{"id":5282,"date":"2023-04-25T17:43:36","date_gmt":"2023-04-25T17:43:36","guid":{"rendered":"https:\/\/moreiramenezes.com.br\/?p=5282"},"modified":"2023-04-25T18:11:00","modified_gmt":"2023-04-25T18:11:00","slug":"newsletter-n103","status":"publish","type":"post","link":"https:\/\/moreiramenezes.com.br\/en\/newsletter-n103\/","title":{"rendered":"Newsletter N\u00b0103"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"5282\" class=\"elementor elementor-5282\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-349475bc elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"349475bc\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 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elementor-top-column elementor-element elementor-element-432017c1\" data-id=\"432017c1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-196ee0a4 elementor-section-content-middle elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"196ee0a4\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-412ab52\" data-id=\"412ab52\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-11073711 elementor-widget elementor-widget-image\" data-id=\"11073711\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1\" height=\"1\" src=\"https:\/\/moreiramenezes.com.br\/wp-content\/uploads\/2020\/08\/mmm-negativo.svg\" class=\"attachment-large size-large wp-image-2163\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-3b06700c\" data-id=\"3b06700c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7c27728a elementor-widget elementor-widget-heading\" data-id=\"7c27728a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Newsletter n\u00ba 103 | Abril 2023<\/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\/2023\/04\/2023_04_25-Newsletter-Moreira-Menezes-Martins-Advogados-no-103-vf.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-far-file-pdf\" viewbox=\"0 0 384 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M369.9 97.9L286 14C277 5 264.8-.1 252.1-.1H48C21.5 0 0 21.5 0 48v416c0 26.5 21.5 48 48 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page.&quot;,&quot;minimize_box&quot;:&quot;yes&quot;,&quot;minimized_on&quot;:&quot;tablet&quot;,&quot;hierarchical_view&quot;:&quot;yes&quot;,&quot;min_height&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"table-of-contents.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-toc__header\">\n\t\t\t<h4 class=\"elementor-toc__header-title\">\n\t\t\t\tIn this edition:\t\t\t<\/h4>\n\t\t\t\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--expand\" role=\"button\" tabindex=\"0\" aria-controls=\"elementor-toc__f4591e0\" aria-expanded=\"true\" aria-label=\"Open table of contents\"><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-down\" viewbox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M207.029 381.476L12.686 187.132c-9.373-9.373-9.373-24.569 0-33.941l22.667-22.667c9.357-9.357 24.522-9.375 33.901-.04L224 284.505l154.745-154.021c9.379-9.335 24.544-9.317 33.901.04l22.667 22.667c9.373 9.373 9.373 24.569 0 33.941L240.971 381.476c-9.373 9.372-24.569 9.372-33.942 0z\"><\/path><\/svg><\/div>\n\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--collapse\" role=\"button\" tabindex=\"0\" aria-controls=\"elementor-toc__f4591e0\" aria-expanded=\"true\" aria-label=\"Close table of contents\"><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-up\" viewbox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M240.971 130.524l194.343 194.343c9.373 9.373 9.373 24.569 0 33.941l-22.667 22.667c-9.357 9.357-24.522 9.375-33.901.04L224 227.495 69.255 381.516c-9.379 9.335-24.544 9.317-33.901-.04l-22.667-22.667c-9.373-9.373-9.373-24.569 0-33.941L207.03 130.525c9.372-9.373 24.568-9.373 33.941-.001z\"><\/path><\/svg><\/div>\n\t\t\t\t\t<\/div>\n\t\t<div id=\"elementor-toc__f4591e0\" class=\"elementor-toc__body\">\n\t\t\t<div class=\"elementor-toc__spinner-container\">\n\t\t\t\t<svg class=\"elementor-toc__spinner eicon-animation-spin e-font-icon-svg e-eicon-loading\" aria-hidden=\"true\" viewbox=\"0 0 1000 1000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M500 975V858C696 858 858 696 858 500S696 142 500 142 142 304 142 500H25C25 237 238 25 500 25S975 237 975 500 763 975 500 975Z\"><\/path><\/svg>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e427d72 elementor-widget elementor-widget-heading\" data-id=\"2e427d72\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">CVM promove altera\u00e7\u00f5es pontuais nas Resolu\u00e7\u00f5es CVM n\u00ba 80 e n\u00ba 160<\/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 22.03.2023 a Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM editou a Resolu\u00e7\u00e3o CVM n\u00ba 180\/2023, que promove altera\u00e7\u00f5es pontuais nas Resolu\u00e7\u00f5es CVM n\u00ba 80\/2022 e n\u00ba 160\/2022, com o objetivo de tornar mais claros os comandos normativos e possibilitar a aplica\u00e7\u00e3o de rito autom\u00e1tico em determinadas ofertas subsequentes.