{"id":6353,"date":"2024-04-22T02:00:03","date_gmt":"2024-04-22T02:00:03","guid":{"rendered":"https:\/\/moreiramenezes.com.br\/?p=6353"},"modified":"2024-04-22T02:18:53","modified_gmt":"2024-04-22T02:18:53","slug":"newsletter-n115","status":"publish","type":"post","link":"https:\/\/moreiramenezes.com.br\/en\/newsletter-n115\/","title":{"rendered":"Newsletter N\u00b0115"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"6353\" class=\"elementor elementor-6353\" 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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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 115 | Abril 2024<\/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\/2024\/04\/2024_04_18-Newsletter-Moreira-Menezes-Martins-Advogados-no-115-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 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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\">Of\u00edcio circular orienta intermedi\u00e1rios sobre monitoramento de opera\u00e7\u00f5es e comunica\u00e7\u00e3o \u00e0 CVM<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-270e6c11 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"270e6c11\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Em 28.03.2024 a Superintend\u00eancia de Rela\u00e7\u00f5es com o Mercado de Intermedi\u00e1rios \u2013 SMI da Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM divulgou o Of\u00edcio Circular CVM\/SMI 1\/2024 (\u201c<span style=\"text-decoration: underline;\">Of\u00edcio SMI n\u00ba 1\/2024<\/span>\u201d), que consolida o entendimento da SMI sobre procedimentos a serem observados pelos intermedi\u00e1rios no monitoramento de opera\u00e7\u00f5es e comunica\u00e7\u00e3o \u00e0 CVM acerca de ind\u00edcios de descumprimento \u00e0 legisla\u00e7\u00e3o.<\/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 orienta\u00e7\u00f5es da SMI consignadas no Of\u00edcio SMI n\u00ba 1\/2024 foram elaboradas considerando que os intermedi\u00e1rios do mercado de valores mobili\u00e1rios possuem o dever de zelar pela integridade e regular funcionamento do mercado e o dever de monitorar continuamente as opera\u00e7\u00f5es e ofertas por ele intermediadas.<\/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 );\">Tais agentes devem, no exerc\u00edcio das suas atividades, identificar opera\u00e7\u00f5es at\u00edpicas, potencialmente irregulares ou que possam caracterizar fraudes realizadas no \u00e2mbito dos mercados de valores mobili\u00e1rios, de bolsa e de balc\u00e3o organizado, nos termos do art. 33 da Resolu\u00e7\u00e3o CVM n\u00ba 35\/2021.<\/span><\/p><p>Conforme indicado no Of\u00edcio SMI n\u00ba 1\/2024, a SMI entende que a realiza\u00e7\u00e3o do cadastro dos clientes e procedimentos de <em>suitability<\/em> permite que os intermedi\u00e1rios realizem um monitoramento pormenorizado e eficaz em rela\u00e7\u00e3o \u00e0s opera\u00e7\u00f5es por eles intermediadas.\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 SMI destaca que o principal objetivo desse tipo de fiscaliza\u00e7\u00e3o, realizada pelo intermedi\u00e1rio, \u00e9 detectar a exist\u00eancia de opera\u00e7\u00f5es que representem potenciais infra\u00e7\u00f5es \u00e0s disposi\u00e7\u00f5es contidas na (i) Resolu\u00e7\u00e3o CVM n\u00ba 62\/2022, que pro\u00edbe a pr\u00e1tica de cria\u00e7\u00e3o de condi\u00e7\u00f5es artificiais de demanda, oferta ou pre\u00e7o de valores mobili\u00e1rios manipula\u00e7\u00e3o de pre\u00e7o, realiza\u00e7\u00e3o de opera\u00e7\u00f5es fraudulentas e uso de pr\u00e1ticas n\u00e3o equitativas; e (ii) Resolu\u00e7\u00e3o CVM n\u00b0 44\/2021, que contempla disposi\u00e7\u00f5es relativas ao uso indevido de informa\u00e7\u00e3o privilegiada e realiza\u00e7\u00e3o de opera\u00e7\u00f5es em per\u00edodo vedado.