{"id":8904,"date":"2025-03-25T13:42:16","date_gmt":"2025-03-25T13:42:16","guid":{"rendered":"https:\/\/moreiramenezes.com.br\/?p=8904"},"modified":"2025-03-26T12:12:10","modified_gmt":"2025-03-26T12:12:10","slug":"newsletter-n126","status":"publish","type":"post","link":"https:\/\/moreiramenezes.com.br\/en\/newsletter-n126\/","title":{"rendered":"Newsletter N\u00b0126"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"8904\" class=\"elementor elementor-8904\" 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-size-default\">Newsletter n\u00ba 126 | Mar\u00e7o 2025<\/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__width-initial 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\/2025\/03\/2025_03_24-Newsletter-Moreira-Menezes-Martins-Advogados-no-126-rev.-advs.-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\" 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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 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elementor-widget-table-of-contents\" data-id=\"f4591e0\" data-element_type=\"widget\" data-settings=\"{&quot;headings_by_tags&quot;:[&quot;h4&quot;],&quot;exclude_headings_by_selector&quot;:[],&quot;marker_view&quot;:&quot;bullets&quot;,&quot;icon&quot;:{&quot;value&quot;:&quot;fas fa-square-full&quot;,&quot;library&quot;:&quot;fa-solid&quot;,&quot;rendered_tag&quot;:&quot;&lt;svg class=\\&quot;e-font-icon-svg e-fas-square-full\\&quot; viewBox=\\&quot;0 0 512 512\\&quot; xmlns=\\&quot;http:\\\/\\\/www.w3.org\\\/2000\\\/svg\\&quot;&gt;&lt;path d=\\&quot;M512 512H0V0h512v512z\\&quot;&gt;&lt;\\\/path&gt;&lt;\\\/svg&gt;&quot;},&quot;no_headings_message&quot;:&quot;N\\u00e3o foram encontrados cabe\\u00e7alhos nesta p\\u00e1gina.&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\" 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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 anual para companhias abertas \u00e9 divulgado pela CVM\n<\/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 27.02.2025 a Superintend\u00eancia de Rela\u00e7\u00f5es com Empresas \u2013 SEP da Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM divulgou o Of\u00edcio Circular\/Anual-2025-CVM\/SEP (\u201c<span style=\"text-decoration: underline;\">Of\u00edcio SEP de 2025<\/span>\u201d), que consolida as orienta\u00e7\u00f5es da SEP sobre procedimentos a serem observados na presta\u00e7\u00e3o de informa\u00e7\u00f5es peri\u00f3dicas e eventuais pelas companhias abertas, estrangeiras e incentivadas, al\u00e9m de contemplar a interpreta\u00e7\u00e3o da SEP e do Colegiado da CVM sobre a legisla\u00e7\u00e3o e regulamenta\u00e7\u00e3o aplic\u00e1veis \u00e0s pr\u00e1ticas reguladas pela Autarquia.<\/p><p>O Of\u00edcio SEP de 2025 contempla, dentre outras, as seguintes orienta\u00e7\u00f5es adicionais em rela\u00e7\u00e3o \u00e0s dos anos anteriores:<\/p><p style=\"padding-left: 40px;\">(i) <span style=\"text-decoration: underline;\">prazo para entrega do relat\u00f3rio de informa\u00e7\u00f5es financeiras relacionadas \u00e0 sustentabilidade<\/span>: a SEP consignou, no Of\u00edcio SEP de 2025, as altera\u00e7\u00f5es introduzidas pela Resolu\u00e7\u00e3o CVM n\u00ba 219\/2024 na Resolu\u00e7\u00e3o CVM n\u00ba 193\/2023, que estabeleceram novos prazos para a divulga\u00e7\u00e3o do relat\u00f3rio de informa\u00e7\u00f5es financeiras relacionadas \u00e0 sustentabilidade.\u00a0<\/p><p style=\"padding-left: 40px;\">Nesse contexto, os prazos a serem observados s\u00e3o os seguintes: (a) <span style=\"text-decoration: underline;\">para exerc\u00edcios sociais de ado\u00e7\u00e3o volunt\u00e1ria<\/span>: at\u00e9 o \u00faltimo dia do nono m\u00eas subsequente ao encerramento do exerc\u00edcio social; (b) <span style=\"text-decoration: underline;\">para o primeiro exerc\u00edcio social de ado\u00e7\u00e3o obrigat\u00f3ria<\/span>: na mesma data estabelecida para a entrega do formul\u00e1rio de refer\u00eancia; e (c) <span style=\"text-decoration: underline;\">a partir do segundo exerc\u00edcio social de ado\u00e7\u00e3o obrigat\u00f3ria<\/span>: at\u00e9 3 meses contados do encerramento do exerc\u00edcio social ou na mesma data de envio das demonstra\u00e7\u00f5es financeiras, prevalecendo o que se verificar primeiro;<\/p><p style=\"padding-left: 