<\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">A esse respeito, destacam-se as seguintes altera\u00e7\u00f5es promovidas na Resolu\u00e7\u00e3o CVM n\u00ba 80\/2022, que disp\u00f5e sobre o registro e a presta\u00e7\u00e3o de informa\u00e7\u00f5es peri\u00f3dicas e eventuais dos 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 );\">(i) <u>revis\u00e3o do anexo C, referente aos itens do formul\u00e1rio de refer\u00eancia<\/u>: foram revisados os itens e subitens de divulga\u00e7\u00e3o facultativa do formul\u00e1rio de refer\u00eancia aplic\u00e1vel \u00e0s companhias registradas na categoria B. A t\u00edtulo exemplificativo, passou a ser facultativo para as referidas companhias o preenchimento do item 8.6 do formul\u00e1rio de refer\u00eancia, relativo \u00e0 outorga de op\u00e7\u00f5es de compra de a\u00e7\u00f5es a membros da administra\u00e7\u00e3o da companhia;<\/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>mudan\u00e7a no procedimento de obten\u00e7\u00e3o de registro de emissor<\/u>: a \u00e1rea t\u00e9cnica dever\u00e1 se manifestar apenas em caso de insufici\u00eancia da documenta\u00e7\u00e3o apresentada no pedido de registro de emissor, tornando o processo de registro de emissor mais c\u00e9lere e eficiente ao afastar a obrigatoriedade de manifesta\u00e7\u00e3o nos casos em que a documenta\u00e7\u00e3o apresentada \u00e9 satisfat\u00f3ria; 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>exclus\u00e3o das notas de rodap\u00e9 n\u00ba 90 e 91<\/u>: as orienta\u00e7\u00f5es sobre o preenchimento de informa\u00e7\u00f5es referentes aos recursos humanos do emissor no formul\u00e1rio de refer\u00eancia, constantes nas notas de rodap\u00e9 n\u00ba 90 e 91, foram exclu\u00eddas, tendo em vista que suscitaram d\u00favidas de participantes do mercado durante o preenchimento do documento.<\/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 principais altera\u00e7\u00f5es promovidas na Resolu\u00e7\u00e3o CVM n\u00ba 160\/2022, que disp\u00f5e sobre as ofertas p\u00fablicas de distribui\u00e7\u00e3o prim\u00e1ria ou secund\u00e1ria de valores mobili\u00e1rios, consistem nas seguintes:<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(i) <u>esclarecimento do conceito de Emissor Frequente de Renda Fixa (EFRF)<\/u>: a norma alterou a reda\u00e7\u00e3o do dispositivo que define o status de EFRF para que n\u00e3o restem d\u00favidas quanto \u00e0 possibilidade de ofertas se beneficiarem de rito autom\u00e1tico nos casos em que o devedor \u00fanico de lastro de t\u00edtulo de securitiza\u00e7\u00e3o se enquadrar como EFRF;<\/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>aplica\u00e7\u00e3o do rito autom\u00e1tico de registro em ofertas subsequentes de cotas de fundos de investimento fechados<\/u>: com as altera\u00e7\u00f5es, n\u00e3o se sujeitar\u00e1 \u00e0 an\u00e1lise pr\u00e9via da CVM o registro de oferta subsequente de distribui\u00e7\u00e3o de cotas de fundo de investimento fechado n\u00e3o exclusivo destinada exclusivamente (a) a investidores profissionais; (b) a investidores qualificados; (c) ao p\u00fablico investidor em geral, desde que tenha havido oferta anterior objeto de an\u00e1lise pr\u00e9via da CVM e n\u00e3o tenha havido amplia\u00e7\u00e3o de p\u00fablico-alvo do fundo ou altera\u00e7\u00e3o em sua pol\u00edtica de investimento; ou, ainda (d) ao p\u00fablico investidor em geral quando o requerimento de registro for previamente analisado por entidade autorreguladora autorizada pela CVM;<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(iii) <u>an\u00e1lise pr\u00e9via por entidade autorreguladora<\/u>: o requerimento de registro autom\u00e1tico, nos casos em que ocorrer an\u00e1lise pr\u00e9via por entidade autorreguladora, deve ser acompanhado, no momento da apresenta\u00e7\u00e3o do requerimento, dos documentos necess\u00e1rios para o registro da respectiva oferta de distribui\u00e7\u00e3o e, at\u00e9 a obten\u00e7\u00e3o do registro, do relat\u00f3rio t\u00e9cnico elaborado pela entidade autorreguladora conveniada apontando a inexist\u00eancia de \u00f3bice ou condi\u00e7\u00f5es para o deferimento do registro da oferta p\u00fablica; e<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(iv) <u>altera\u00e7\u00e3o no fluxo do pedido de registro da oferta<\/u>: a \u00e1rea t\u00e9cnica dever\u00e1 se manifestar apenas em caso de insufici\u00eancia da documenta\u00e7\u00e3o apresentada no pedido de registro de oferta pelo rito ordin\u00e1rio, tornando o processo de registro de oferta mais c\u00e9lere e eficiente ao afastar a obrigatoriedade de manifesta\u00e7\u00e3o nos casos em que a documenta\u00e7\u00e3o apresentada \u00e9 satisfat\u00f3ria.