decorridos 30 dias da sua publica\u00e7\u00e3o (i.e., em 22.10.2022).<\/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 Lei n\u00ba 14.451\/2022, podem ser encontradas no portal \u201cPlanalto\u201d do site do Governo Federal (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\u00e3o que regulamenta disposi\u00e7\u00f5es sobre voto plural e composi\u00e7\u00e3o de \u00f3rg\u00e3os de administra\u00e7\u00e3o de companhias abertas<\/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 20.09.2022 a Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM editou a Resolu\u00e7\u00e3o n\u00ba 168\/2022, que altera as Resolu\u00e7\u00f5es CVM n\u00ba 59\/2021 e n\u00ba 80\/2022, a fim de regulamentar disposi\u00e7\u00f5es sobre voto plural e composi\u00e7\u00e3o de \u00f3rg\u00e3os de administra\u00e7\u00e3o de companhias abertas (\u201c<u>Resolu\u00e7\u00e3o n\u00ba 168\/2022<\/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 n\u00ba 168\/2022 \u00e9 resultado da Audi\u00eancia P\u00fablica SDM n\u00ba 09\/2021, no \u00e2mbito da qual foi proposta a regulamenta\u00e7\u00e3o de disposi\u00e7\u00f5es legais introduzidas pela Lei n\u00ba 14.195\/2021 na Lei n\u00ba 6.404\/976 (\u201c<u>LSA<\/u>\u201d), notadamente:\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) <u>art. 110-A, \u00a7 12, inciso II, da LSA<\/u>: atribuiu compet\u00eancia \u00e0 CVM para determinar o crit\u00e9rio de relev\u00e2ncia das transa\u00e7\u00f5es com partes relacionadas \u00e0s quais o voto plural n\u00e3o ser\u00e1 aplicado;<\/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>art. 138, \u00a7\u00a7 3\u00ba e 4\u00ba, da LSA<\/u>: atribuiu compet\u00eancia \u00e0 CVM para excepcionar as companhias de menor porte da veda\u00e7\u00e3o \u00e0 acumula\u00e7\u00e3o do cargo de Presidente do Conselho de Administra\u00e7\u00e3o e do cargo de Diretor-Presidente ou principal executivo da companhia; 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) <u>art. 140, \u00a7 2\u00ba, da LSA<\/u>: atribuiu compet\u00eancia \u00e0 CVM para estabelecer os termos e prazos em que deve ser obrigat\u00f3ria a participa\u00e7\u00e3o de conselheiros independentes no Conselho de Administra\u00e7\u00e3o de companhias abertas.<\/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, ap\u00f3s as manifesta\u00e7\u00f5es de participantes do mercado recebidas no \u00e2mbito da Audi\u00eancia P\u00fablica SDM n\u00ba 09\/2021, a Resolu\u00e7\u00e3o CVM n\u00ba 168\/2022 contemplou as seguintes disposi\u00e7\u00f5es principais:<\/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) previs\u00e3o de que o voto plural n\u00e3o ser\u00e1 aplicado nas assembleias gerais de acionistas que deliberem sobre transa\u00e7\u00f5es com partes relacionadas que devam ser divulgadas nos termos do Anexo F da Resolu\u00e7\u00e3o n\u00ba 80\/2022 (que contempla a obrigatoriedade de divulga\u00e7\u00e3o de determinadas transa\u00e7\u00f5es entre parte relacionadas por parte de emissores 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 );\">(ii) dispensa da veda\u00e7\u00e3o de acumula\u00e7\u00e3o de cargo de Diretor Presidente (ou equivalente) e Presidente do Conselho de Administra\u00e7\u00e3o para companhias abertas consideradas de pequeno porte (considerada a companhia que tiver receita bruta anual inferior a R$ 500.000.000,00, nos termos do art. 294-B da LSA); 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) fixa\u00e7\u00e3o da obrigatoriedade de participa\u00e7\u00e3o de conselheiros independentes no Conselho de Administra\u00e7\u00e3o apenas para companhias que atendam, cumulativamente, os seguintes requisitos: (a) estejam registradas na categoria A; (b) possuam valores mobili\u00e1rios admitidos \u00e0 negocia\u00e7\u00e3o em mercado de bolsa por entidade administradora de mercado organizado; e (c) possuam a\u00e7\u00f5es ou certificados de dep\u00f3sito de a\u00e7\u00f5es em circula\u00e7\u00e3o. Al\u00e9m disso, a Resolu\u00e7\u00e3o prev\u00ea que o n\u00famero de conselheiros independentes, em tais hip\u00f3teses, deve corresponder a, no m\u00ednimo, 20% do n\u00famero total de conselheiros.