{"id":9739,"date":"2025-10-31T18:21:37","date_gmt":"2025-10-31T18:21:37","guid":{"rendered":"https:\/\/moreiramenezes.com.br\/?p=9739"},"modified":"2025-11-03T14:39:20","modified_gmt":"2025-11-03T14:39:20","slug":"newsletter-n133","status":"publish","type":"post","link":"https:\/\/moreiramenezes.com.br\/en\/newsletter-n133\/","title":{"rendered":"Newsletter N\u00b0133"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"9739\" class=\"elementor elementor-9739\" 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\">CVM inicia Consulta P\u00fablica para discutir propostas de altera\u00e7\u00e3o da Resolu\u00e7\u00e3o CVM n\u00b0 77\/2022<\/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 17.09.2025 a Comiss\u00e3o de Valores Mobili\u00e1rios &#8211; CVM divulgou o Edital de Consulta P\u00fablica SDM n\u00ba 04\/2025, submetendo \u00e0 consulta p\u00fablica propostas de altera\u00e7\u00f5es da Resolu\u00e7\u00e3o CVM n\u00ba 77\/2022 (\u201c<span style=\"text-decoration: underline;\">Consulta P\u00fablica<\/span>\u201d), a qual disp\u00f5e sobre a negocia\u00e7\u00e3o de a\u00e7\u00f5es e a aquisi\u00e7\u00e3o de deb\u00eantures de pr\u00f3pria emiss\u00e3o por companhias abertas.<\/p><p>Como altera\u00e7\u00e3o estrutural, a minuta submetida \u00e0 Consulta P\u00fablica (\u201c<span style=\"text-decoration: underline;\">Minuta<\/span>\u201d) prop\u00f5e a reorganiza\u00e7\u00e3o da Se\u00e7\u00e3o III do Cap\u00edtulo II da Resolu\u00e7\u00e3o CVM n\u00ba 77\/2022, que passar\u00e1 a dispor sobre os \u201cRequisitos para Negocia\u00e7\u00e3o de A\u00e7\u00f5es de Pr\u00f3pria Emiss\u00e3o\u201d, com subse\u00e7\u00f5es que evidenciam o objetivo de cada conjunto de regras.<\/p><p>Dentre os principais temas objeto de altera\u00e7\u00e3o constantes da Minuta, destacam-se:<\/p><p>(i) <span style=\"text-decoration: underline;\">ajustes conceituais<\/span>: nos termos da Minuta, o conceito de (a) \u201ca\u00e7\u00f5es em circula\u00e7\u00e3o\u201d passa a desconsiderar as a\u00e7\u00f5es mantidas em tesouraria; e (b) \u201cpessoa vinculada\u201d \u00e9 alterado, para fins de alinhamento com os padr\u00f5es de mercado e defini\u00e7\u00f5es mais atuais;<\/p><p>(ii) <span style=\"text-decoration: underline;\">comparabilidade de pre\u00e7os<\/span>: a Minuta estabelece regra de ajustes de pre\u00e7o e quantidade de a\u00e7\u00f5es nos casos em que a Resolu\u00e7\u00e3o n\u00ba 77\/2022 previr compara\u00e7\u00f5es ou c\u00e1lculos que levem em considera\u00e7\u00e3o tais par\u00e2metros, a fim de preservar a consist\u00eancia dos c\u00e1lculos;<\/p><p>(iii) <span style=\"text-decoration: underline;\">preserva\u00e7\u00e3o do capital social<\/span>: a Minuta mant\u00e9m a janela de at\u00e9 18 meses para liquida\u00e7\u00e3o de opera\u00e7\u00e3o de a\u00e7\u00f5es de pr\u00f3pria emiss\u00e3o e\/ou derivativos nelas referenciados, contados da delibera\u00e7\u00e3o societ\u00e1ria que as aprovar. Sobre esse particular, a Minuta prop\u00f5e a inclus\u00e3o do art. 7\u00aa-A, que detalha o limite \u00e0 negocia\u00e7\u00e3o (atualmente previsto na Resolu\u00e7\u00e3o CVM n\u00ba 77\/2022) referente ao saldo