<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">A Resolu\u00e7\u00e3o CVM n\u00ba 180\/2023 entrou em vigor em 03.04.2023.<\/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 180\/2023, 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-be26991 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"be26991\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-9ebc3fb\" data-id=\"9ebc3fb\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-de4587f elementor-widget elementor-widget-heading\" data-id=\"de4587f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">CVM prorroga in\u00edcio da vig\u00eancia da Resolu\u00e7\u00e3o CVM n\u00ba 175<\/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 28.03.2023 o Colegiado da Comiss\u00e3o de Valores Mobili\u00e1rios &#8211; CVM editou a Resolu\u00e7\u00e3o CVM n\u00ba 181\/2023, que promove altera\u00e7\u00f5es pontuais na Resolu\u00e7\u00e3o CVM n\u00ba 175\/2022 e prorroga o in\u00edcio da sua vig\u00eancia.<\/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 181\/2023 alterou o cronograma de implementa\u00e7\u00e3o do novo marco regulat\u00f3rio dos fundos de investimento (estabelecido pela Resolu\u00e7\u00e3o CVM n\u00ba 175\/2022), na medida em que:<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(i) prorrogou o in\u00edcio de sua vig\u00eancia de 03.04.2023 para 02.10.2023; e\u00a0<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(ii) disp\u00f5e que os fundos de investimento que estejam em funcionamento na data de in\u00edcio da vig\u00eancia da Resolu\u00e7\u00e3o CVM n\u00ba 175\/2022 devem adaptar-se integralmente \u00e0s disposi\u00e7\u00f5es constantes na referida norma at\u00e9 31.12.2024, com exce\u00e7\u00e3o dos fundos de investimento em direitos credit\u00f3rios \u2013 FIDC, que dever\u00e3o se adaptar at\u00e9 01.04.2024.<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">A Resolu\u00e7\u00e3o CVM n\u00ba 181\/2023 entrou em vigor no dia 31.03.2023.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Maiores informa\u00e7\u00f5es, bem como a \u00edntegra da Resolu\u00e7\u00e3o CVM n\u00ba 181\/2023 podem ser encontrados 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-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\">STJ decide sobre a desnecessidade de OPA em casos de altera\u00e7\u00e3o dentro do grupo de controle<\/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 07.03.2023 a Terceira Turma do Superior Tribunal de Justi\u00e7a \u2013 STJ julgou o Recurso Especial n\u00ba 1.837.538\/SP (\u201c<u>Recurso Especial<\/u>\u201d) no qual, por maioria de votos, fixou o entendimento de que o simples ingresso de terceiro em grupo de controle de sociedade an\u00f4nima \u2013 especialmente quando n\u00e3o h\u00e1 posi\u00e7\u00e3o de maioria acion\u00e1ria dentro do referido grupo e papel de preponder\u00e2ncia na companhia \u2013 \u00e9 insuficiente para, por si s\u00f3, configurar a aliena\u00e7\u00e3o de controle prevista no art. 254-A da Lei n\u00ba 6.404\/1976.<\/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 Recurso Especial foi interposto contra ac\u00f3rd\u00e3o que concluiu pela desnecessidade de realiza\u00e7\u00e3o de oferta p\u00fablica para aquisi\u00e7\u00e3o de a\u00e7\u00f5es por parte de sociedades que passaram a integrar grupo de controle de companhia. No caso, os s\u00f3cios minorit\u00e1rios da referida sociedade an\u00f4nima ajuizaram a\u00e7\u00e3o contra as sociedades integrantes do grupo de controle, sob o argumento de que tal aquisi\u00e7\u00e3o teria resultado na aliena\u00e7\u00e3o do controle da sociedade sem a devida realiza\u00e7\u00e3o da oferta p\u00fablica de aquisi\u00e7\u00e3o de a\u00e7\u00f5es direcionada aos minorit\u00e1rios com direito a voto, conforme previsto no art. 254-A da Lei n\u00ba 6.404\/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 );\">O relator, Min. Moura Ribeiro, concluiu que, com o ingresso de terceiros no grupo de controle da companhia, houve a altera\u00e7\u00e3o de seus integrantes e, consequentemente, a aliena\u00e7\u00e3o do controle acion\u00e1rio da companhia. Nos termos do voto do relator, os terceiros ingressantes, ao substitu\u00edrem os acionistas alienantes das a\u00e7\u00f5es, passaram a deter o poder de controlar a companhia em conjunto com os demais integrantes do bloco de controle.