<\/span><\/p><p style=\"padding-left: 40px;\">Sobre esse \u00faltimo ponto, cabe notar que a proposta inicial de norma da CVM, submetida \u00e0 Audi\u00eancia P\u00fablica SDM n\u00ba 09\/2021, previa a necessidade de conselheiros independentes para quaisquer companhias abertas (independentemente da listagem de seus valores mobili\u00e1rios). A altera\u00e7\u00e3o foi introduzida na vers\u00e3o final da Resolu\u00e7\u00e3o CVM n\u00ba 168\/2022 ap\u00f3s manifesta\u00e7\u00f5es de participantes do mercado.<\/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 168\/2022 entrou em vigor em 03.10.2022.<\/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 CVM n\u00ba 168\/2022, 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\">Institui\u00e7\u00f5es aderentes aos C\u00f3digos ANBIMA devem registrar suas carteiras administradas<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-871d5f8 elementor-widget elementor-widget-text-editor\" data-id=\"871d5f8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Em 01.09.2022, a Associa\u00e7\u00e3o Brasileira das Entidades dos Mercados Financeiro e de Capitais \u2013 ANBIMA passou a exigir que as institui\u00e7\u00f5es aderentes aos C\u00f3digos ANBIMA que realizem gest\u00e3o de carteiras administradas registrem, na base de dados da ANBIMA, informa\u00e7\u00f5es relativas: (i) ao p\u00fablico-alvo de cada carteira administrada; (ii) ao segmento do investidor a que cada carteira administrada se refere; (iii) \u00e0 data do primeiro aporte; (iv) ao <i>status<\/i> (carteira ativa, inativa ou encerrada); (v) ao modelo da carteira (estrat\u00e9gia padronizada ou customizada); (vi) aos perfis de risco da carteira do investidor; (vii) ao valor da taxa de gest\u00e3o; (viii) ao valor da taxa de performance; e (ix) \u00e0 rentabilidade.\u00a0\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 );\">A exig\u00eancia, que, entre os meses de janeiro e agosto de 2022, serviu como teste para o mercado, passou a fazer parte do C\u00f3digo de Administra\u00e7\u00e3o de Recursos de Terceiros da ANBIMA em 01.09.2022, tornando-se obrigat\u00f3ria desde ent\u00e3o.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">As informa\u00e7\u00f5es a serem registradas na base de dados da ANBIMA dever\u00e3o (i) fazer refer\u00eancia a dois meses anteriores ao seu respectivo envio e (ii) ser encaminhadas pelos gestores ou profissionais designados por tais gestores sempre entre o 1\u00ba e o 10\u00ba dia \u00fatil de cada m\u00eas, atrav\u00e9s do sistema \u201cANBIMA Input\u201d (dispon\u00edvel em input.anbima.com.br).<\/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 manual com o passo a passo do reporte, podem ser encontrados 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-6550a1a elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"6550a1a\" 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-abf9456 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"abf9456\" 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-53aa36c\" data-id=\"53aa36c\" 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-1e9829c elementor-widget elementor-widget-heading\" data-id=\"1e9829c\" 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\">B3 lan\u00e7a terceira edi\u00e7\u00e3o do Guia de Sustentabilidade e Gest\u00e3o ASG<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-11d38eb elementor-widget elementor-widget-text-editor\" data-id=\"11d38eb\" 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 29.09.2022 a Brasil, Bolsa, Balc\u00e3o \u2013 B3 (\u201c<u>B3<\/u>\u201d) divulgou a 3\u00aa edi\u00e7\u00e3o do \u201cGuia de Sustentabilidade e Gest\u00e3o ASG nas Empresas: como come\u00e7ar, quem envolver e o que priorizar\u201d (\u201c<u>Guia<\/u>\u201d). O Guia (que teve suas 1\u00aa e 2\u00aa edi\u00e7\u00f5es lan\u00e7adas, respectivamente, nos anos de 2011 e 2016) tem como objetivo compartilhar e disseminar conhecimentos, reflex\u00f5es e melhores pr\u00e1ticas a respeito dos fatores Ambientais, Sociais e de Governan\u00e7a Corporativa (\u201c<u>ASG<\/u>\u201d ou \u201c<u>ESG<\/u>\u201d) no contexto da gest\u00e3o empresarial.