dos recursos dispon\u00edveis;<\/p><p>(iv) <span style=\"text-decoration: underline;\">mitiga\u00e7\u00e3o de impactos sobre a negocia\u00e7\u00e3o em mercados organizados<\/span>: o art. 7\u00aa-B, inclu\u00eddo na Minuta, estabelece condi\u00e7\u00f5es cumulativas a serem atendidas para que aquisi\u00e7\u00f5es di\u00e1rias de a\u00e7\u00f5es de pr\u00f3pria emiss\u00e3o de uma mesma esp\u00e9cie e classe possam ser realizadas em mercados organizados, notadamente, relativas ao pre\u00e7o de compra das a\u00e7\u00f5es, \u00e0 quantidade de a\u00e7\u00f5es adquiridas, ao momento da negocia\u00e7\u00e3o e \u00e0 quantidade de institui\u00e7\u00f5es intermedi\u00e1rias envolvidas.<\/p><p>Al\u00e9m disso, o par\u00e1grafo \u00fanico do referido dispositivo prev\u00ea que a aliena\u00e7\u00e3o de a\u00e7\u00f5es em mercado organizado somente \u00e9 permitida ap\u00f3s 15 preg\u00f5es, contados do preg\u00e3o mais recente em que tenha havido aquisi\u00e7\u00e3o de a\u00e7\u00f5es;<\/p><p>(v) <span style=\"text-decoration: underline;\">manuten\u00e7\u00e3o de a\u00e7\u00f5es em circula\u00e7\u00e3o<\/span>: a Minuta inclui a previs\u00e3o, em seu art. 7\u00ba-C, de limite m\u00e1ximo das a\u00e7\u00f5es mantidas em tesouraria, no percentual de 12% de cada classe e esp\u00e9cie, al\u00e9m de estabelecer que as aquisi\u00e7\u00f5es n\u00e3o podem resultar em <em>free float<\/em> inferior a 15% do total de cada esp\u00e9cie ou classe de a\u00e7\u00f5es emitidas.<\/p><p>Para fins de apura\u00e7\u00e3o dos limites em quest\u00e3o, dever\u00e3o se equiparar a aquisi\u00e7\u00f5es de a\u00e7\u00f5es de pr\u00f3pria emiss\u00e3o pela companhia: (a) aquisi\u00e7\u00f5es de a\u00e7\u00f5es de emiss\u00e3o da companhia por sociedades coligadas e controladas; e (ii) a celebra\u00e7\u00e3o, pela pr\u00f3pria companhia, suas coligadas ou controladas, de instrumentos derivativos que confiram exposi\u00e7\u00e3o econ\u00f4mica positiva (<em>long<\/em>) \u00e0s a\u00e7\u00f5es de emiss\u00e3o da companhia, independentemente de tais instrumentos derivativos preverem liquida\u00e7\u00e3o financeira ou por meio da entrega de a\u00e7\u00f5es.<\/p><p>Al\u00e9m disso, a Minuta esclarece que n\u00e3o ser\u00e3o computados para verifica\u00e7\u00e3o de tais limites: (a) a celebra\u00e7\u00e3o e o encerramento de instrumentos derivativos que confiram exposi\u00e7\u00e3o econ\u00f4mica negativa (<em>short<\/em>) \u00e0s a\u00e7\u00f5es de emiss\u00e3o da companhia; e (b) o encerramento de instrumentos derivativos celebrados pela pr\u00f3pria companhia, suas coligadas ou controladas que confiram exposi\u00e7\u00e3o econ\u00f4mica positiva (<em>long<\/em>) \u00e0s a\u00e7\u00f5es de emiss\u00e3o da companhia, quando a liquida\u00e7\u00e3o ocorrer por meio da entrega de a\u00e7\u00f5es;<\/p><p>(vi) <span style=\"text-decoration: underline;\">aquisi\u00e7\u00e3o por meio de OPA<\/span>: a Minuta afasta a aplica\u00e7\u00e3o dos arts. 7\u00ba-B (mitiga\u00e7\u00e3o de impactos sobre negocia\u00e7\u00e3o em mercados organizados), 7\u00ba-C (manuten\u00e7\u00e3o de a\u00e7\u00f5es em circula\u00e7\u00e3o) e 8\u00ba (preven\u00e7\u00e3o