<\/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 Ministro Ricardo Villas B\u00f4as Cueva solicitou vista aos autos e elaborou voto divergente (\u201cVoto Vista\u201d). De acordo com o Voto Vista, n\u00e3o h\u00e1 aliena\u00e7\u00e3o de controle quando um dos integrantes do grupo de controle \u2013 que nele n\u00e3o atua como verdadeiro controlador da companhia, seja por quest\u00f5es de fato, seja por n\u00e3o possuir maioria acion\u00e1ria dentro do grupo \u2013 aliena suas a\u00e7\u00f5es para terceiro, at\u00e9 ent\u00e3o estranho ao grupo controlador.<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Ainda conforme disposto no Voto Vista, a transfer\u00eancia de a\u00e7\u00f5es por integrantes do grupo controlador caracterizar\u00e1 aliena\u00e7\u00e3o de controle somente se os acionistas alienantes cederem para o adquirente posi\u00e7\u00e3o de preponder\u00e2ncia no grupo. Na hip\u00f3tese em an\u00e1lise, os terceiros ingressantes n\u00e3o assumiram preval\u00eancia na dire\u00e7\u00e3o da companhia, bem como n\u00e3o passaram a ocupar posi\u00e7\u00e3o preponderante dentro do grupo de controle, de modo que n\u00e3o restaram presentes os requisitos necess\u00e1rios para a realiza\u00e7\u00e3o de oferta p\u00fablica para aquisi\u00e7\u00e3o de a\u00e7\u00f5es do art. 254-A da Lei n\u00ba 6.404\/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 );\">Acompanharam o Voto Vista os Ministros Paulo de Tarso Sanseverino e Marco Aur\u00e9lio Bellizze. Por sua vez, restaram vencidos o Ministro Moura Ribeiro (Relator) e a Ministra Nancy Andrighi.<\/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 ac\u00f3rd\u00e3o, podem ser encontradas no site do STJ (www.stj.jus.br).<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<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\u00e3o sobre caracteriza\u00e7\u00e3o de tokens<\/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 04.04.2023 a Superintend\u00eancia de Supervis\u00e3o de Securitiza\u00e7\u00e3o \u2013 SSE da Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM divulgou o Of\u00edcio-Circular CVM\/SSE 4\/2023 (\u201c<u>Of\u00edcio<\/u>\u201d), que orienta os prestadores de servi\u00e7o envolvidos na atividade de tokeniza\u00e7\u00e3o sobre a caracteriza\u00e7\u00e3o de Tokens de Receb\u00edveis ou Tokens de Renda Fixa como valores mobili\u00e1rios.<\/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 aborda as estruturas atuais de Tokens de Receb\u00edveis ou de Tokens de Renda Fixa que t\u00eam sido objeto de supervis\u00e3o, j\u00e1 que cada vez mais est\u00e3o sendo ofertados em plataformas (<i>exchanges<\/i> ou tokenizadoras) com o car\u00e1ter de investimento e sem a observ\u00e2ncia das normas aplic\u00e1veis ao mercado de capitais. A orienta\u00e7\u00e3o trazida no Of\u00edcio \u00e9, segundo a SSE, fundamental para mitigar poss\u00edveis irregularidades e desvios de conduta.\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 );\">Segundo o Of\u00edcio, os tokens podem se enquadrar como valores mobili\u00e1rios pelo enquadramento no conceito de (i) Contrato de Investimento Coletivo (CIC) da Lei n\u00b0 6.385\/1976; ou (ii) opera\u00e7\u00e3o de securitiza\u00e7\u00e3o, da Lei n\u00b0 14.430\/2022. Al\u00e9m disso, tais tokens geralmente apresentam as seguintes caracter\u00edsticas:<\/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) s\u00e3o ofertados publicamente por meio de <i>exchanges<\/i>, tokenizadoras ou outros meios;<\/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) conferem remunera\u00e7\u00e3o fixa, vari\u00e1vel ou mista ao investidor;<\/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) podem ser representativos, vinculados ou lastreados em direitos credit\u00f3rios ou t\u00edtulos de d\u00edvida;<\/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) pagamentos de juros e amortiza\u00e7\u00e3o ao investidor decorrem do fluxo de caixa de um ou mais direitos credit\u00f3rios ou t\u00edtulos de d\u00edvida;<\/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) direitos credit\u00f3rios ou t\u00edtulos de d\u00edvida s\u00e3o cedidos ou emitidos a investidores finais ou a terceiros que fazem a &#8220;cust\u00f3dia&#8221; do lastro em nome dos investidores; 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) remunera\u00e7\u00e3o definida por terceiro, que pode ser emissor, cedente ou estruturador.