<\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Nos termos do Guia, a agenda ASG representa a no\u00e7\u00e3o de que as companhias t\u00eam compromissos com a sociedade que v\u00e3o al\u00e9m do cumprimento de suas obriga\u00e7\u00f5es legais. Sob essa \u00f3tica, entende-se que um neg\u00f3cio deve ser avaliado n\u00e3o somente pelos crit\u00e9rios usuais do mercado, mas tamb\u00e9m pelo seu comprometimento com quest\u00f5es socioambientais e pelas boas pr\u00e1ticas de governan\u00e7a corporativa.<\/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 Guia visa orientar os gestores na implementa\u00e7\u00e3o dos crit\u00e9rios ASG em seus neg\u00f3cios, contribuindo para o desenvolvimento dos temas ASG na pr\u00e1tica do mercado brasileiro e, consequentemente, agregando valor a longo prazo para as empresas e acionistas do pa\u00eds.<\/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, o Guia elenca \u201c14 passos rumo \u00e0 sustentabilidade\u201d, um conjunto de orienta\u00e7\u00f5es b\u00e1sicas para auxiliar as companhias na ado\u00e7\u00e3o de pr\u00e1ticas ASG, independentemente do setor econ\u00f4mico, do porte ou do est\u00e1gio em que se encontrem no processo de incorpora\u00e7\u00e3o dessas pr\u00e1ticas em seus neg\u00f3cios. A 1\u00aa e a 2\u00aa edi\u00e7\u00e3o do Guia j\u00e1 contavam com 13 temas; na 3\u00aa edi\u00e7\u00e3o, foi adicionado como novo tema o seguinte: \u201cAdote uma agenda de Investimento Social Privado\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 Guia, podem ser encontradas no site da B3 (www.b3.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-dafba60 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"dafba60\" 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-2b345e9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2b345e9\" 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-25c32f4\" data-id=\"25c32f4\" 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-73eff0f elementor-widget elementor-widget-heading\" data-id=\"73eff0f\" 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 orienta\u00e7\u00f5es ao mercado sobre taxas de fiscaliza\u00e7\u00e3o<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ba6b7fd elementor-widget elementor-widget-text-editor\" data-id=\"ba6b7fd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Em 20.09.2022 as Superintend\u00eancias de Investidores Institucionais \u2013 SIN e de Supervis\u00e3o de Securitiza\u00e7\u00e3o \u2013 SSE da Comiss\u00e3o de Valores Imobili\u00e1rios \u2013 CVM publicaram o Of\u00edcio Circular CVM\/SIN\/SSE 2\/2022, que cont\u00e9m orienta\u00e7\u00f5es ao mercado sobre a incid\u00eancia e o recolhimento da taxa de fiscaliza\u00e7\u00e3o aplicada ao mercado de t\u00edtulos e valores mobili\u00e1rios de que trata a Lei n\u00ba 7.940\/1989, e tem como objetivo consolidar o entendimento das \u00e1reas t\u00e9cnicas da Autarquia a esse respeito (\u201c<u>Of\u00edcio Circular<\/u>\u201d).<\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">O Of\u00edcio Circular refor\u00e7a que as hip\u00f3teses de incid\u00eancia da taxa de fiscaliza\u00e7\u00e3o da CVM atualmente previstas na Lei n\u00ba 7.940\/1989 s\u00e3o as seguintes: (i) taxa decorrente da atividade registr\u00e1ria da CVM (\u201c<u>Taxa de Registro<\/u>\u201d); (ii) taxa peri\u00f3dica anual (\u201c<u>Taxa Anual<\/u>\u201d); e (iii) taxa para realiza\u00e7\u00e3o das ofertas p\u00fablicas (\u201c<u>Taxa de Oferta<\/u>\u201d).