40px;\">(ii) <span style=\"text-decoration: underline;\">conte\u00fado do formul\u00e1rio de refer\u00eancia<\/span>: no que se refere \u00e0 atualiza\u00e7\u00e3o anual do formul\u00e1rio de refer\u00eancia, a SEP esclareceu que, ressalvados os itens para os quais a Resolu\u00e7\u00e3o CVM n\u00ba 80\/2022 contenha nota de rodap\u00e9 especificando a data de corte das informa\u00e7\u00f5es requeridas, todos os demais itens do formul\u00e1rio devem refletir as informa\u00e7\u00f5es mais atualizadas dispon\u00edveis na data de sua entrega;<\/p><p style=\"padding-left: 40px;\">(iii) <span style=\"text-decoration: underline;\">orienta\u00e7\u00f5es para assembleias e voto a dist\u00e2ncia<\/span>: o Of\u00edcio SEP de 2025 consignou diversas novas orienta\u00e7\u00f5es e esclarecimentos a respeito da realiza\u00e7\u00e3o de assembleias, considerando as modifica\u00e7\u00f5es realizadas \u00e0 Resolu\u00e7\u00e3o CVM n\u00ba 81\/2022 durante o ano de 2024, que entraram em vigor em 01.01.2025. Dentre essas orienta\u00e7\u00f5es, destacamos as seguintes: (a) necessidade de divulga\u00e7\u00e3o de nova proposta da administra\u00e7\u00e3o quando houver segunda convoca\u00e7\u00e3o para realiza\u00e7\u00e3o da assembleia geral; (b) com rela\u00e7\u00e3o \u00e0s assembleias gerais ordin\u00e1rias: (b.1) a necessidade de inclus\u00e3o, no edital de convoca\u00e7\u00e3o, dos percentuais m\u00ednimos de participa\u00e7\u00e3o no capital social votante e n\u00e3o votante necess\u00e1rios ao pedido de instala\u00e7\u00e3o do conselho fiscal quando este n\u00e3o estiver em funcionamento ou quando o per\u00edodo de seu funcionamento termine na data da assembleia geral ordin\u00e1ria; (b.2) apresenta\u00e7\u00e3o, no edital de convoca\u00e7\u00e3o ou nos demais documentos convocat\u00f3rios disponibilizados aos acionistas, das raz\u00f5es pelas quais a companhia optou pela realiza\u00e7\u00e3o da assembleia de modo presencial, parcialmente digital ou exclusivamente digital; (b.3) inclus\u00e3o, no edital de convoca\u00e7\u00e3o, do local f\u00edsico disponibilizado para a participa\u00e7\u00e3o de acionistas na hip\u00f3tese de realiza\u00e7\u00e3o de assembleia na modalidade parcialmente digital; (c) aplica\u00e7\u00e3o dos procedimentos descritos na Resolu\u00e7\u00e3o CVM n\u00ba 81\/2022 relativos ao voto a dist\u00e2ncia a todas as assembleias, com exce\u00e7\u00e3o do disposto no art. 30-A da referida resolu\u00e7\u00e3o, que dispensa a sua ado\u00e7\u00e3o quando verificadas determinadas condi\u00e7\u00f5es; (d) na hip\u00f3tese de ado\u00e7\u00e3o do voto a dist\u00e2ncia em determinada assembleia geral, todas as mat\u00e9rias constantes da agenda da assembleia a que se refere devem ser inclu\u00eddas no boletim de voto a dist\u00e2ncia disponibilizado pela companhia; (e) veda\u00e7\u00e3o \u00e0 companhia de promover a reordena\u00e7\u00e3o, renumera\u00e7\u00e3o ou qualquer forma de reorganiza\u00e7\u00e3o de itens do boletim que induza o acionista a erro sobre as mat\u00e9rias a serem deliberadas; e (f) por ocasi\u00e3o da realiza\u00e7\u00e3o da assembleia, caso n\u00e3o haja candidatos ao conselho de administra\u00e7\u00e3o al\u00e9m daqueles indicados pela administra\u00e7\u00e3o ou pelo acionista controlador, a solicita\u00e7\u00e3o de ado\u00e7\u00e3o do processo de voto m\u00faltiplo formulada por meio de boletim de voto a dist\u00e2ncia fica sem efeito;<\/p><p style=\"padding-left: 40px;\">(iv) <span style=\"text-decoration: underline;\">orienta\u00e7\u00f5es sobre a Resolu\u00e7\u00e3o CVM n\u00ba 223\/2024<\/span>: o Of\u00edcio SEP de 2025 destaca a entrada em vigor, em 01.01.2025, da Resolu\u00e7\u00e3o CVM n\u00ba 223\/2024, que torna obrigat\u00f3ria para as companhias abertas a Orienta\u00e7\u00e3o OCPC 10 \u2013 Cr\u00e9ditos de Carbono (tCO2e), Permiss\u00f5es de Emiss\u00e3o (allowances) e Cr\u00e9ditos de Descarboniza\u00e7\u00e3o (CBIO), emitida pelo Comit\u00ea de Pronunciamentos Cont\u00e1beis \u2013 CPC;<\/p><p style=\"padding-left: 40px;\">(v) <span style=\"text-decoration: underline;\">orienta\u00e7\u00f5es sobre as informa\u00e7\u00f5es m\u00ednimas necess\u00e1rias a serem divulgadas quando da aquisi\u00e7\u00e3o de sociedade<\/span>: a SEP incluiu, no Of\u00edcio SEP de 