<\/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 );\">Desse modo, cumpre ressaltar que, caso os referidos tokens se caracterizem como valores mobili\u00e1rios, devem ser respeitadas as normas sobre registro de emiss\u00f5es e ofertas p\u00fablicas editadas pela CVM.<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Adicionalmente, o Of\u00edcio tem o prop\u00f3sito de esclarecer que determinadas ofertas p\u00fablicas de distribui\u00e7\u00e3o de Tokens de Receb\u00edveis ou Tokens de Renda Fixa podem ser realizadas nos termos do regime previsto pela Resolu\u00e7\u00e3o CVM n\u00ba 88\/2022 (que disp\u00f5e sobre a oferta p\u00fablica de distribui\u00e7\u00e3o de valores mobili\u00e1rios de emiss\u00e3o de sociedades empres\u00e1rias de pequeno porte realizada com dispensa de registro por meio de plataforma eletr\u00f4nica de investimento participativo \u2013 conhecido como <i>crowdfunding<\/i> de investimentos).<\/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 Of\u00edcio orienta que ofertas de Tokens de Receb\u00edveis ou Tokens de Renda Fixa de at\u00e9 R$ 15 milh\u00f5es podem ser realizadas de forma a compatibilizar o modelo regulat\u00f3rio de Certificados de Receb\u00edveis (ou outros t\u00edtulos e valores mobili\u00e1rios de securitiza\u00e7\u00e3o previstos na Lei n\u00ba 14.430\/2022) e do <i>crowdfunding<\/i> de investimentos. Para tanto, os Tokens poderiam ser emitidos por Companhias Securitizadoras de capital fechado e conduzidas por meio das plataformas registradas sob o regime da Resolu\u00e7\u00e3o CVM n\u00ba 88\/2022, desde que cumpridos os mesmos requisitos previstos na referida Lei e Resolu\u00e7\u00e3o.<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Maiores informa\u00e7\u00f5es, bem como a \u00edntegra do Of\u00edcio, podem ser encontrados 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\">CVM divulga orienta\u00e7\u00f5es sobre a interpreta\u00e7\u00e3o de dispositivos da Resolu\u00e7\u00e3o CVM n\u00ba 175<\/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 11.04.2023 a Superintend\u00eancia de Supervis\u00e3o de Investidores Institucionais \u2013 SIN e a Superintend\u00eancia de Supervis\u00e3o de Securitiza\u00e7\u00e3o \u2013 SSE da Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM divulgaram o Of\u00edcio Circular CVM\/SIN\/SSE 01\/23 (\u201c<u>Of\u00edcio Circular n\u00ba 01\/23<\/u>\u201d), com o objetivo de divulgar a interpreta\u00e7\u00e3o das \u00e1reas t\u00e9cnicas sobre os dispositivos da parte geral da Resolu\u00e7\u00e3o CVM n\u00ba 175\/2022.<\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">O Of\u00edcio Circular n\u00ba 01\/2023 \u00e9 dividido em 24 t\u00f3picos e apresenta resposta a 84 d\u00favidas recebidas do mercado sobre diferentes temas relacionados \u00e0 Resolu\u00e7\u00e3o CVM n\u00ba 175\/2022. Nesse sentido, merecem destaque as seguintes orienta\u00e7\u00f5es fornecidas pelas \u00e1reas t\u00e9cnicas da CVM:<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(i) <u>classifica\u00e7\u00e3o dos fundos<\/u>: os fundos de investimento que pretendem possuir apenas uma \u00fanica classe de cotas ser\u00e3o considerados classificados como \u201cde classe \u00fanica\u201d a partir do in\u00edcio da vig\u00eancia da Resolu\u00e7\u00e3o CVM n\u00ba 175\/2022. Por sua vez, os fundos que pretendem ter mais de uma classe de cotas e subclasse apenas poder\u00e3o faz\u00ea-lo a partir de 01.04.2024, ocasi\u00e3o em que entrar\u00e3o em vigor os dispositivos que tratam do tema;<\/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>mat\u00e9rias dispensadas da assembleia de cotistas<\/u>: n\u00e3o ser\u00e1 necess\u00e1ria a delibera\u00e7\u00e3o em assembleia de cotistas nos casos em que, devido \u00e0 necessidade de adapta\u00e7\u00e3o \u00e0 nova norma, o regulamento do fundo passe a dispor de novos temas n\u00e3o previstos antes. A t\u00edtulo exemplificativo, pode-se citar os seguintes casos como pass\u00edveis de altera\u00e7\u00e3o sem a realiza\u00e7\u00e3o de assembleia: (a) inclus\u00e3o da previs\u00e3o de que o fundo ter\u00e1 uma \u00fanica classe; (b) transforma\u00e7\u00e3o de fundos <i>feeders<\/i> em subclasses; (c) adequa\u00e7\u00f5es \u00e0s exig\u00eancias da regulamenta\u00e7\u00e3o ESG; e (d) defini\u00e7\u00e3o da forma de comunica\u00e7\u00e3o que ser\u00e1 utilizada pelo administrador aos cotistas do fundo;<\/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>fim