\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Com rela\u00e7\u00e3o aos fatos geradores das taxas de fiscaliza\u00e7\u00e3o cobradas pela CVM, o Of\u00edcio Circular destaca o seguinte:<\/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>Taxa de Registro<\/u>: taxa devida por ocasi\u00e3o do pedido de registro inicial como participante do mercado de valores mobili\u00e1rios, conforme o disposto na Lei n\u00ba 7.940\/1989, ou da emiss\u00e3o de ato autorizativo equivalente, na hip\u00f3tese prevista no Anexo V da Lei n\u00ba 7.940\/1989;<\/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>Taxa Anual<\/u>: taxa devida anualmente e paga integralmente com rela\u00e7\u00e3o a todo o ano a que se refere, de acordo com os valores estabelecidos nos Anexos I, II e III da Lei n\u00ba 7.940\/1989, inadmitido o pagamento pro rata; 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) <u>Taxa de Oferta<\/u>: taxa devida por ocasi\u00e3o da realiza\u00e7\u00e3o de oferta p\u00fablica de valores mobili\u00e1rios, inclu\u00eddas as hip\u00f3teses de dispensa de registro pela CVM, com incid\u00eancia sobre o valor da opera\u00e7\u00e3o, conforme estabelecido no Anexo IV da Lei n\u00ba 7.940\/1989.<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">O Of\u00edcio Circular fornece, ainda, detalhamentos sobre as periodicidades e condi\u00e7\u00f5es de recolhimento de cada uma das taxas de fiscaliza\u00e7\u00e3o destacadas acima.<\/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 do Of\u00edcio Circular, 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-ab7af52 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"ab7af52\" 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-6f74567 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6f74567\" 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-251b9d8\" data-id=\"251b9d8\" 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-63450c5 elementor-widget elementor-widget-heading\" data-id=\"63450c5\" 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\">TJSP entende que acionista minorit\u00e1rio n\u00e3o \u00e9 obrigado a exibir o contrato de financiamento para ajuizar a\u00e7\u00e3o contra acionista controlador<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9647bba elementor-widget elementor-widget-text-editor\" data-id=\"9647bba\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Em 20.09.2022 a 2\u00aa C\u00e2mara Reservada de Direito Empresarial do Tribunal de Justi\u00e7a do Estado de S\u00e3o Paulo \u2013 TJSP proferiu ac\u00f3rd\u00e3o que deu provimento ao agravo de instrumento n\u00ba 2153411-63.2022.8.26.0000 (\u201c<u>Ac\u00f3rd\u00e3o<\/u>\u201d), reformando decis\u00e3o proferida pela 2\u00aa Vara Empresarial e de Conflitos Relacionados \u00e0 Arbitragem do Foro Central C\u00edvel do TJSP que havia determinado ao autor que juntasse aos autos o contrato de financiamento celebrado para custear o ajuizamento da a\u00e7\u00e3o de origem (\u201c<u>Decis\u00e3o Agravada<\/u>\u201d).<\/p><p>A a\u00e7\u00e3o foi proposta por acionista minorit\u00e1rio de multinacional petroqu\u00edmica (\u201c<u>Companhia<\/u>\u201d) contra as sociedades que det\u00eam e exercem o seu poder de controle (\u201c<u>Controladoras<\/u>\u201d), a fim de pleitear a repara\u00e7\u00e3o dos danos causados \u00e0 Companhia em decorr\u00eancia de atos il\u00edcitos que teriam sido expostos no \u00e2mbito da \u201cOpera\u00e7\u00e3o Lava Jato\u201d, bem como confessados em acordos de leni\u00eancia firmados com o Minist\u00e9rio P\u00fablico Federal e com autoridades norte-americanas e su\u00ed\u00e7as.