<\/span><\/p><p>Por meio do Of\u00edcio SMI n\u00ba 1\/2024, a SMI estabeleceu as seguintes orienta\u00e7\u00f5es:\u00a0<\/p><div style=\"padding-left: 40px;\">(i) a detec\u00e7\u00e3o de ind\u00edcios de irregularidades dever\u00e1 ser comunicada simultaneamente ao regulador e autorregulador, podendo consistir em uma \u00fanica comunica\u00e7\u00e3o endere\u00e7ada a ambos;<\/div><div style=\"padding-left: 40px;\">\u00a0<\/div><div style=\"padding-left: 40px;\">(ii) poder\u00e1 ser solicitado o sigilo de quem o comunica;\u00a0<\/div><div style=\"padding-left: 40px;\">\u00a0<\/div><div style=\"padding-left: 40px;\">(iii) os reportes devem (a) conter a descri\u00e7\u00e3o detalhada dos fatos e dos fundamentos quanto \u00e0 caracteriza\u00e7\u00e3o do ind\u00edcio e (b) ser acompanhados da \u00edntegra da respectiva documenta\u00e7\u00e3o comprobat\u00f3ria, incluindo a descri\u00e7\u00e3o do modo como foi detectado o ind\u00edcio e documentos obtidos pelo intermedi\u00e1rio durante a apura\u00e7\u00e3o do ind\u00edcio;\u00a0<\/div><div style=\"padding-left: 40px;\">\u00a0<\/div><div style=\"padding-left: 40px;\">(iv) independentemente da comunica\u00e7\u00e3o pelo intermedi\u00e1rio ao regulador e ao autorregulador, o intermedi\u00e1rio permanecer\u00e1 obrigado a continuar a apurar o caso e efetuar novas comunica\u00e7\u00f5es, caso haja fatos novos, al\u00e9m de tomar medidas imediatas, conforme o caso; e<\/div><div style=\"padding-left: 40px;\">\u00a0<\/div><div style=\"padding-left: 40px;\">(v) as comunica\u00e7\u00f5es dever\u00e3o ser enviadas por interm\u00e9dio dos meios e canais j\u00e1 estabelecidos para tanto.\u00a0<\/div><div style=\"padding-left: 40px;\">\u00a0<\/div><p>Maiores informa\u00e7\u00f5es, bem como a \u00edntegra do Of\u00edcio SMI n\u00ba 1\/2024, podem ser encontradas no site da CVM (www.gov.br\/cvm).\u00a0<\/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-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-7d273c1 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"7d273c1\" 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<div class=\"elementor-element elementor-element-de4587f elementor-widget elementor-widget-heading\" data-id=\"de4587f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">CVM divulga entendimento sobre registro de valores mobili\u00e1rios e integraliza\u00e7\u00e3o de cotas subordinadas de FIDC      em direitos credit\u00f3rios<\/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 28.03.2024 a Superintend\u00eancia de Securitiza\u00e7\u00e3o e Agroneg\u00f3cio \u2014 SSE da Comiss\u00e3o de Valores Mobili\u00e1rios \u2014 CVM divulgou o Of\u00edcio Circular CVM\/SSE n\u00ba 2\/2024, dirigido aos administradores e gestores de fundos de investimento em direitos credit\u00f3rios \u2013 FIDC, com orienta\u00e7\u00f5es sobre (i) o registro de direitos credit\u00f3rios que tamb\u00e9m sejam valores mobili\u00e1rios; e (ii) a possibilidade de integraliza\u00e7\u00e3o de cotas subordinadas em direitos credit\u00f3rios.