da assembleia de cotistas exclusivamente presencial<\/u>: n\u00e3o ser\u00e1 mais admitida a assembleia de cotistas exclusivamente presencial. Com isso, o administrador que pretender realizar uma assembleia presencial poder\u00e1 faz\u00ea-lo, desde que viabilize a participa\u00e7\u00e3o de cotistas por algum meio eletr\u00f4nico complementar;<\/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) <u>fundos socioambientais<\/u>: os fundos a que a CVM se refere no art. 49 da Resolu\u00e7\u00e3o CVM n\u00ba 175\/2022 n\u00e3o se limitam aos fundos de impacto, sendo que o conceito de \u201cbenef\u00edcios socioambientais\u201d dever\u00e1 ser fornecido pela ANBIMA no \u00e2mbito de sua autorregula\u00e7\u00e3o;<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">(v) <u>investimento por fundos com limita\u00e7\u00e3o de responsabilidade<\/u>: \u00e9 permitido o investimento, por fundo com limita\u00e7\u00e3o de responsabilidade, em cotas de fundos com responsabilidade ilimitada, exigindo-se, para tanto, a manuten\u00e7\u00e3o de controles de riscos adequados ao monitoramento do investimento de modo a n\u00e3o incorrer em situa\u00e7\u00f5es de patrim\u00f4nio l\u00edquido negativo.<\/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 n\u00ba 01\/2023, podem ser encontrados no site da Comiss\u00e3o de Valores Mobili\u00e1rios (www.gov.br\/cvm).<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cc306fe elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"cc306fe\" 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-0e666f5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0e666f5\" 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-732819c\" data-id=\"732819c\" 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-40d7fc7 elementor-widget elementor-widget-heading\" data-id=\"40d7fc7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Jurisprud\u00eancia<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d50865c elementor-widget elementor-widget-text-editor\" data-id=\"d50865c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><b>Superior Tribunal de Justi\u00e7a<\/b><\/p>\n<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">RECURSO ESPECIAL. SOCIEDADE LIMITADA DE GRANDE PORTE. LEI 11.638\/2007. NORMA QUE ESTABELECE EXPRESSAMENTE A APLICA\u00c7\u00c3O DA LEI 6.404\/76 NO QUE SE REFERE A ESCRITURA\u00c7\u00c3O E ELABORA\u00c7\u00c3O DE DEMONSTRA\u00c7\u00d5ES FINANCEIRAS. OBRIGA\u00c7\u00c3O DE PUBLICA\u00c7\u00c3O. ATO EXCLU\u00cdDO DA LEI. SIL\u00caNCIO INTENCIONAL DO LEGISLADOR QUE IMPLICA EXCLUS\u00c3O DA OBRIGATORIEDADE DAS EMPRESAS LIMITADAS DE GRANDE PORTE PUBLICAREM SUAS DEMONSTRA\u00c7\u00d5ES CONT\u00c1BEIS. INCID\u00caNCIA DO PRINC\u00cdPIO DA LEGALIDADE ENTRE OS PARTICULARES. RECURSO PROVIDO.&nbsp;<\/span><\/p>\n<p>1. O artigo 3\u00ba, &#8220;caput&#8221;, da Lei 11.638\/2007 somente fez refer\u00eancia sobre a obrigatoriedade da escritura\u00e7\u00e3o e elabora\u00e7\u00e3o das demonstra\u00e7\u00f5es financeiras, excluindo expressamente a palavra publica\u00e7\u00e3o que constava do projeto de lei.&nbsp;<\/p>\n<p>2. \u00c9 poss\u00edvel concluir que houve um sil\u00eancio intencional do legislador em afastar a obrigatoriedade das empresas de grande porte de publicarem suas demonstra\u00e7\u00f5es cont\u00e1beis.&nbsp;<\/p>\n<p>3. Em aten\u00e7\u00e3o ao princ\u00edpio da legalidade ou da reserva legal, compreendido como base do Estado Democr\u00e1tico de Direito, somente as leis podem criar obriga\u00e7\u00f5es \u00e0s pessoas, sejam elas f\u00edsicas ou jur\u00eddicas. Logo, por falta de disposi\u00e7\u00e3o legal, n\u00e3o h\u00e1 como obrigar as sociedades limitadas de grande porte a publicarem seus resultados financeiros.<\/p>\n<p>4. Recurso especial provido.<\/p>\n<p>(STJ. 3\u00aa Turma. REsp n\u00ba 1.824.891\/RJ. Rel.: Min. Moura Ribeiro. Data de julgamento: 21.03.2023. Data de publica\u00e7\u00e3o: 23.03.2023)<\/p>\n<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\"><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 );\">RECURSO ESPECIAL. DIREITO PROCESSUAL CIVIL E EMPRESARIAL. C\u00c9DULA DE CR\u00c9DITO BANC\u00c1RIO GARANTIDA POR ALIENA\u00c7\u00c3O FIDUCI\u00c1RIA DE BEM IM\u00d3VEL DA EMITENTE. FAL\u00caNCIA DO BANCO BENEFICI\u00c1RIO. REALIZA\u00c7\u00c3O DO ATIVO. VENDA DA CARTEIRA DE CR\u00c9DITO. PREFER\u00caNCIA DO EMITENTE DA C\u00c9DULA NA AQUISI\u00c7\u00c3O DO CR\u00c9DITO. INEXIST\u00caNCIA. ART. 843 DO CPC\/2015. ANALOGIA. SITUA\u00c7\u00c3O F\u00c1TICA DISTINTA. RECURSO ESPECIAL IMPROVIDO.