de conflito de interesses) na hip\u00f3tese em que a companhia adquirir a\u00e7\u00f5es de pr\u00f3pria emiss\u00e3o por meio de oferta p\u00fablica de aquisi\u00e7\u00e3o; e<\/p><p>(vii) <span style=\"text-decoration: underline;\">compet\u00eancia para an\u00e1lise de pedidos de dispensa em situa\u00e7\u00f5es excepcionais<\/span>: a Minuta prev\u00ea que a aprova\u00e7\u00e3o de negocia\u00e7\u00e3o de a\u00e7\u00f5es de pr\u00f3pria emiss\u00e3o, desde que devidamente justificada, poder\u00e1 ocorrer conforme an\u00e1lise (a) da Superintend\u00eancia de Rela\u00e7\u00f5es com o Mercado e Intermedi\u00e1rios \u2013 SMI, em se tratando de pedidos de dispensa referentes ao disposto no art. 7\u00ba-B; e (b) da Superintend\u00eancia de Rela\u00e7\u00f5es com Empresas \u2013 SEP, no que diz respeito aos demais casos, sendo preservado o recurso cab\u00edvel ao Colegiado.<\/p><p>O prazo para envio de manifesta\u00e7\u00f5es \u00e0 CVM a respeito da Minuta se encerra em 17.11.2025.<\/p><p>Maiores informa\u00e7\u00f5es, bem como a \u00edntegra do Edital da Consulta P\u00fablica e da Minuta, 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\">Aprimoramento do regime do crowdfunding \u00e9 objeto de Consulta P\u00fablica iniciada pela CVM<\/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 24.09.2025 a Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM divulgou o Edital de Consulta P\u00fablica SDM n\u00ba 5\/2025, com proposta de nova resolu\u00e7\u00e3o para substituir a Resolu\u00e7\u00e3o CVM n\u00ba 88\/2022, que regula o regime das ofertas p\u00fablicas de distribui\u00e7\u00e3o de valores mobili\u00e1rios de sociedades de pequeno porte (\u201c<span style=\"text-decoration: underline;\">Consulta P\u00fablica<\/span>\u201d).<\/p><p>A Consulta P\u00fablica \u00e9 composta por duas minutas: a Minuta A, que revoga e substitui integralmente a referida Resolu\u00e7\u00e3o, e a Minuta B, com ajustes acess\u00f3rios e complementares (\u201c<span style=\"text-decoration: underline;\">Minutas<\/span>\u201d).<\/p><p>Dentre as propostas de altera\u00e7\u00f5es, destacam-se as seguintes:<\/p><p>(i)<span style=\"text-decoration: underline;\"> emissores e instrumentos eleg\u00edveis<\/span>: a CVM prop\u00f5e, na Minuta A, a amplia\u00e7\u00e3o do rol de emissores de valores mobili\u00e1rios via <em>crowdfunding<\/em>, que poder\u00e3o ser pessoas naturais ou jur\u00eddicas regularmente constitu\u00eddas, com domic\u00edlio ou sede no Brasil, que se enquadrem em determinados tipos previstos na norma (como, por exemplo, sociedades empres\u00e1rias n\u00e3o registradas como emissores de valores mobili\u00e1rios, companhias securitizadoras e emissores do agroneg\u00f3cio);<\/p><p>(ii) <span style=\"text-decoration: underline;\">limites de capta\u00e7\u00e3o modulados por emissor<\/span>: a CVM prop\u00f5e o estabelecimento de tetos distintos para os \u201ctipos\u201d de emissores, sendo R$ 25 milh\u00f5es para sociedades empres\u00e1rias e cooperativas, R$ 50 milh\u00f5es para securitizadoras (por patrim\u00f4nio separado), e R$ 2,5 milh\u00f5es por safra para produtores rurais;<\/p><p>(iii) <span style=\"text-decoration: underline;\">liquidez e transa\u00e7\u00f5es subsequentes<\/span>: a proposta revisa o acesso \u00e0s ofertas (elimina\u00e7\u00e3o do conceito de \u201cinvestidor ativo\u201d, bastando cadastro atualizado) e admite recompra pelo emissor, condicionada a isonomia, transpar\u00eancia e metodologia objetiva de pre\u00e7o;<\/p><p>(iv) <span style=\"text-decoration: underline;\">distribui\u00e7\u00e3o por conta e ordem<\/span>: a CVM prop\u00f5e autoriza\u00e7\u00e3o de acordos para que institui\u00e7\u00f5es integrantes do sistema de distribui\u00e7\u00e3o fa\u00e7am ofertas por conta e ordem da plataforma, com espelhamento de deveres e contrato escrito;<\/p><p>(v) <span style=\"text-decoration: underline;\">regime informacional<\/span>: a CVM prop\u00f5e regime informacional espec\u00edfico para cada \u201ctipo\u201d de emissor, de modo a adequar as informa\u00e7\u00f5es prestadas \u00e0 sua natureza e aos diferentes valores mobili\u00e1rios por eles ofertados; e<\/p><p>(vi) <span style=\"text-decoration: underline;\">prazos e prote\u00e7\u00e3o<\/span>: a CVM prop\u00f5e reduzir o prazo de desist\u00eancia do investimento pelo investidor para 2 dias contados da confirma\u00e7\u00e3o da ordem, permitindo ao investidor a possibilidade de retrata\u00e7\u00e3o sem a incid\u00eancia de multas ou penalidades. Atualmente, o referido prazo \u00e9 de 5 dias.<\/p><p>O prazo para envio de manifesta\u00e7\u00f5es \u00e0 CVM a respeito das Minutas se encerra em 23.12.2025.<\/p><p>Maiores informa\u00e7\u00f5es, bem como a \u00edntegra do Edital da Consulta P\u00fablica e das Minutas, 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<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\">Of\u00edcio Circular sobre requerimentos de registro de coordenador de ofertas p\u00fablicas \u00e9 publicado pela CVM<\/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 30.09.2025 a Superintend\u00eancia de Registro de Valores Mobili\u00e1rios \u2013 SRE da Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM publicou o Of\u00edcio Circular CVM\/SRE 3\/2025, com orienta\u00e7\u00f5es ao mercado e, em especial, aos intermedi\u00e1rios, sobre o pedido de registro de coordenador de ofertas p\u00fablicas de distribui\u00e7\u00e3o de valores mobili\u00e1rios nos termos da Resolu\u00e7\u00e3o CVM n\u00ba 161\/2022. Essa diretriz busca reduzir desvios, evitar consultas desnecess\u00e1rias ao regulador e racionalizar exig\u00eancias durante a an\u00e1lise.<\/p><p>O documento consolida as orienta\u00e7\u00f5es da \u00e1rea t\u00e9cnica acerca da Resolu\u00e7\u00e3o CVM n\u00ba 161\/2022 em of\u00edcios circulares anteriores, e reafirma que os requerimentos devem ser encaminhados \u00e0 SRE, no \u00e2mbito do acordo de coopera\u00e7\u00e3o t\u00e9cnica \u2013 ACT com a Associa\u00e7\u00e3o Brasileira das Entidades dos Mercados Financeiro e de Capitais \u2013 ANBIMA.<\/p><p>Nessa sistem\u00e1tica, o protocolo e o tr\u00e2mite do pedido de registro passam a ocorrer via Sistema de Supervis\u00e3o de Mercados da ANBIMA, com observ\u00e2ncia ao prazo total de 60 dias para a conclus\u00e3o do procedimento, sendo dividido entre a ANBIMA (at\u00e9 50 dias) e a CVM (10 dias, podendo aproveitar o saldo n\u00e3o utilizado pela ANBIMA). O reenvio de documentos durante a an\u00e1lise \u00e9 tratado como novo protocolo e reinicia o prazo de an\u00e1lise da fase em curso.