<\/p>\n<p><span style=\"text-decoration: underline;\">Registro de direitos credit\u00f3rios que tamb\u00e9m sejam valores mobili\u00e1rios<\/span><\/p>\n<p>O Of\u00edcio Circular CVM\/SSE n\u00ba 2\/2024 complementa o Of\u00edcio Circular CVM\/SSE n\u00ba 8\/2023, divulgado em 27.09.2023, no qual a mesma \u00e1rea t\u00e9cnica divulgou seu entendimento a respeito do conceito de \u201cdireitos credit\u00f3rios\u201d pass\u00edveis de serem registrados na forma do art. 37 do Anexo Normativo II da Resolu\u00e7\u00e3o CVM n\u00ba 175\/2022.<\/p>\n<p>Segundo informado anteriormente pela SSE, s\u00e3o pass\u00edveis de registro os direitos credit\u00f3rios englobados no conceito de \u201cativos financeiros\u201d previsto no art. 2\u00ba da Resolu\u00e7\u00e3o CMN n\u00ba 4.593\/2017. Entretanto, a SSE destaca que a referida Resolu\u00e7\u00e3o CMN n\u00ba 4.593\/2017 excluiu expressamente os valores mobili\u00e1rios do conceito de \u201cativos financeiros\u201d. Por essa raz\u00e3o, o Of\u00edcio Circular CVM\/SSE n\u00ba 8\/2023 n\u00e3o havia abordado o tema do registro dos direitos credit\u00f3rios que tamb\u00e9m sejam valores mobili\u00e1rios.<\/p>\n<p>Nesse contexto, por meio do Of\u00edcio Circular CVM\/SSE n\u00ba 2\/2024, a \u00e1rea t\u00e9cnica esclareceu que, no caso dos FIDC, o art. 37 do Anexo Normativo II da Resolu\u00e7\u00e3o n\u00ba 175 tamb\u00e9m se refere \u00e0 necessidade de registro dos direitos credit\u00f3rios que sejam valores mobili\u00e1rios (como, por exemplo, as notas comerciais e as deb\u00eantures).<\/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 );\">Para a SSE, tais valores mobili\u00e1rios devem ser registrados em mercados autorizados pela CVM ou depositados em deposit\u00e1rio central autorizado pela autarquia, e n\u00e3o em entidades registradoras autorizadas pelo Banco Central do Brasil \u2013 BCB.<\/span><\/p>\n<p><span style=\"text-decoration: underline;\">Integraliza\u00e7\u00e3o de cotas subordinadas em direitos credit\u00f3rios<\/span><\/p>\n<p>No que diz respeito \u00e0 integraliza\u00e7\u00e3o das cotas subordinadas dos FIDC em direitos credit\u00f3rios, a \u00e1rea t\u00e9cnica menciona que a Instru\u00e7\u00e3o CVM n\u00ba 356\/2001 (norma que regulava os FIDC at\u00e9 a entrada em vigor da Resolu\u00e7\u00e3o CVM n\u00ba 175\/2022) admitia expressamente, em seu art. 15, \u00a7 2\u00ba, que a integraliza\u00e7\u00e3o de cotas subordinadas fosse efetuada em direitos credit\u00f3rios, observado o regulamento do FIDC em quest\u00e3o.<\/p>\n<p>Nesse sentido, a SSE considera que continua sendo poss\u00edvel a integraliza\u00e7\u00e3o das cotas em direitos credit\u00f3rios, ainda que o Anexo Normativo II da Resolu\u00e7\u00e3o CVM n\u00ba 175\/2022 n\u00e3o possua previs\u00e3o expressa nesse sentido.<\/p>\n<p>Para justificar o entendimento acima, a \u00e1rea t\u00e9cnica explica que o art. 14 do Anexo Normativo II da Resolu\u00e7\u00e3o CVM n\u00ba 175\/2022 ampliou a possibilidade de integraliza\u00e7\u00e3o em direitos credit\u00f3rios tamb\u00e9m para as cotas de subclasse s\u00eanior e mezanino, desde que estas fa\u00e7am parte de uma classe restrita. Segundo o Of\u00edcio Circular CVM\/SSE n\u00ba 2\/2024, como o referido dispositivo n\u00e3o trata das subclasses subordinadas, estas continuam autorizadas a receber aportes em direitos credit\u00f3rios, ainda que n\u00e3o fa\u00e7am parte de classe restrita.