<\/span><\/p>\n<p>1. A c\u00e9dula de cr\u00e9dito banc\u00e1rio \u00e9 t\u00edtulo lastreado em opera\u00e7\u00e3o de cr\u00e9dito na qual a institui\u00e7\u00e3o financeira figura como credora \u2013 opera\u00e7\u00e3o banc\u00e1ria ativa \u2013, podendo ser constitu\u00eddas garantias reais ou cambiais, que obedecer\u00e3o \u00e0 disciplina legal espec\u00edfica.<\/p>\n<p>2. No caso em quest\u00e3o, a c\u00e9dula de cr\u00e9dito banc\u00e1rio tem como lastro rela\u00e7\u00e3o obrigacional consistente em m\u00fatuo fenerat\u00edcio, tendo sido constitu\u00edda aliena\u00e7\u00e3o fiduci\u00e1ria em garantia de bem im\u00f3vel de propriedade da emitente do t\u00edtulo.<\/p>\n<p>3. Decreta\u00e7\u00e3o da fal\u00eancia do banco benefici\u00e1rio, precedida de liquida\u00e7\u00e3o extrajudicial, em cujo procedimento foi realizada a aliena\u00e7\u00e3o em hasta p\u00fablica da carteira de cr\u00e9dito da institui\u00e7\u00e3o financeira. Pretens\u00e3o dos recorrentes, emitentes e avalistas da c\u00e9dula de cr\u00e9dito banc\u00e1rio, do reconhecimento do direito de prefer\u00eancia na aquisi\u00e7\u00e3o de seu cr\u00e9dito para ver extinta a obriga\u00e7\u00e3o pela confus\u00e3o.<\/p>\n<p>4. Direito de prefer\u00eancia \u00e9 aquele que confere a seu titular o exerc\u00edcio de determinada prerrogativa ou vantagem em car\u00e1ter preferencial, quando em concorr\u00eancia com terceiros. Tal prerrogativa pode decorrer de lei, quando o legislador elege determinadas circunst\u00e2ncias f\u00e1ticas ou jur\u00eddicas que&nbsp;<span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">justificam que determinada pessoa pratique um ato ou entabule um neg\u00f3cio jur\u00eddico de forma priorit\u00e1ria ou precedente, ou ainda pode ter origem contratual, desde que n\u00e3o interfira na posi\u00e7\u00e3o de terceiros estranhos \u00e0 rela\u00e7\u00e3o jur\u00eddica, a quem a pr\u00f3pria lei confira posi\u00e7\u00e3o de vantagem.<\/span><\/p>\n<p>5. O legislador confere ao devedor fiduciante o direito de prefer\u00eancia na reaquisi\u00e7\u00e3o do bem que j\u00e1 lhe pertencia, cuja priva\u00e7\u00e3o decorra do inadimplemento de obriga\u00e7\u00e3o \u00e0 qual se vinculava por garantia fiduci\u00e1ria, nos termos do art. 27, \u00a7 2\u00ba-B, da Lei n. 9.514\/1997. No caso, contudo, trata-se&nbsp;<span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">de aliena\u00e7\u00e3o da carteira de cr\u00e9dito, em que foi inclu\u00eddo o cr\u00e9dito representado pela c\u00e9dula de cr\u00e9dito banc\u00e1rio emitida em benef\u00edcio da institui\u00e7\u00e3o financeira.<\/span><\/p>\n<p>6. O art. 843 do CPC\/2015 estabelece que, na hip\u00f3tese de penhora de bem indivis\u00edvel, h\u00e1 prefer\u00eancia do copropriet\u00e1rio ou c\u00f4njuge executado em sua arremata\u00e7\u00e3o. Com isso, possibilita-se a penhora da integralidade do bem, ainda que o executado seja propriet\u00e1rio de uma fra\u00e7\u00e3o ou quota-parte, evitando-se, a um s\u00f3 tempo, a dificuldade de aliena\u00e7\u00e3o da parte do devedor e a constitui\u00e7\u00e3o for\u00e7ada de condom\u00ednio entre o adquirente e o c\u00f4njuge ou copropriet\u00e1rio.<\/p>\n<p>7. Aus\u00eancia de semelhan\u00e7a f\u00e1tica que autorize a aplica\u00e7\u00e3o da analogia para reconhecer o direito de prefer\u00eancia dos emitentes da c\u00e9dula.<\/p>\n<p>8. Para o recurso \u00e0 autointegra\u00e7\u00e3o do sistema pela analogia, faz-se necess\u00e1rio que se estenda, a uma hip\u00f3tese n\u00e3o regulamentada, a disciplina legalmente prevista para um caso semelhante. Essa forma de expans\u00e3o regulat\u00f3ria, portanto, depende de similitude f\u00e1tica significativa entre o caso&nbsp;<span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">em refer\u00eancia e seu paradigma.<\/span><\/p>\n<p>9. A regra prevista pelo ordenamento em tais casos \u00e9 a aliena\u00e7\u00e3o dos bens ou direitos em hasta p\u00fablica para qualquer interessado que atenda aos editais de chamamento, orientando-se a disciplina processual civil nesse sentido. Ao n\u00e3o ser atribu\u00edda uma prerrogativa adicional aos emitentes de c\u00e9dula de cr\u00e9dito banc\u00e1rio com garantia representada por aliena\u00e7\u00e3o fiduci\u00e1ria de bem im\u00f3vel, conclui-se que n\u00e3o houve de fato omiss\u00e3o regulamentadora, sen\u00e3o a inten\u00e7\u00e3o legislativa de manter a regra geral nessas situa\u00e7\u00f5es.<\/p>\n<p>10. Direito de prefer\u00eancia do emitente da c\u00e9dula de cr\u00e9dito banc\u00e1rio inexistente. Recurso especial n\u00e3o provido.