<\/p><p>Esclare\u00e7a-se que o art. 246, \u00a7 1\u00ba, al\u00edneas \u201ca\u201d e \u201cb\u201d, da Lei n\u00ba 6.404\/1976 (\u201c<u>Lei das S.A.<\/u>\u201d) disp\u00f5e que a a\u00e7\u00e3o contra sociedade controladora, para obter repara\u00e7\u00e3o dos danos causados \u00e0 companhia por atos de abuso do poder de controle, pode ser ajuizada por (i) acionistas que representem 5% ou mais do capital social ou (ii) qualquer acionista, desde que preste cau\u00e7\u00e3o pelas custas e honor\u00e1rios de advogado que ser\u00e3o devidos caso a a\u00e7\u00e3o seja julgada improcedente.<\/p><p>No caso em an\u00e1lise, a a\u00e7\u00e3o foi proposta com fundamento na al\u00ednea \u201cb\u201d do referido normativo, por acionista minorit\u00e1rio (\u201c<u>Autor<\/u>\u201d ou \u201c<u>Agravante<\/u>\u201d) atuando como substituto processual da Companhia, sendo que, para custear a cau\u00e7\u00e3o exigida por lei, o Agravante celebrou contrato de financiamento com fundo de investimento (\u201c<u>Fundo<\/u>\u201d). Em contrapartida ao financiamento obtido, o Agravante ceder\u00e1 ao Fundo 50% do pr\u00eamio a que ter\u00e1 direito caso a a\u00e7\u00e3o seja julgada procedente, como previsto no art. 246, \u00a7 2\u00ba, da Lei das S.A.<\/p><p>Nesse sentido, ao se insurgir contra a Decis\u00e3o Agravada, o Agravante sustentou que:<\/p><p style=\"padding-left: 40px;\">(i) j\u00e1 havia cumprido suficientemente a ordem judicial, uma vez que informou o nome e a qualifica\u00e7\u00e3o do financiador;<\/p><p style=\"padding-left: 40px;\">(ii) a ordem de exibi\u00e7\u00e3o do contrato de financiamento constitui interfer\u00eancia injustificada em seus neg\u00f3cios privados, que n\u00e3o contribuiria para a resolu\u00e7\u00e3o da lide;<\/p><p style=\"padding-left: 40px;\">(iii) as acusa\u00e7\u00f5es proferidas pelas Controladoras no sentido de que o Agravante estaria abusando de seu direito de a\u00e7\u00e3o n\u00e3o teriam fundamento, tendo em vista que prestou a cau\u00e7\u00e3o exigida pelo art. 246, \u00a7 1\u00ba, al\u00ednea \u201cb\u201d da Lei das S.A.;<\/p><p style=\"padding-left: 40px;\">(iv) a Decis\u00e3o Agravada discrimina a atua\u00e7\u00e3o dos pequenos acionistas em defesa de companhias nas quais det\u00eam participa\u00e7\u00e3o societ\u00e1ria, constituindo abalo \u00e0 ind\u00fastria de financiamento de direitos litigiosos;\u00a0<\/p><p style=\"padding-left: 40px;\">(v) a Decis\u00e3o Agravada ignora o hist\u00f3rico do Agravante, que se apresenta como not\u00f3rio defensor de acionistas minorit\u00e1rios no mercado de capitais brasileiro;<\/p><p style=\"padding-left: 40px;\">(vi) n\u00e3o h\u00e1 qualquer impedimento legal a que o acionista minorit\u00e1rio, em busca de financiamento, ceda parte do cr\u00e9dito a que ter\u00e1 direito caso a a\u00e7\u00e3o venha a ser julgada procedente; e<\/p><p style=\"padding-left: 40px;\">(vii) a Decis\u00e3o Agravada configura tratamento desigual \u00e0s partes, pelo fato de que as Controladoras teriam prestado informa\u00e7\u00f5es incompletas em situa\u00e7\u00e3o an\u00e1loga ocorrida anteriormente.<\/p><p>Diante desses argumentos, o TJSP deu provimento ao recurso. Nos termos do voto do Relator, o financiamento de lit\u00edgios \u00e9 admitido pelo ordenamento jur\u00eddico brasileiro, sendo poss\u00edvel que o acionista minorit\u00e1rio realize financiamentos junto a terceiros para arcar com os custos elevados de uma a\u00e7\u00e3o judicial e, em troca, lhes ofere\u00e7a parcela de seus eventuais resultados.\u00a0<\/p><p>O Relator destacou, ainda, que o fato de o Agravante ter obtido financiamento de terceiros para caucionar a demanda, ou de se qualificar como \u201clitigante profissional\u201d, n\u00e3o afasta sua legitimidade para propor a a\u00e7\u00e3o de repara\u00e7\u00e3o dos danos causados pelas Controladoras \u00e0 Companhia. Isso porque a cau\u00e7\u00e3o exigida pela Lei das S.A. visa justamente evitar a propositura de a\u00e7\u00f5es temer\u00e1rias, que tenham baixa probabilidade de \u00eaxito e de retorno financeiro para o autor.