<\/p>\n<p>Por fim, o Of\u00edcio Circular CVM\/SSE n\u00ba 2\/2024 esclarece que o regulamento do fundo, os anexos descritivos das classes e os ap\u00eandices das subclasses dever\u00e3o fixar crit\u00e9rios detalhados para a integraliza\u00e7\u00e3o de cotas em diretos credit\u00f3rios, observados os dispositivos normativos aplic\u00e1veis.<\/p>\n<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Maiores informa\u00e7\u00f5es, bem como o inteiro teor do Of\u00edcio Circular SSE n\u00ba 2\/2024, podem ser encontradas 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\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-9b0e897 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"9b0e897\" 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<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-1eb3774 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1eb3774\" 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-c494d82\" data-id=\"c494d82\" 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-3908ebc elementor-widget elementor-widget-heading\" data-id=\"3908ebc\" 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\">Publicado decreto que regulamenta as deb\u00eantures de infraestrutura e as deb\u00eantures incentivadas<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-abb77ea elementor-widget elementor-widget-text-editor\" data-id=\"abb77ea\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Em 27.03.2024 foi publicado o Decreto n\u00ba 11.964\/2024, que regulamenta os crit\u00e9rios para enquadramento e acompanhamento dos projetos de investimento considerados priorit\u00e1rios nas \u00e1reas de infraestrutura ou de produ\u00e7\u00e3o econ\u00f4mica intensiva em pesquisa, desenvolvimento e inova\u00e7\u00e3o, para fins de emiss\u00e3o de deb\u00eantures incentivadas e deb\u00eantures de infraestrutura, previstas na Lei n\u00ba 12.431\/2011 e na Lei n\u00ba 14.801\/2024, respectivamente.<\/p><p>O Decreto n\u00ba 11.964\/2024 revoga o Decreto n\u00ba 8.874\/2016, que regulamentava a Lei n\u00ba 12.431\/2011, unificando a regulamenta\u00e7\u00e3o das deb\u00eantures incentivadas (Lei n\u00ba 12.431\/2011) e de infraestrutura (Lei n\u00ba 14.801\/2024). A seguir s\u00e3o resumidas as principais disposi\u00e7\u00f5es do Decreto n\u00ba 11.964\/2024.<\/p><p><span style=\"text-decoration: underline;\">Setores priorit\u00e1rios na \u00e1rea de infraestrutura<\/span><\/p><p>Na \u00e1rea de infraestrutura, os projetos de investimento que permitem a emiss\u00e3o de deb\u00eantures incentivadas ou de infraestrutura, conforme o caso, dever\u00e3o pertencer a um dos seguintes setores priorit\u00e1rios:<\/p><p style=\"padding-left: 40px;\">(i) setor de log\u00edstica e transportes, incluindo exclusivamente: rodovias, ferrovias, hidrovias, portos organizados e instala\u00e7\u00f5es portu\u00e1rias, aer\u00f3dromos e instala\u00e7\u00f5es aeroportu\u00e1rias de apoio, exceto aer\u00f3dromos de uso privativo;<\/p><p style=\"padding-left: 40px;\">(ii) setor de mobilidade urbana, incluindo, exclusivamente: infraestruturas de transporte p\u00fablico coletivo urbano ou de car\u00e1ter urbano e compra de ve\u00edculos coletivos associados \u00e0s referidas infraestruturas, como trens, barcas, aerom\u00f3veis, telef\u00e9ricos e \u00f4nibus el\u00e9tricos;<\/p><p style=\"padding-left: 40px;\">(iii) setor de