2025, orienta\u00e7\u00f5es acerca da divulga\u00e7\u00e3o de informa\u00e7\u00f5es relativas \u00e0 aquisi\u00e7\u00e3o de novas sociedades. Nesse sentido, a administra\u00e7\u00e3o da companhia deve divulgar: (a) informa\u00e7\u00f5es e\/ou indicadores sobre a aquisi\u00e7\u00e3o que permitam aos investidores formar seu pr\u00f3prio ju\u00edzo de valor sobre a opera\u00e7\u00e3o; e (b) se o acordo celebrado possui natureza vinculante, ou seja, se contempla todos os elementos essenciais do neg\u00f3cio jur\u00eddico celebrado, devendo ainda esclarecer a exist\u00eancia de eventuais etapas precedentes, tais como due diligence e informando se tais etapas t\u00eam car\u00e1ter meramente confirmat\u00f3rio das premissas da opera\u00e7\u00e3o ou se configuram condi\u00e7\u00e3o resolutiva apta a desfazer o neg\u00f3cio jur\u00eddico; e<\/p><p style=\"padding-left: 40px;\">(vi) <span style=\"text-decoration: underline;\">orienta\u00e7\u00f5es sobre pedido de vista de processos administrativos<\/span>: a SEP destacou, no Of\u00edcio SEP de 2025 que os pedidos de vista de processos administrativos devem ser formalizados exclusivamente por meio do Protocolo Digital da CVM. No caso de processos administrativos sancionadores, o solicitante deve indicar como \u00e1rea destinat\u00e1ria a Ger\u00eancia de Controle de Processos (GCP). J\u00e1 para processos administrativos n\u00e3o sancionadores, a \u00e1rea destinat\u00e1ria a ser selecionada \u00e9 o Centro de Consultas (CDC).<\/p><p style=\"padding-left: 40px;\">Em qualquer hip\u00f3tese, a decis\u00e3o que indeferir o pedido de vista deve ser devidamente fundamentada e dela caber\u00e1 recurso ao Colegiado, nos termos da regulamenta\u00e7\u00e3o de que trata os recursos ao Colegiado. Antes de sua aprecia\u00e7\u00e3o pelo Colegiado, os argumentos dos recursos devem ser examinados, na forma do regimento interno da CVM, pelo titular do componente organizacional ou pelo dirigente da unidade de lota\u00e7\u00e3o do servidor que tenha indeferido o pedido de vista.\u00a0<\/p><p>Maiores informa\u00e7\u00f5es, bem como o inteiro teor do Of\u00edcio SEP de 2025, podem ser encontradas no site da CVM (www.gov.br\/cvm).<\/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\">ANBIMA cria grupo de trabalho para elabora\u00e7\u00e3o de regras sobre cust\u00f3dia de ativos digitais\n\n<\/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 06.02.2025 a Associa\u00e7\u00e3o Brasileira das Entidades dos Mercados Financeiro e de Capitais \u2013 ANBIMA anunciou a cria\u00e7\u00e3o de grupo de trabalho multidisciplinar para discutir regras direcionadas aos prestadores de servi\u00e7os de cust\u00f3dia de ativos virtuais.<\/p><p>A mat\u00e9ria est\u00e1 inserida na \u201cANBIMA em A\u00e7\u00e3o\u201d, que consiste na agenda de prioridades da Associa\u00e7\u00e3o para o bi\u00eanio 2025-2026.\u00a0<\/p><p>Segundo informado pela ANBIMA, o grupo de trabalho \u00e9 composto por representantes de prestadores de servi\u00e7o de cust\u00f3dia, bem como de outras institui\u00e7\u00f5es associadas, como, por exemplo, custodiantes, intermedi\u00e1rios e corretoras.<\/p><p>O objetivo do grupo de trabalho consiste no estabelecimento de crit\u00e9rios m\u00ednimos e par\u00e2metros para a cust\u00f3dia de ativos virtuais, que dever\u00e3o ser observados pelas entidades associadas \u00e0 ANBIMA ou por quem aderir aos seus C\u00f3digos de melhores pr\u00e1ticas.<\/p><p>Em comunicado, a ANBIMA ressaltou que vem contribuindo com o Banco Central do Brasil para o arcabou\u00e7o regulat\u00f3rio relativo aos prestadores de servi\u00e7os de ativos virtuais. Por essa raz\u00e3o, a ANBIMA entendeu pertinente iniciar as discuss\u00f5es sobre a autorregula\u00e7\u00e3o aplic\u00e1vel aos seus associados e aderentes aos C\u00f3digos.<\/p><p>Finalmente, a ANBIMA destacou que j\u00e1 possui regras e materiais educativos sobre a tem\u00e1tica dos ativos virtuais, valendo mencionar: (i) o C\u00f3digo de Administra\u00e7\u00e3o e Gest\u00e3o de Recursos de Terceiros, que contempla requisitos m\u00ednimos de dilig\u00eancia e governan\u00e7a para fundos que investem diretamente em ativos digitais e regras para a inser\u00e7\u00e3o de fatores de risco nos materiais dos fundos que investem nesses ativos; (ii) o Guia T\u00e9cnico para a Emiss\u00e3o de Ativos Tokenizados, que aborda o uso das tecnologias de registro distribu\u00eddo (DLT) nos mercados financeiro e de capitais; e (iii) o paper sobre Tokeniza\u00e7\u00e3o de Ativos, que re\u00fane fundamentos sobre o tema e seus impactos no mercado.