<\/p><p>Dentre os temas abordados pelo Of\u00edcio, destacam-se:<\/p><p>(i) entrega das informa\u00e7\u00f5es peri\u00f3dicas de que tratam os arts. 12 e 18 da Resolu\u00e7\u00e3o CVM n\u00ba 161\/2022;<\/p><p>(ii) patrim\u00f4nio l\u00edquido m\u00ednimo de R$ 1 milh\u00e3o, comprovado por demonstra\u00e7\u00f5es financeiras auditadas por auditor independente registrado na CVM;<\/p><p>(iii) segrega\u00e7\u00e3o de atividades e preven\u00e7\u00e3o de conflitos;<\/p><p>(iv) n\u00e3o exig\u00eancia de certifica\u00e7\u00e3o dos diretores como condi\u00e7\u00e3o obrigat\u00f3ria;<\/p><p>(v) pagamento da Taxa de Registro previamente ao protocolo;<\/p><p>(vi) restri\u00e7\u00f5es de acumula\u00e7\u00e3o de fun\u00e7\u00f5es dos diretores respons\u00e1veis;<\/p><p>(vii) atua\u00e7\u00e3o de uma mesma pessoa natural em mais de uma institui\u00e7\u00e3o do grupo, com cautelas para evitar conflitos;<\/p><p>(viii) regras espec\u00edficas para administradores de carteira e securitizadoras, que n\u00e3o precisam do registro de coordenador para distribuir suas pr\u00f3prias emiss\u00f5es\/fundos;<\/p><p>(ix) hip\u00f3tese de coordenadores sem conselho de administra\u00e7\u00e3o; e<\/p><p>(x) veda\u00e7\u00e3o, para institui\u00e7\u00f5es n\u00e3o financeiras registradas como coordenadoras, de contrata\u00e7\u00e3o de agentes aut\u00f4nomos de investimento\/assessores de investimento \u2013 AAI\/AI, \u00e0 luz do regime da Resolu\u00e7\u00e3o CVM n\u00ba 35\/2021 e da entrada em vigor da Resolu\u00e7\u00e3o CVM n\u00ba 178\/2023.<\/p><p>Maiores informa\u00e7\u00f5es, bem como a \u00edntegra do Of\u00edcio Circular CVM\/SRE 3\/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-2022ed8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2022ed8\" 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-8d6efdf\" data-id=\"8d6efdf\" 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-220b3b3 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"220b3b3\" 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-07a56f5 elementor-widget elementor-widget-heading\" data-id=\"07a56f5\" 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 Circular sobre requerimentos de registro de ofertas p\u00fablicas de aquisi\u00e7\u00e3o de a\u00e7\u00f5es<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5fb8e9a elementor-widget elementor-widget-text-editor\" data-id=\"5fb8e9a\" 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 30.09.2025 a Superintend\u00eancia de Registro de Valores Mobili\u00e1rios \u2013 SRE da Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM divulgou o Of\u00edcio-Circular n\u00ba 4\/2025\/CVM\/SER (\u201c<span style=\"text-decoration: underline;\">Of\u00edcio-Circular<\/span>\u201d), com orienta\u00e7\u00f5es gerais sobre procedimentos a serem observados pelas institui\u00e7\u00f5es intermedi\u00e1rias nos requerimentos de registro de ofertas p\u00fablicas de aquisi\u00e7\u00e3o de a\u00e7\u00f5es (\u201c<span style=\"text-decoration: underline;\">OPA<\/span>\u201d).