energia, incluindo, exclusivamente: gera\u00e7\u00e3o por fontes renov\u00e1veis, transmiss\u00e3o e distribui\u00e7\u00e3o de energia el\u00e9trica, g\u00e1s natural, produ\u00e7\u00e3o de biocombust\u00edveis e biog\u00e1s (exceto a fase agr\u00edcola), produ\u00e7\u00e3o de combust\u00edveis sint\u00e9ticos com baixa intensidade de carbono, hidrog\u00eanio de baixo carbono, captura, estocagem, movimenta\u00e7\u00e3o e uso dede di\u00f3xido de carbono e dutovias para transporte de combust\u00edveis, incluindo biocombust\u00edveis e combust\u00edveis sint\u00e9ticos com baixa intensidade de carbono;<\/p><p style=\"padding-left: 40px;\">(iv) setor de habita\u00e7\u00e3o social, incluindo, exclusivamente, projetos implementados por meio de parcerias p\u00fablico-privadas;<\/p><p style=\"padding-left: 40px;\">(v) setores de telecomunica\u00e7\u00f5es e radiodifus\u00e3o, saneamento b\u00e1sico, irriga\u00e7\u00e3o, educa\u00e7\u00e3o e sa\u00fade p\u00fablica e gratuita, seguran\u00e7a p\u00fablica e sistema prisional, parques urbanos p\u00fablicos e unidades de conserva\u00e7\u00e3o, equipamentos p\u00fablicos culturais e esportivos; e<\/p><p style=\"padding-left: 40px;\">(vi) setores de requalifica\u00e7\u00e3o urbana, transforma\u00e7\u00e3o de minerais estrat\u00e9gicos para a transi\u00e7\u00e3o energ\u00e9tica e ilumina\u00e7\u00e3o p\u00fablica.<\/p><p>Os projetos de investimento ser\u00e3o considerados como priorit\u00e1rios desde que atendam \u00e0s seguintes condi\u00e7\u00f5es: (i) sejam objeto de instrumentos de concess\u00e3o, permiss\u00e3o, autoriza\u00e7\u00e3o, arrendamento ou, no caso de projetos do setor de saneamento b\u00e1sico, de contrato de programa; e (ii) envolvam a\u00e7\u00f5es de implanta\u00e7\u00e3o, amplia\u00e7\u00e3o, recupera\u00e7\u00e3o, adequa\u00e7\u00e3o ou moderniza\u00e7\u00e3o.<\/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 );\">N\u00e3o obstante, tamb\u00e9m poder\u00e3o ser consideradas como parte dos projetos do investimento a\u00e7\u00f5es e interven\u00e7\u00f5es complementares que objetivem reduzir ou mitigar as emiss\u00f5es de gases de efeito estufa no \u00e2mbito do empreendimento de infraestrutura, nos termos das Portarias dos Minist\u00e9rios setoriais, ainda que que tais a\u00e7\u00f5es e interven\u00e7\u00f5es n\u00e3o sejam objeto dos instrumentos acima citados.<\/span><\/p><p><span style=\"text-decoration: underline;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight ); text-decoration: underline;\">Projetos na \u00e1rea de produ\u00e7\u00e3o econ\u00f4mica intensiva em pesquisa, desenvolvimento e inova\u00e7\u00e3o<\/span><\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">Os projetos na \u00e1rea de produ\u00e7\u00e3o econ\u00f4mica intensiva em pesquisa, desenvolvimento e inova\u00e7\u00e3o s\u00e3o aqueles com o prop\u00f3sito de introduzir processos, produtos ou servi\u00e7os inovadores, conforme os princ\u00edpios, os conceitos e as diretrizes definidas nas pol\u00edticas de ci\u00eancia, tecnologia e inova\u00e7\u00e3o e de desenvolvimento industrial.<\/span><\/p><p>O enquadramento de projetos na \u00e1rea de produ\u00e7\u00e3o econ\u00f4mica intensiva em pesquisa, desenvolvimento e inova\u00e7\u00e3o se dar\u00e1 nos setores de transi\u00e7\u00e3o energ\u00e9tica, transforma\u00e7\u00e3o ecol\u00f3gica, transforma\u00e7\u00e3o digital, complexo industrial da sa\u00fade e complexo industrial aeroespacial e de defesa, conforme ato conjunto do Minist\u00e9rio da Fazenda e do Minist\u00e9rio setorial respons\u00e1vel.