<\/p><p>O Relator concluiu, ent\u00e3o, que seria irrelevante perquirir a identidade dos financiadores das despesas processuais, raz\u00e3o pela qual a Decis\u00e3o Agravada foi reformada para afastar a ordem de apresenta\u00e7\u00e3o, pelo Agravante, de quaisquer contratos que tenham como objeto o financiamento do lit\u00edgio por terceiros.<\/p><p>Em 30.09.2022 as Controladoras opuseram embargos de declara\u00e7\u00e3o, ainda pendentes de julgamento, com o objetivo de sanar alegadas omiss\u00f5es incorridas pelo Ac\u00f3rd\u00e3o. Portanto, o Ac\u00f3rd\u00e3o n\u00e3o transitou em julgado e continua sujeito a recurso.<\/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, podem ser encontradas no site do TJSP (www.tjsp.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 97 | Outubro 2022 Download PDF Nesta edi\u00e7\u00e3o: CVM divulga parecer de orienta\u00e7\u00e3o sobre criptoativos e o mercado de valores mobili\u00e1rios Em 11.10.2022 a Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM publicou o Parecer de Orienta\u00e7\u00e3o CVM n\u00ba 40\/2022, que tem por objetivo consolidar o entendimento da Autarquia a respeito das normas aplic\u00e1veis aos [&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-4842","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\u00b097 - 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-n97\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Newsletter N\u00b097 - Moreira Menezes Martins\" \/>\n<meta property=\"og:description\" content=\"Newsletter n\u00ba 97 | Outubro 2022 Download PDF Nesta edi\u00e7\u00e3o: CVM divulga parecer de orienta\u00e7\u00e3o sobre criptoativos e o mercado de valores mobili\u00e1rios Em 11.10.2022 a Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM publicou o Parecer de Orienta\u00e7\u00e3o CVM n\u00ba 40\/2022, que tem por objetivo consolidar o entendimento da Autarquia a respeito das normas aplic\u00e1veis aos [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/moreiramenezes.com.br\/en\/newsletter-n97\/\" \/>\n<meta property=\"og:site_name\" content=\"Moreira Menezes Martins\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-20T15:42:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-20T16:08:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/moreiramenezes.com.br\/wp-content\/uploads\/2020\/08\/mmm-negativo.svg\" \/>\n<meta name=\"author\" content=\"Larissa Barreto\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Larissa Barreto\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"24 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/moreiramenezes.com.br\/newsletter-n97\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/moreiramenezes.com.br\/newsletter-n97\/\"},\"author\":{\"name\":\"Larissa Barreto\",\"@id\":\"https:\/\/moreiramenezes.com.br\/#\/schema\/person\/db6a0a10ab27b0cc9c942206599b632e\"},\"headline\":\"Newsletter N\u00b097\",\"datePublished\":\"2022-10-20T15:42:59+00:00\",\"dateModified\":\"2022-10-20T16:08:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/moreiramenezes.com.br\/newsletter-n97\/\"},\"wordCount\":3531,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/moreiramenezes.com.br\/newsletter-n97\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/moreiramenezes.com.br\/wp-content\/uploads\/2020\/08\/mmm-negativo.svg\",\"articleSection\":[\"Newsletter\",\"Newsletter MMM\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/moreiramenezes.com.br\/newsletter-n97\/\",\"url\":\"https:\/\/moreiramenezes.com.br\/newsletter-n97\/\",\"name\":\"Newsletter N\u00b097 - Moreira Menezes