<\/p><p>O documento \u00e9 direcionado principalmente aos intermedi\u00e1rios que atuem em opera\u00e7\u00f5es dessa natureza e detalha os procedimentos aplic\u00e1veis tanto para os pedidos de registros autom\u00e1ticos, quanto para pedidos de registros ordin\u00e1rios, conforme previstos na Resolu\u00e7\u00e3o CVM n\u00ba 215\/2025.<\/p><p>As orienta\u00e7\u00f5es decorrem da amplia\u00e7\u00e3o do uso do Sistema de Registro de Ofertas (\u201c<span style=\"text-decoration: underline;\">Sistema SRE<\/span>&#8220;), que, desde 01.10.2025, passou a estar apto a receber e processar as fases de an\u00e1lise das solicita\u00e7\u00f5es de registro de OPA que sigam o rito ordin\u00e1rio, bem como realizar a concess\u00e3o dos registros das OPA que sigam o rito autom\u00e1tico. Nesse sentido, todas as solicita\u00e7\u00f5es de registros de OPA \u2013 quer sigam o rito ordin\u00e1rio ou autom\u00e1tico \u2013 devem ser realizadas pelo referido sistema.<\/p><p>O acesso ao m\u00f3dulo Sistema SRE se d\u00e1 por meio da plataforma CVMWeb, j\u00e1 utilizada por diversos participantes do mercado (n\u00e3o apenas por aqueles que atuam com ofertas p\u00fablicas de distribui\u00e7\u00e3o).<\/p><p>Nesse contexto, o Of\u00edcio-Circular detalha aspectos operacionais relativos \u00e0 utiliza\u00e7\u00e3o do m\u00f3dulo Sistema SRE, desde a formula\u00e7\u00e3o do requerimento at\u00e9 eventual modifica\u00e7\u00e3o da oferta ap\u00f3s o registro. Para tanto, o Of\u00edcio-Circular foi dividido nos seguintes t\u00f3picos:<\/p><p>(i) acesso ao Sistema SRE;<\/p><p>(ii) tipos de requerimento \u2013 ofertas de rito autom\u00e1tico ou ordin\u00e1rio;<\/p><p>(iii) fases processuais do requerimento (abertura de requerimento, envio de requerimento, ajuste em OPA, an\u00e1lise inicial da OPA, cumprimento de exig\u00eancias, cumprimento de reitera\u00e7\u00e3o e concess\u00e3o de registro);<\/p><p>(iv) din\u00e2mica e regras para envio de documentos no Formul\u00e1rio Eletr\u00f4nico de Requerimento da Oferta; e<\/p><p>(v) modifica\u00e7\u00e3o de oferta ap\u00f3s o registro.<\/p><p>Finalmente, a SRE informou que consultas referentes ao Sistema SRE, inclusive quanto ao suporte t\u00e9cnico, devem direcionadas exclusivamente para o e-mail suporte-sistemasre-opa@cvm.gov.br.<\/p><p>Maiores informa\u00e7\u00f5es, bem como a \u00edntegra do Of\u00edcio-Circular, 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<div class=\"elementor-element elementor-element-8daff51 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"8daff51\" 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-393c7b4 elementor-widget elementor-widget-heading\" data-id=\"393c7b4\" 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\">Jurisprud\u00eancia<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-889e70f elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"889e70f\" 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>\u00a0<strong>Superior Tribunal de Justi\u00e7a<\/strong><\/h5><p>DIREITO CIVIL E PROCESSUAL CIVIL. RECURSO EXTRAORDIN\u00c1RIO. JUROS DE MORA. OBRIGA\u00c7\u00d5ES CIVIS. ART. 406 DO C\u00d3DIGO CIVIL. TAXA SELIC. NATUREZA INFRACONSTITUCIONAL. IMPOSSIBILIDADE DE REEXAME. PRECEDENTES. RECURSO N\u00c3O PROVIDO.