<\/p><p>Maiores informa\u00e7\u00f5es sobre o grupo de trabalho podem ser encontradas no site da ANBIMA (www.anbima.com.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<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\">CVM edita resolu\u00e7\u00e3o para regulamentar inova\u00e7\u00f5es trazidas pela lei n\u00ba 14.711\/2023\n\n<\/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 06.03.2025 a Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM editou a Resolu\u00e7\u00e3o CVM n\u00ba 226\/2025, que altera as Resolu\u00e7\u00f5es CVM n\u00ba 17\/2021, n\u00ba 60\/2021, n\u00ba 80\/2022, CVM n\u00ba 88\/2022 e CVM n\u00ba 160\/2022, para regulamentar as inova\u00e7\u00f5es introduzidas pela Lei n\u00ba 14.711\/2023 referentes ao procedimento de emiss\u00e3o de deb\u00eantures.<\/p><p>Nesse sentido, destacam-se as seguintes altera\u00e7\u00f5es promovidas pela Resolu\u00e7\u00e3o CVM n\u00ba 226\/2025:<\/p><div><div style=\"padding-left: 40px;\">(i) <span style=\"text-decoration: underline;\">simplifica\u00e7\u00e3o do procedimento de emiss\u00f5es de deb\u00eantures<\/span>: a Resolu\u00e7\u00e3o CVM n\u00ba 226\/2025 incluiu (a) o \u00a7 6\u00ba ao art. 89 da Resolu\u00e7\u00e3o CVM n\u00ba 160\/2022; (b) o \u00a7 4\u00ba ao art. 34 e o \u00a7 8\u00ba ao art. 33, ambos da Resolu\u00e7\u00e3o CVM n\u00ba 80\/2022; e (c) o \u00a7 3\u00ba-A ao art. 52 da Resolu\u00e7\u00e3o CVM n\u00ba 60\/2021, para prever que a exig\u00eancia de arquivamento no registro de com\u00e9rcio do ato societ\u00e1rio que deliberar sobre a emiss\u00e3o de deb\u00eantures ser\u00e1 considerada atendida com o envio dos documentos relacionados \u00e0 emiss\u00e3o de deb\u00eantures \u00e0 CVM, por meio do sistema eletr\u00f4nico dispon\u00edvel na p\u00e1gina da CVM na rede mundial de computadores;<\/div><div>\u00a0<\/div><div><div style=\"padding-left: 40px;\">(ii) <span style=\"text-decoration: underline;\">divulga\u00e7\u00e3o de atos societ\u00e1rios<\/span>: a Resolu\u00e7\u00e3o CVM n\u00ba 226\/2025 alterou o art. 89 da Resolu\u00e7\u00e3o CVM n\u00ba 160\/2022 para estabelecer procedimento espec\u00edfico para divulga\u00e7\u00e3o de atos societ\u00e1rios relacionados \u00e0 emiss\u00e3o de deb\u00eantures. Segundo o \u00a7 3\u00ba do referido dispositivo, o emissor deve divulgar as informa\u00e7\u00f5es referidas nos incisos III, IV, VI, VIII e IX do caput (a) em sua p\u00e1gina na rede mundial de computadores, mantendo-as dispon\u00edveis pelo per\u00edodo de 3 anos; (b) em sistema disponibilizado pela entidade administradora de mercados organizados no qual os valores mobili\u00e1rios estejam admitidos a negocia\u00e7\u00e3o; e (c) em sistema eletr\u00f4nico dispon\u00edvel na p\u00e1gina da CVM na rede mundial de computadores. Al\u00e9m disso, nas hip\u00f3teses dos incisos VIII e IX do caput (respectivamente, atos societ\u00e1rios de emiss\u00e3o de deb\u00eantures que venham a ser ofertadas publicamente e escritura de emiss\u00e3o de deb\u00eantures que venham a ser ofertadas publicamente e seus eventuais aditamentos), os documentos devem ser disponibilizados em at\u00e9 7 dias contados da: (c.1) concess\u00e3o ao emissor de acesso ao sistema eletr\u00f4nico dispon\u00edvel na p\u00e1gina da CVM na rede mundial de computadores; ou (c.2) data da realiza\u00e7\u00e3o da reuni\u00e3o ou da assinatura da escritura ou aditamento, conforme o caso, quando, na respectiva data, o emissor j\u00e1 tiver acesso ao referido sistema. Vale destacar que o referido prazo de 7 dias \u00fateis para envio de atos societ\u00e1rios relacionados \u00e0s emiss\u00f5es de deb\u00eantures possui marcos iniciais compat\u00edveis com a Resolu\u00e7\u00e3o CVM n\u00ba 160\/2022;<\/div><div 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 );\">\u00a0<\/span><\/div><div 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) <span style=\"text-decoration: underline;\">informa\u00e7\u00f5es sobre desmembramento de deb\u00eantures<\/span>: por meio das altera\u00e7\u00f5es promovidas pela Resolu\u00e7\u00e3o CVM n\u00ba 226\/2025, o Anexo G da Resolu\u00e7\u00e3o CVM n\u00ba 160\/2022 passou a exigir a indica\u00e7\u00e3o expressa sobre previs\u00e3o de eventual desmembramento de deb\u00eantures no prospecto de d\u00edvida e na l\u00e2mina de oferta de d\u00edvida; e<\/span><\/div><div 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 );\">\u00a0<\/span><\/div><div 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) <span style=\"text-decoration: underline;\">demais altera\u00e7\u00f5es pontuais<\/span>: a Resolu\u00e7\u00e3o CVM n\u00ba 226\/2025 promove altera\u00e7\u00f5es pontuais nas Resolu\u00e7\u00f5es CVM n\u00ba 17\/2021, n\u00ba 60\/2021 e CVM n\u00ba 88\/2022, referentes ao papel do agente fiduci\u00e1rio e \u00e0s ofertas p\u00fablicas realizadas via plataformas eletr\u00f4nicas de crowdfunding, para alinhamento \u00e0s altera\u00e7\u00f5es introduzidas pela Lei n\u00ba 14.711\/2023.<\/span><\/div><div 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 );\">\u00a0<\/span><\/div><div><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 226\/2025, podem ser encontradas no site da CVM (www.gov.br\/cvm).<\/span><\/div><\/div><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-842a7ce elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"842a7ce\" 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-0ec39ee elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0ec39ee\" 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-cd2adc6\" data-id=\"cd2adc6\" 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-292efbd elementor-widget elementor-widget-heading\" data-id=\"292efbd\" 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 da CVM orienta sobre procedimentos de den\u00fancia de irregularidades\n\n<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-829714c elementor-widget elementor-widget-text-editor\" data-id=\"829714c\" 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 18.02.2025 as Superintend\u00eancias de Supervis\u00e3o de Investidores Institucionais \u2013 SIN e de Rela\u00e7\u00f5es com o Mercado e Intermedi\u00e1rios \u2013 SMI da Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM publicaram o Of\u00edcio Circular Conjunto CVM\/SIN\/SMI n\u00ba 1\/2025 (\u201c<span style=\"text-decoration: underline;\">Of\u00edcio Circular Conjunto n\u00ba 1\/2025<\/span>\u201d), com o objetivo de complementar as orienta\u00e7\u00f5es do Of\u00edcio Circular CVM\/SMI n\u00ba 1\/2024 que disp\u00f5em sobre monitoramento de opera\u00e7\u00f5es e comunica\u00e7\u00e3o \u00e0 Autarquia, previstos no art. 33 da Resolu\u00e7\u00e3o CVM n\u00ba 35\/2021.&nbsp;<\/p>\n<p>A Autarquia refor\u00e7ou, por meio do Of\u00edcio Circular Conjunto n\u00ba 1\/2025, que caso sejam detectados ind\u00edcios de administra\u00e7\u00e3o irregular de carteiras de valores mobili\u00e1rios, a comunica\u00e7\u00e3o dos fatos deve ser endere\u00e7ada \u00e0 SIN por meio do protocolo eletr\u00f4nico.&nbsp;<\/p>\n<p>Adicionalmente, a SIN e a SMI consignaram no Of\u00edcio Circular Conjunto n\u00ba 1\/2025 que poder\u00e1 ser considerada \u201cadministra\u00e7\u00e3o irregular\u201d a aplica\u00e7\u00e3o de recursos de terceiros em valores mobili\u00e1rios por pessoa sem o pr\u00e9vio credenciamento na CVM, o que pode ser verificado por meio de consulta ao cadastro geral em seu site.<\/p>\n<p>No caso de identifica\u00e7\u00e3o de outras irregularidades al\u00e9m de ind\u00edcios de administra\u00e7\u00e3o de recursos de terceiros, a comunica\u00e7\u00e3o tamb\u00e9m dever\u00e1 ser encaminhada \u00e0 SMI.<\/p>\n<p>Diante desse contexto, a CVM esclarece que, dentre os controles m\u00ednimos que devem ser implementados para a identifica\u00e7\u00e3o da administra\u00e7\u00e3o irregular, destacam-se (i) a verifica\u00e7\u00e3o de terceiros sem credenciamento atuando como procurador de investidores, principalmente em opera\u00e7\u00f5es realizadas no mercado \u00e0 vista e de op\u00e7\u00f5es; (ii) a aten\u00e7\u00e3o a clientes diferentes com opera\u00e7\u00f5es coordenadas do mesmo IP de origem; (iii) a avalia\u00e7\u00e3o de pessoas jur\u00eddicas com raz\u00e3o social e\/ou nome fantasia que mencione a palavra \u201cinvestimentos\u201d; (iv) redes sociais das pessoas monitoradas que mencionem oferta de servi\u00e7os de investimentos; (v) pessoas jur\u00eddicas n\u00e3o credenciadas com mesa propriet\u00e1ria; e (vi) aplica\u00e7\u00e3o em nome pr\u00f3prio de recursos incompat\u00edveis com a pr\u00f3pria capacidade financeira (tanto para pessoas naturais quanto para pessoas jur\u00eddicas).