Martins\",\"isPartOf\":{\"@id\":\"https:\/\/moreiramenezes.com.br\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/moreiramenezes.com.br\/newsletter-n97\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/moreiramenezes.com.br\/newsletter-n97\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/moreiramenezes.com.br\/wp-content\/uploads\/2020\/08\/mmm-negativo.svg\",\"datePublished\":\"2022-10-20T15:42:59+00:00\",\"dateModified\":\"2022-10-20T16:08:57+00:00\",\"author\":{\"@id\":\"https:\/\/moreiramenezes.com.br\/#\/schema\/person\/db6a0a10ab27b0cc9c942206599b632e\"},\"breadcrumb\":{\"@id\":\"https:\/\/moreiramenezes.com.br\/newsletter-n97\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/moreiramenezes.com.br\/newsletter-n97\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/moreiramenezes.com.br\/newsletter-n97\/#primaryimage\",\"url\":\"https:\/\/moreiramenezes.com.br\/wp-content\/uploads\/2020\/08\/mmm-negativo.svg\",\"contentUrl\":\"https:\/\/moreiramenezes.com.br\/wp-content\/uploads\/2020\/08\/mmm-negativo.svg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/moreiramenezes.com.br\/newsletter-n97\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"In\u00edcio\",\"item\":\"https:\/\/moreiramenezes.com.br\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Newsletter\",\"item\":\"https:\/\/moreiramenezes.com.br\/categorias\/newsletter\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Newsletter N\u00b097\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/moreiramenezes.com.br\/#website\",\"url\":\"https:\/\/moreiramenezes.com.br\/\",\"name\":\"Moreira Menezes Martins\",\"description\":\"Moreira Menezes Martins - Advogados\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/moreiramenezes.com.br\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/moreiramenezes.com.br\/#\/schema\/person\/db6a0a10ab27b0cc9c942206599b632e\",\"name\":\"Larissa Barreto\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/moreiramenezes.com.br\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/50db20b5225e771dcc6d81422e0f18f91fe15b5737e0b579696a402f2660a7f6?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/50db20b5225e771dcc6d81422e0f18f91fe15b5737e0b579696a402f2660a7f6?s=96&d=mm&r=g\",\"caption\":\"Larissa Barreto\"},\"url\":\"https:\/\/moreiramenezes.com.br\/en\/author\/larissa\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Newsletter N\u00b097 - Moreira Menezes Martins","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/moreiramenezes.com.br\/en\/newsletter-n97\/","og_locale":"en_US","og_type":"article","og_title":"Newsletter N\u00b097 - Moreira Menezes Martins","og_description":"Newsletter n\u00ba 97 | Outubro 2022 Download PDF Nesta edi\u00e7\u00e3o: CVM divulga parecer de orienta\u00e7\u00e3o sobre criptoativos e o mercado de valores mobili\u00e1rios Em 11.10.2022 a Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM publicou o Parecer de Orienta\u00e7\u00e3o CVM n\u00ba 40\/2022, que tem por objetivo consolidar o entendimento da Autarquia a respeito das normas aplic\u00e1veis aos [&hellip;]","og_url":"https:\/\/moreiramenezes.com.br\/en\/newsletter-n97\/","og_site_name":"Moreira Menezes Martins","article_published_time":"2022-10-20T15:42:59+00:00","article_modified_time":"2022-10-20T16:08:57+00:00","og_image":[{"url":"https:\/\/moreiramenezes.com.br\/wp-content\/uploads\/2020\/08\/mmm-negativo.svg","type":"","width":"","height":""}],"author":"Larissa Barreto","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Larissa Barreto","Est. reading time":"24 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/moreiramenezes.com.br\/newsletter-n97\/#article","isPartOf":{"@id":"https:\/\/moreiramenezes.com.br\/newsletter-n97\/"},"author":{"name":"Larissa Barreto","@id":"https:\/\/moreiramenezes.com.br\/#\/schema\/person\/db6a0a10ab27b0cc9c942206599b632e"},"headline":"Newsletter