<\/p><p><span style=\"text-decoration: underline;\"><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight ); text-decoration: underline;\">Fiscaliza\u00e7\u00e3o e acompanhamento<\/span><\/span><\/p><p>Para fins de acompanhamento e fiscaliza\u00e7\u00e3o e cumprimento das disposi\u00e7\u00f5es da da Lei n\u00ba 12.431\/2011 ou da Lei n\u00ba 14.801\/2024, conforme o caso, o emissor dever\u00e1, independentemente da dispensa ou n\u00e3o de aprova\u00e7\u00e3o ministerial pr\u00e9via:<\/p><p style=\"padding-left: 40px;\">(i) protocolar no Minist\u00e9rio setorial, previamente \u00e0 apresenta\u00e7\u00e3o do requerimento do registro da oferta p\u00fablica dos valores mobili\u00e1rios com benef\u00edcios fiscais, documenta\u00e7\u00e3o com a descri\u00e7\u00e3o individualizada do projeto de investimento;<\/p><p style=\"padding-left: 40px;\">(ii) manter atualizadas, junto ao Minist\u00e9rio setorial, informa\u00e7\u00f5es pr\u00f3prias e do titular do projeto;<\/p><p style=\"padding-left: 40px;\">(iii) destacar, de maneira clara e de f\u00e1cil acesso ao investidor, por ocasi\u00e3o da emiss\u00e3o p\u00fablica dos valores mobili\u00e1rios com benef\u00edcios fiscais, no Prospecto e no An\u00fancio de In\u00edcio de Distribui\u00e7\u00e3o ou, no caso de ofertas destinadas exclusivamente a investidores profissionais, no An\u00fancio de Encerramento e no material de divulga\u00e7\u00e3o: (iii.1) a descri\u00e7\u00e3o do projeto; (iii.2) o compromisso de alocar os recursos obtidos no projeto priorit\u00e1rio; e (iii.3) o n\u00famero e a data de publica\u00e7\u00e3o da portaria de aprova\u00e7\u00e3o, quando exigida; e<\/p><p style=\"padding-left: 40px;\">(iv) assegurar a destina\u00e7\u00e3o dos recursos captados para a implanta\u00e7\u00e3o do projeto priorit\u00e1rio e manter a documenta\u00e7\u00e3o relativa \u00e0 utiliza\u00e7\u00e3o dos recursos dispon\u00edvel para consulta e fiscaliza\u00e7\u00e3o por pelo menos 5 anos ap\u00f3s o vencimento dos valores mobili\u00e1rios com benef\u00edcios fiscais, ou ap\u00f3s o encerramento do fundo de investimento em direitos credit\u00f3rios.<\/p><p>Para fins de apresenta\u00e7\u00e3o do requerimento de registro da oferta p\u00fablica dos valores mobili\u00e1rios com benef\u00edcios fiscais, o emissor dever\u00e1 apresentar a comprova\u00e7\u00e3o do protocolo das informa\u00e7\u00f5es mencionadas no item \u201c(i)\u201d acima \u00e0 Comiss\u00e3o de Valores Mobili\u00e1rios &#8211; CVM.<\/p><p><span style=\"text-decoration: underline;\">Emiss\u00e3o de valores mobili\u00e1rios com benef\u00edcios fiscais<\/span><\/p><p>A emiss\u00e3o dos valores mobili\u00e1rios com benef\u00edcios fiscais da Lei n\u00ba 12.431\/2011 ou da Lei n\u00ba 14.801\/2024 est\u00e1 limitada ao montante equivalente \u00e0s despesas de capital dos projetos de investimento.<\/p><p>Al\u00e9m disso, n\u00e3o \u00e9 permitida a cumula\u00e7\u00e3o dos benef\u00edcios tribut\u00e1rios da Lei n\u00ba 12.431\/2011 e da Lei n\u00ba 14.801\/2024 em uma mesma deb\u00eanture. Ou seja, uma deb\u00eanture n\u00e3o pode ser considerada simultaneamente como \u201cincentivada\u201d e \u201cde infraestrutura\u201d.