&nbsp;<\/p>\n<p>As comunica\u00e7\u00f5es devem ser enviadas com documentos comprobat\u00f3rios e informa\u00e7\u00f5es, incluindo, quando couber, dados de contato das pessoas monitoradas.<\/p>\n<p>Por fim, o Of\u00edcio Circular Conjunto n\u00ba 1\/2025 ressalva que as referidas orienta\u00e7\u00f5es n\u00e3o suprem a necessidade de implementa\u00e7\u00e3o de controles e rotinas adicionais que cada participante entenda necess\u00e1rio.&nbsp;<\/p>\n<p>Maiores informa\u00e7\u00f5es, bem como o inteiro teor do Of\u00edcio Circular Conjunto n\u00ba 1\/2025, podem ser encontrados no site da CVM (www.gov.br\/cvm).<\/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-de10acc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"de10acc\" 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-174bdbd\" data-id=\"174bdbd\" 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-87f9504 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"87f9504\" 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-939ff6b elementor-widget elementor-widget-heading\" data-id=\"939ff6b\" 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 of\u00edcio sobre responsabilidade limitada dos cotistas de fundos de investimentos imobili\u00e1rios\n\n<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2521ad4 elementor-widget elementor-widget-text-editor\" data-id=\"2521ad4\" 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 18.03.2025 a Superintend\u00eancia de Securitiza\u00e7\u00e3o e Agroneg\u00f3cio \u2013 SSE da Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM divulgou o Of\u00edcio Circular n\u00ba 2\/2025\/CVM\/SSE, que tem como objetivo orientar administradores e gestores de carteiras de t\u00edtulos e valores mobili\u00e1rios sobre a responsabilidade dos cotistas de Fundos de Investimentos Imobili\u00e1rios \u2013 FII diante de eventual patrim\u00f4nio l\u00edquido negativo do fundo (\u201c<u>Of\u00edcio Circular n\u00ba 2\/2025<\/u>\u201d).<\/p>\n<p>Nos termos do art. 13, inciso II, da Lei n\u00ba 8.668\/1993, que disp\u00f5e sobre a constitui\u00e7\u00e3o e o regime tribut\u00e1rio dos FIIs e dos Fundos de Investimento nas Cadeias Produtivas Agroindustriais (Fiagro), os titulares de cotas de FIIs n\u00e3o respondem pessoalmente por quaisquer obriga\u00e7\u00f5es legais ou contratuais relacionadas aos im\u00f3veis e empreendimentos do fundo ou de sua administradora, ressalvada a obriga\u00e7\u00e3o de integraliza\u00e7\u00e3o do valor das suas cotas.<\/p>\n<p>Desde a entrada em vigor da Lei n\u00ba 8.668\/1993, os cotistas de FIIs j\u00e1 estavam sujeitos ao regime de responsabilidade limitada em rela\u00e7\u00e3o \u00e0s obriga\u00e7\u00f5es vinculadas aos im\u00f3veis e empreendimentos que integravam o fundo. Tal regime j\u00e1 era aplic\u00e1vel antes mesmo da edi\u00e7\u00e3o da Lei n\u00ba 13.874\/2019, que alterou o C\u00f3digo Civil para permitir a previs\u00e3o de responsabilidade limitada dos cotistas em todas as categorias de fundos de investimento, conforme disposto no art. 1.368-D, inciso I, do C\u00f3digo Civil.<\/p><p>Nesse mesmo sentido, o art. 18 da Parte Geral da Resolu\u00e7\u00e3o CVM n\u00ba 175\/2022, aplic\u00e1vel a todas as categorias de fundos de investimento, prev\u00ea que o regulamento do fundo pode estabelecer a responsabilidade limitada do cotista ao valor por ele subscrito. Por outro lado, caso o regulamento n\u00e3o contenha essa limita\u00e7\u00e3o, os cotistas responder\u00e3o por eventual patrim\u00f4nio l\u00edquido negativo, nos termos do par\u00e1grafo \u00fanico do referido dispositivo.