N\u00b097","datePublished":"2022-10-20T15:42:59+00:00","dateModified":"2022-10-20T16:08:57+00:00","mainEntityOfPage":{"@id":"https:\/\/moreiramenezes.com.br\/newsletter-n97\/"},"wordCount":3531,"commentCount":0,"image":{"@id":"https:\/\/moreiramenezes.com.br\/newsletter-n97\/#primaryimage"},"thumbnailUrl":"https:\/\/moreiramenezes.com.br\/wp-content\/uploads\/2020\/08\/mmm-negativo.svg","articleSection":["Newsletter","Newsletter MMM"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/moreiramenezes.com.br\/newsletter-n97\/","url":"https:\/\/moreiramenezes.com.br\/newsletter-n97\/","name":"Newsletter N\u00b097 - Moreira Menezes Martins","isPartOf":{"@id":"https:\/\/moreiramenezes.com.br\/#website"},"primaryImageOfPage":{"@id":"https:\/\/moreiramenezes.com.br\/newsletter-n97\/#primaryimage"},"image":{"@id":"https:\/\/moreiramenezes.com.br\/newsletter-n97\/#primaryimage"},"thumbnailUrl":"https:\/\/moreiramenezes.com.br\/wp-content\/uploads\/2020\/08\/mmm-negativo.svg","datePublished":"2022-10-20T15:42:59+00:00","dateModified":"2022-10-20T16:08:57+00:00","author":{"@id":"https:\/\/moreiramenezes.com.br\/#\/schema\/person\/db6a0a10ab27b0cc9c942206599b632e"},"breadcrumb":{"@id":"https:\/\/moreiramenezes.com.br\/newsletter-n97\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/moreiramenezes.com.br\/newsletter-n97\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/moreiramenezes.com.br\/newsletter-n97\/#primaryimage","url":"https:\/\/moreiramenezes.com.br\/wp-content\/uploads\/2020\/08\/mmm-negativo.svg","contentUrl":"https:\/\/moreiramenezes.com.br\/wp-content\/uploads\/2020\/08\/mmm-negativo.svg"},{"@type":"BreadcrumbList","@id":"https:\/\/moreiramenezes.com.br\/newsletter-n97\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"In\u00edcio","item":"https:\/\/moreiramenezes.com.br\/"},{"@type":"ListItem","position":2,"name":"Newsletter","item":"https:\/\/moreiramenezes.com.br\/categorias\/newsletter\/"},{"@type":"ListItem","position":3,"name":"Newsletter N\u00b097"}]},{"@type":"WebSite","@id":"https:\/\/moreiramenezes.com.br\/#website","url":"https:\/\/moreiramenezes.com.br\/","name":"Moreira Menezes Martins","description":"Moreira Menezes Martins - Advogados","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/moreiramenezes.com.br\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/moreiramenezes.com.br\/#\/schema\/person\/db6a0a10ab27b0cc9c942206599b632e","name":"Larissa Barreto","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/moreiramenezes.com.br\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/50db20b5225e771dcc6d81422e0f18f91fe15b5737e0b579696a402f2660a7f6?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/50db20b5225e771dcc6d81422e0f18f91fe15b5737e0b579696a402f2660a7f6?s=96&d=mm&r=g","caption":"Larissa Barreto"},"url":"https:\/\/moreiramenezes.com.br\/en\/author\/larissa\/"}]}},"_links":{"self":[{"href":"https:\/\/moreiramenezes.com.br\/en\/wp-json\/wp\/v2\/posts\/4842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/moreiramenezes.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/moreiramenezes.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/moreiramenezes.com.br\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/moreiramenezes.com.br\/en\/wp-json\/wp\/v2\/comments?post=4842"}],"version-history":[{"count":5,"href":"https:\/\/moreiramenezes.com.br\/en\/wp-json\/wp\/v2\/posts\/4842\/revisions"}],"predecessor-version":[{"id":4848,"href":"https:\/\/moreiramenezes.com.br\/en\/wp-json\/wp\/v2\/posts\/4842\/revisions\/4848"}],"wp:attachment":[{"href":"https:\/\/moreiramenezes.com.br\/en\/wp-json\/wp\/v2\/media?parent=4842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/moreiramenezes.com.br\/en\/wp-json\/wp\/v2\/categories?post=4842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/moreiramenezes.com.br\/en\/wp-json\/wp\/v2\/tags?post=4842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}