<\/p><p><span style=\"text-decoration: underline;\">Titular do projeto de investimento<\/span><\/p><p>Considera-se titular do projeto de investimento a pessoa jur\u00eddica respons\u00e1vel pela implementa\u00e7\u00e3o do projeto de investimento considerado como priorit\u00e1rio, a qual dever\u00e1 ser necessariamente caracterizada como sociedade de prop\u00f3sito espec\u00edfico, concession\u00e1ria, permission\u00e1ria, autorizat\u00e1ria ou arrendat\u00e1ria.<\/p><p><span style=\"text-decoration: underline;\">Aquisi\u00e7\u00e3o de deb\u00eantures de infraestruturas pessoas jur\u00eddicas no exterior<\/span><\/p><p>Ato do Minist\u00e9rio da Fazenda poder\u00e1 autorizar, conforme as hip\u00f3teses e condi\u00e7\u00f5es que especificar, a aquisi\u00e7\u00e3o de deb\u00eantures de infraestrutura por pessoa jur\u00eddica residente ou domiciliada no exterior, desde que a referida aquisi\u00e7\u00e3o seja realizada em conex\u00e3o com a emiss\u00e3o e a coloca\u00e7\u00e3o no exterior de t\u00edtulos a elas relacionados.<\/p><p><span style=\"text-decoration: underline;\">Emiss\u00e3o de novas deb\u00eantures incentivadas<\/span><\/p><p>Os projetos relativos \u00e0s deb\u00eantures incentivadas que j\u00e1 tenham sido aprovados por Portaria do Minist\u00e9rio setorial respons\u00e1vel, mas que n\u00e3o se adequarem aos crit\u00e9rios e condi\u00e7\u00f5es estipuladas no Decreto n\u00ba 11.964\/2024, poder\u00e3o ser objeto de emiss\u00e3o de novas deb\u00eantures incentivadas no prazo de 90 dias a contar de 27.03.2024 (data em que foi publicado o Decreto), desde que de acordo com os limites e as condi\u00e7\u00f5es definidas na respectiva Portaria de aprova\u00e7\u00e3o.<\/p><p>Ap\u00f3s o t\u00e9rmino do referido prazo, sem preju\u00edzo de frui\u00e7\u00e3o dos benef\u00edcios fiscais para as deb\u00eantures j\u00e1 emitidas, n\u00e3o ser\u00e1 permitida a emiss\u00e3o de novas deb\u00eantures incentivadas destinadas \u00e0 implementa\u00e7\u00e3o de projetos que n\u00e3o observem os crit\u00e9rios e condi\u00e7\u00f5es estabelecidas no Decreto n\u00ba 11.964\/2024.<\/p><p>Maiores informa\u00e7\u00f5es, bem como a \u00edntegra do Decreto n\u00ba 11.964\/2024, podem ser encontradas no site do Planalto (www.planalto.gov.br).<\/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-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-1d859b1 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"1d859b1\" 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<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\">Jurisprud\u00eancia<\/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<h5><strong><span style=\"color: #333333;\">Superior Tribunal de Justi\u00e7a&nbsp;<\/span><\/strong><\/h5>\n<p>PROCESSUAL CIVIL. AGRAVO INTERNO EM AGRAVO EM RECURSO ESPECIAL. EXECU\u00c7\u00c3O DE T\u00cdTULO JUDICIAL DECORRENTE DE SENTEN\u00c7A PROLATADA EM A\u00c7\u00c3O INDENIZAT\u00d3RIA. C\u00c1LCULO DO VALOR DE A\u00c7\u00d5ES. NECESSIDADE DE OBSERV\u00c2NCIA DOS EVENTOS SOCIET\u00c1RIOS OCORRIDOS ENTRE A DATA DA SUA EMISS\u00c3O E A DATA DO TR\u00c2NSITO EM JULGADO DA SENTEN\u00c7A PROFERIDA NA A\u00c7\u00c3O DE CONHECIMENTO, SOB PENA DE ENRIQUECIMENTO IL\u00cdCITO DO EXEQUENTE. CORRE\u00c7\u00c3O DE ERRO MATERIAL. POSSIBILIDADE. PRECLUS\u00c3O. N\u00c3O OCORR\u00caNCIA.