<\/p><p>Por meio do Of\u00edcio Circular n\u00ba 2\/2025, a SSE esclareceu que, independentemente das previs\u00f5es acima, admite-se a possibilidade de os cotistas de FIIs serem chamados a aportar recursos no fundo em caso de patrim\u00f4nio l\u00edquido negativo decorrente de obriga\u00e7\u00f5es contratuais e legais n\u00e3o vinculadas aos im\u00f3veis e empreendimentos investidos pelo fundo. Como exemplo, a SSE menciona a eventual exist\u00eancia de d\u00edvidas do FII junto ao seu administrador, gestor ou outros prestadores de servi\u00e7o, desde que tais obriga\u00e7\u00f5es n\u00e3o estejam relacionadas aos empreendimentos imobili\u00e1rios investidos.<\/p><p>Adicionalmente, a SSE esclareceu, por meio do Of\u00edcio Circular n\u00ba 2\/2025, que os regulamentos dos FIIs n\u00e3o podem conter previs\u00e3o gen\u00e9rica permitindo a convoca\u00e7\u00e3o de cotistas para aportes de recursos em casos de patrim\u00f4nio l\u00edquido negativo dos fundos. Caso o FII permane\u00e7a constitu\u00eddo sob a forma condominial de responsabilidade ilimitada, seu regulamento deve ser ajustado para estabelecer que a eventual responsabilidade dos cotistas se limita exclusivamente \u00e0s hip\u00f3teses de patrim\u00f4nio l\u00edquido negativo decorrente de obriga\u00e7\u00f5es legais ou contratuais n\u00e3o vinculadas aos ativos-alvo, \u00e0 luz do art. 13, inciso II, da Lei n\u00ba 8.668\/1993.<\/p><p>Maiores informa\u00e7\u00f5es, bem como a \u00edntegra do Of\u00edcio Circular n\u00ba 2\/2025, podem ser encontradas no site da Comiss\u00e3o de Valores Mobili\u00e1rios (www.gov.br\/cvm).<\/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__width-initial 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;\">S<\/span><\/strong><span style=\"color: #333333;\"><b>uperior Tribunal de Justi\u00e7a<\/b><\/span><\/h5><p>RECURSO ESPECIAL. DIREITO CIVIL. AGRAVO DE INSTRUMENTO EM CUMPRIMENTO DE SENTEN\u00c7A. FALECIMENTO DO DEVEDOR ORIGIN\u00c1RIO. SUCESS\u00c3O NOS LIMITES DA HERAN\u00c7A. VALOR REAL DOS DIREITOS CREDIT\u00d3RIOS HERDADOS.\u00a0<\/p><p>1. A controv\u00e9rsia dos autos resume-se em definir se o valor nominal de uma nota promiss\u00f3ria, registrado em uma escritura p\u00fablica de invent\u00e1rio e partilha, deve ser obrigatoriamente utilizado para calcular o valor do patrim\u00f4nio transferido por heran\u00e7a e, consequentemente, estabelecer o alcance das obriga\u00e7\u00f5es sucess\u00f3rias.\u00a0<\/p><p>2. Ap\u00f3s conclu\u00edda a partilha, cada herdeiro responde proporcionalmente \u00e0 parte herdada que lhe coube at\u00e9 o limite do acr\u00e9scimo patrimonial dela decorrente. Precedentes.\u00a0<\/p><p>3. A determina\u00e7\u00e3o das for\u00e7as da heran\u00e7a, em sua extens\u00e3o objetiva, deve por em relevo o sentido econ\u00f4mico do acr\u00e9scimo patrimonial, devendo seu real valor ser mensurado conforme a natureza do bem jur\u00eddico herdado.\u00a0<\/p><p>4. A nota promiss\u00f3ria, enquanto t\u00edtulo de cr\u00e9dito cambial, \u00e9 bem m\u00f3vel que materializa direito literal, aut\u00f4nomo e abstrato, destinado a facilitar a circula\u00e7\u00e3o econ\u00f4mica de cr\u00e9dito, reduzindo seus riscos jur\u00eddicos e econ\u00f4micos ao afastar a possibilidade de oposi\u00e7\u00e3o de exce\u00e7\u00f5es pessoais contra endossat\u00e1rios.\u00a0<\/p><p>5. A avalia\u00e7\u00e3o econ\u00f4mica para determinar o real valor de mercado dos t\u00edtulos e do pr\u00f3prio cr\u00e9dito deve levar em considera\u00e7\u00e3o aspectos relacionados aos riscos de cr\u00e9dito (inadimpl\u00eancia e mora), al\u00e9m do tempo de antecipa\u00e7\u00e3o da disponibilidade financeira e da chance de recupera\u00e7\u00e3o dos cr\u00e9ditos em mora, motivo pelo qual o valor nominal constante de escritura p\u00fablica, por si s\u00f3, n\u00e3o \u00e9 suficiente para quantificar o valor do bem herdado.\u00a0<\/p><p>6. Essa quantifica\u00e7\u00e3o do valor real do t\u00edtulo, ainda que n\u00e3o seja simples, especialmente para aqueles vencidos e n\u00e3o pagos, \u00e9 imprescind\u00edvel e deve anteceder \u00e0 eventual penhora de valores pessoais dos herdeiros, concretizando a limita\u00e7\u00e3o de sua responsabilidade pessoal.\u00a0<\/p><p>7. No caso dos autos, entretanto, o emissor da nota promiss\u00f3ria herdada encontra-se submetido a processo falimentar, de modo que a eventual satisfa\u00e7\u00e3o do t\u00edtulo dever\u00e1 se dar no \u00e2mbito daquele ju\u00edzo universal, obedecidas as regras concursais, fazendo jus o credor do autor da heran\u00e7a ao recebimento de rateios com prioridade sobre os herdeiros. 