&nbsp;<\/p>\n<p>(STJ. 4\u00aa Turma. REsp n\u00ba 2.035.515\/SP. Rel.: Min. Antonio Carlos Ferreira. Data de julgamento: 07.03.2023. Data de publica\u00e7\u00e3o: 13.03.2023)<\/p>\n<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\"><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 );\">PROCESSUAL CIVIL E TRIBUT\u00c1RIO. ITBI. AQUISI\u00c7\u00c3O DE IM\u00d3VEL. COMPOSI\u00c7\u00c3O DE FUNDO DE INVESTIMENTO IMOBILI\u00c1RIO. IMUNIDADE. MAT\u00c9RIA CONSTITUCIONAL. EXAME. INADEQUA\u00c7\u00c3O. TRANSFER\u00caNCIA DE PROPRIEDADE. EXIST\u00caNCIA. FATO GERADOR. CONFIGURA\u00c7\u00c3O.&nbsp;<\/span><\/p>\n<p>1. A fundamenta\u00e7\u00e3o empregada no ac\u00f3rd\u00e3o recorrido para n\u00e3o reconhecer a imunidade tem natureza constitucional, sendo, pois, insuscet\u00edvel de exame em sede de recurso especial.&nbsp;<\/p>\n<p>2. A aquisi\u00e7\u00e3o de im\u00f3vel para a composi\u00e7\u00e3o do patrim\u00f4nio de fundo de investimento imobili\u00e1rio efetivada mediante emiss\u00e3o de novas quotas em favor dos alienantes configura transfer\u00eancia a t\u00edtulo oneroso de propriedade de im\u00f3vel para fins de incid\u00eancia do ITBI, na forma dos arts. 35 do CTN e 156, II, da CF\/1988, ocorrendo o fato gerador no momento da averba\u00e7\u00e3o da propriedade fiduci\u00e1ria em nome da administradora (do fundo) no cart\u00f3rio de registro imobili\u00e1rio.&nbsp;<\/p>\n<p>3. Agravo conhecido para conhecer em parte do recurso especial e, nessa extens\u00e3o, negar-lhe provimento.<\/p>\n<p>(STJ. 1\u00aa Turma. AREsp n\u00ba 1.492.971\/SP. Rel.: Min. Gurgel de Faria. Data de julgamento: 28.02.2023. Data de publica\u00e7\u00e3o: 31.03.2023)<\/p>\n<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\"><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 );\">PROCESSUAL CIVIL. ADMINISTRATIVO. DIREITO ADMINISTRATIVO SANCIONADOR. AGRAVO INTERNO NO RECURSO ESPECIAL. C\u00d3DIGO DE PROCESSO CIVIL DE 2015. APLICABILIDADE. RETROATIVIDADE DA LEI MAIS BEN\u00c9FICA. POSSIBILIDADE. ART. 5\u00ba, XL, DA CONSTITUI\u00c7\u00c3O DA REP\u00daBLICA. PRINC\u00cdPIO DO DIREITO SANCIONAT\u00d3RIO. ARGUMENTOS INSUFICIENTES PARA DESCONSTITUIR A DECIS\u00c3O ATACADA. APLICA\u00c7\u00c3O DE MULTA. ART. 1.021, \u00a7 4\u00ba, DO C\u00d3DIGO DE PROCESSO CIVIL DE 2015. DESCABIMENTO.&nbsp;<\/span><\/p>\n<p>I \u2013 Consoante o decidido pelo Plen\u00e1rio desta Corte na sess\u00e3o realizada em 09.03.2016, o regime recursal ser\u00e1 determinado pela data da publica\u00e7\u00e3o do provimento jurisdicional impugnado. In casu, aplica-se o C\u00f3digo de Processo Civil de 2015.&nbsp;<\/p>\n<p>II \u2013 O art. 5\u00ba, XL, da Constitui\u00e7\u00e3o da Rep\u00fablica prev\u00ea a possibilidade de retroatividade da lei penal, sendo cab\u00edvel extrair-se do dispositivo constitucional princ\u00edpio impl\u00edcito do Direito Sancionat\u00f3rio, segundo o qual a lei mais ben\u00e9fica retroage no caso de san\u00e7\u00f5es menos graves, como a administrativa. Precedentes.&nbsp;<\/p>\n<p>III \u2013 A Agravante n\u00e3o apresenta, no agravo, argumentos suficientes para desconstituir a decis\u00e3o recorrida.<\/p>\n<p>IV \u2013 Em regra, descabe a imposi\u00e7\u00e3o da multa prevista no art. 1.021, \u00a7 4\u00ba, do C\u00f3digo de Processo Civil de 2015 em raz\u00e3o do mero desprovimento do Agravo Interno em vota\u00e7\u00e3o un\u00e2nime, sendo necess\u00e1ria a configura\u00e7\u00e3o da manifesta inadmissibilidade ou improced\u00eancia do recurso a autorizar sua aplica\u00e7\u00e3o, o que n\u00e3o ocorreu no caso.&nbsp;<\/p>\n<p>V \u2013 Agravo Interno improvido.<\/p>\n<p>(STJ. 1\u00aa Turma. AgInt no REsp n\u00ba 2.024.133\/ES. Rel.: Min. Regina Helena Costa. Data de julgamento: 13.03.2023. Data de publica\u00e7\u00e3o: 16.03.2023)<\/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 103 | Abril 2023 Download PDF Nesta edi\u00e7\u00e3o: CVM promove altera\u00e7\u00f5es pontuais nas Resolu\u00e7\u00f5es CVM n\u00ba 80 e n\u00ba 160 Em 22.03.2023 a Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM editou a Resolu\u00e7\u00e3o CVM n\u00ba 180\/2023, que promove altera\u00e7\u00f5es pontuais nas Resolu\u00e7\u00f5es CVM n\u00ba 80\/2022 e n\u00ba 160\/2022, com o objetivo de tornar mais [&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-5282","post","type-post","status-publish","format-standard","hentry","category-newsletter","category-newsletter-mmm"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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