&nbsp;<\/p><p>1. Nas causas que envolvem a convers\u00e3o de a\u00e7\u00f5es em indeniza\u00e7\u00e3o por perdas e danos, \u00e9 preciso considerar, na fase de cumprimento de senten\u00e7a, os eventos societ\u00e1rios que tenham importado em grupamento e\/ou desdobramentos desses t\u00edtulos ocorridos entre a data em que eles foram emitidos e a data do tr\u00e2nsito em julgado da senten\u00e7a proferida na fase de conhecimento, sob pena de configurar-se enriquecimento il\u00edcito da parte vencedora. Precedentes.&nbsp;<\/p><p>2. N\u00e3o h\u00e1 \u00f3bice \u00e0 revis\u00e3o dos c\u00e1lculos de liquida\u00e7\u00e3o do julgado para que se ajustem \u00e0 orienta\u00e7\u00e3o desta Corte acerca do grupamento e desdobramento de a\u00e7\u00f5es, sendo certo que a n\u00e3o observ\u00e2ncia dos eventos societ\u00e1rios pertinentes configura erro material e teratol\u00f3gico grav\u00edssimo que pode ser corrigido a qualquer tempo, n\u00e3o se sujeitando \u00e0 preclus\u00e3o. Precedentes.&nbsp;<\/p><p>3. Agravo interno provido para dar provimento ao recurso especial.&nbsp;<\/p><p>(STJ. 4\u00aa Turma. AgInt no AREsp n\u00ba 1.488.546\/PE. Rel.: Min. Luis Felipe Salom\u00e3o. Data de julgamento: 06.02.2024. Data de publica\u00e7\u00e3o: 02.04.2024).<\/p><p><br><\/p><p>RECURSO ESPECIAL. PROCESSUAL CIVIL. EXECU\u00c7\u00c3O DE T\u00cdTULO EXTRAJUDICIAL. DESCONSIDERA\u00c7\u00c3O INVERSA DA PERSONALIDADE JUR\u00cdDICA. NATUREZA JUR\u00cdDICA. A\u00c7\u00c3O INCIDENTAL. AGRAVO DE INSTRUMENTO. JULGAMENTO POR MAIORIA. DECIS\u00c3O DE M\u00c9RITO. REFORMA. T\u00c9CNICA DE AMPLIA\u00c7\u00c3O DO COLEGIADO. APLICABILIDADE. AGRAVO DE INSTRUMENTO. EFEITO DEVOLUTIVO. LIMITA\u00c7\u00c3O.&nbsp;<\/p><p>1. A controv\u00e9rsia dos autos resume-se a aferir se o procedimento estabelecido pelo art. 942 do CPC\/2015 (t\u00e9cnica de amplia\u00e7\u00e3o do colegiado) possui incid\u00eancia no caso concreto.&nbsp;<\/p><p>2. O julgamento de agravo de instrumento que, por maioria, reforma decis\u00e3o proferida em incidente de desconsidera\u00e7\u00e3o (direta ou inversa) da personalidade jur\u00eddica inclui-se na regra legal de aplica\u00e7\u00e3o da t\u00e9cnica de amplia\u00e7\u00e3o do colegiado prevista no art. 942, \u00a7 3\u00ba, II, do C\u00f3digo de Processo Civil de 2015, por se tratar de decis\u00e3o de m\u00e9rito.&nbsp;<\/p><p>3. O efeito devolutivo do agravo de instrumento est\u00e1 limitado \u00e0s quest\u00f5es resolvidas pela decis\u00e3o agravada, visto que tal recurso devolve ao tribunal apenas o conte\u00fado das decis\u00f5es interlocut\u00f3rias impugnadas.&nbsp;<\/p><p>4. Recurso especial provido.<\/p><p>(STJ. 3\u00aa Turma. REsp n\u00ba 2.120.429\/SP. Rel.: Min. Ricardo Villas B\u00f4as Cueva. Data de julgamento: 02.04.2024. Data de publica\u00e7\u00e3o: 10.04.2024).<\/p><p><br><\/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 115 | Abril 2024 Download PDF Nesta edi\u00e7\u00e3o: Of\u00edcio circular orienta intermedi\u00e1rios sobre monitoramento de opera\u00e7\u00f5es e comunica\u00e7\u00e3o \u00e0 CVM Em 28.03.2024 a Superintend\u00eancia de Rela\u00e7\u00f5es com o Mercado de Intermedi\u00e1rios \u2013 SMI da Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM divulgou o Of\u00edcio Circular CVM\/SMI 1\/2024 (\u201cOf\u00edcio SMI n\u00ba 1\/2024\u201d), que consolida o [&hellip;]<\/p>","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,22],"tags":[],"class_list":["post-6353","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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