8. Recurso especial conhecido e parcialmente provido.<\/p><p>(STJ. 3\u00aa Turma. Recurso Especial n\u00ba 2.168.268\/SC. Rel.: Min. Ricardo Villas B\u00f4as Cueva. Data de Julgamento: 03.12.2024. Data de Publica\u00e7\u00e3o: 06.12.2024).\u00a0<\/p><div>\u00a0<\/div><p>ADMINISTRATIVO E PROCESSUAL CIVIL. RECURSO ESPECIAL REPRESENTATIVO DE CONTROV\u00c9RSIA DE NATUREZA REPETITIVA. IMPROBIDADE ADMINISTRATIVA. TUTELA PROVIS\u00d3RIA DE INDISPONIBILIDADE DE BENS. APLICA\u00c7\u00c3O DAS DISPOSI\u00c7\u00d5ES DA LEI 14.230\/2021 AOS PROCESSOS EM CURSO. RECURSO ESPECIAL CONHECIDO E N\u00c3O PROVIDO.<\/p><p>1. A controv\u00e9rsia ora em aprecia\u00e7\u00e3o, submetida ao rito dos recursos especiais repetitivos, restou assim delimitada: &#8220;Definir a possibilidade ou n\u00e3o de aplica\u00e7\u00e3o da nova lei de improbidade administrativa (Lei 14.230\/2021) a processos em curso, iniciados na vig\u00eancia da Lei 8.429\/1992, para regular o procedimento da tutela provis\u00f3ria de indisponibilidade de bens, inclusive a previs\u00e3o de se incluir, nessa medida, o valor de eventual multa civil.&#8221;<\/p><p>2. Com base na reda\u00e7\u00e3o original da Lei 8.429\/1992, este Superior Tribunal firmou entendimento no sentido de que era desnecess\u00e1ria a demonstra\u00e7\u00e3o de perigo de dano irrepar\u00e1vel ou de risco ao resultado \u00fatil do processo para o deferimento do pedido de indisponibilidade de bens e que a medida poderia abranger o valor de eventual multa civil (Temas 701 e 1.055).<\/p><p>3. A Lei 14.230\/2021 promoveu profundas altera\u00e7\u00f5es na Lei 8.429\/1992. Parte dessas altera\u00e7\u00f5es foi direcionada \u00e0 medida de indisponibilidade de bens, que passou a exigir para o seu deferimento &#8220;a demonstra\u00e7\u00e3o no caso concreto de perigo de dano irrepar\u00e1vel ou de risco ao resultado \u00fatil do processo&#8221; (art. 16, \u00a7 3\u00ba), estabelecendo que n\u00e3o incidir\u00e1 &#8220;sobre os valores a serem eventualmente aplicados a t\u00edtulo de multa civil ou sobre acr\u00e9scimo patrimonial decorrente de atividade l\u00edcita&#8221; (art. 16, \u00a7 10).<\/p><p>4. Por ser a tutela provis\u00f3ria de indisponibilidade de bens medida que pode ser, a qualquer tempo, revogada ou modificada, a Lei 14.230\/2021 \u00e9 aplic\u00e1vel aos processos em curso, tanto em pedidos de revis\u00e3o de medidas j\u00e1 deferidas, como nos recursos ainda pendentes de julgamento.<\/p><p>5. Ficam cancelados os Temas 701 e 1055 dos recursos especiais repetitivos, por contrariarem expressa disposi\u00e7\u00e3o do art. 16, \u00a7\u00a7 3\u00ba e 10, da Lei 8.429\/1992.<\/p><p>6. Tese jur\u00eddica firmada: &#8220;As disposi\u00e7\u00f5es da Lei 14.230\/2021 s\u00e3o aplic\u00e1veis aos processos em curso, para regular o procedimento da tutela provis\u00f3ria de indisponibilidade de bens, de modo que as medidas j\u00e1 deferidas poder\u00e3o ser reapreciadas para fins de adequa\u00e7\u00e3o \u00e0 atual reda\u00e7\u00e3o dada \u00e0 Lei 8.429\/1992&#8221;.<\/p><p>7. Caso concreto: recurso especial interposto pelo Minist\u00e9rio P\u00fablico do Estado de Minas Gerais conhecido e n\u00e3o provido.<\/p><p>8. Recurso julgado sob a sistem\u00e1tica dos recursos especiais representativos de controv\u00e9rsia (art. 1.036 e seguintes do CPC\/2015 e art. 256-N e seguintes do RISTJ).<\/p><p>(STJ. 3\u00aa Turma. Recurso Especial n\u00ba 2.078.360\/MG. Rel.: Min. Afr\u00e2nio Vilela. Data de Julgamento: 06.02.2025. Data de Publica\u00e7\u00e3o: 13.02.2025).<\/p><div><div>\u00a0<\/div><\/div>\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 126 | Mar\u00e7o 2025 Download PDF Nesta edi\u00e7\u00e3o: Of\u00edcio Circular anual para companhias abertas \u00e9 divulgado pela CVM Em 27.02.2025 a Superintend\u00eancia de Rela\u00e7\u00f5es com Empresas \u2013 SEP da Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM divulgou o Of\u00edcio Circular\/Anual-2025-CVM\/SEP (\u201cOf\u00edcio SEP de 2025\u201d), que consolida as orienta\u00e7\u00f5es da SEP sobre procedimentos a serem [&hellip;]<\/p>","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,22],"tags":[],"class_list":["post-8904","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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