<\/p><p>I. Caso em exame<\/p><p>1. Recurso extraordin\u00e1rio interposto contra decis\u00e3o do Superior Tribunal de Justi\u00e7a (STJ) em que proveu recurso especial para determinar a incid\u00eancia da Taxa do Sistema Especial de Liquida\u00e7\u00e3o e Cust\u00f3dia (Selic) para c\u00e1lculo de juros morat\u00f3rios em a\u00e7\u00e3o de indeniza\u00e7\u00e3o por ato il\u00edcito, nos termos do art. 406 do C\u00f3digo Civil, de 2002, reafirmando sua jurisprud\u00eancia consolidada no EREsp n\u00ba 727.842\/SP. Em embargos de declara\u00e7\u00e3o, o STJ rejeitou a alegada omiss\u00e3o e a necessidade de modula\u00e7\u00e3o de efeitos, por entender que se tratava de reafirma\u00e7\u00e3o de jurisprud\u00eancia j\u00e1 pacificada.<\/p><p>2. A recorrente busca a reforma do ac\u00f3rd\u00e3o do STJ para afastar a incid\u00eancia da Taxa Selic e aplicar a taxa de 1% ao m\u00eas, prevista no art. 161, \u00a7 1\u00ba, do C\u00f3digo Tribut\u00e1rio Nacional, al\u00e9m de requerer a modula\u00e7\u00e3o dos efeitos da decis\u00e3o, alegando viola\u00e7\u00e3o a preceitos constitucionais.<\/p><p>II. Quest\u00e3o em discuss\u00e3o<\/p><p>3. H\u00e1 duas quest\u00f5es em discuss\u00e3o: (i) definir se a controv\u00e9rsia sobre a aplica\u00e7\u00e3o da taxa de juros morat\u00f3rios em obriga\u00e7\u00f5es civis, nos termos do art. 406 do C\u00f3digo Civil, de 2002, tem natureza constitucional que justifique a aprecia\u00e7\u00e3o em recurso extraordin\u00e1rio; e (ii) estabelecer se a decis\u00e3o do Superior Tribunal de Justi\u00e7a sobre a n\u00e3o modula\u00e7\u00e3o de efeitos e a aplica\u00e7\u00e3o da Taxa Selic para d\u00edvidas civis violou preceitos constitucionais.<\/p><p>III. Raz\u00f5es de decidir<\/p><p>4. A exig\u00eancia constitucional de fundamenta\u00e7\u00e3o das decis\u00f5es judiciais (arts. 5\u00ba, incs. XXXV e LX, e 93, inc. IX, da Constitui\u00e7\u00e3o), n\u00e3o imp\u00f5e o exame pormenorizado de todas as alega\u00e7\u00f5es das partes, sendo suficiente que a decis\u00e3o esteja devidamente motivada.<\/p><p>5. A decis\u00e3o do Superior Tribunal de Justi\u00e7a em rela\u00e7\u00e3o \u00e0 n\u00e3o modula\u00e7\u00e3o dos efeitos do julgado foi devidamente fundamentada, em conformidade com o art. 927, \u00a7 3\u00ba, do C\u00f3digo de Processo Civil, uma vez que se tratava de reafirma\u00e7\u00e3o de jurisprud\u00eancia j\u00e1 consolidada naquela Corte.<\/p><p>6. A mat\u00e9ria referente \u00e0 aplica\u00e7\u00e3o da taxa de juros de mora para obriga\u00e7\u00f5es civis, nos termos do art. 406 do C\u00f3digo Civil, de 2002, foi resolvida pelo Tribunal de origem com base na interpreta\u00e7\u00e3o da legisla\u00e7\u00e3o infraconstitucional, como os C\u00f3digos Civis de 1916 e 2002, o C\u00f3digo de Processo Civil e o C\u00f3digo Tribut\u00e1rio Nacional.<\/p><p>7. N\u00e3o compete ao Supremo Tribunal Federal, em sede de recurso extraordin\u00e1rio, reexaminar a legisla\u00e7\u00e3o federal infraconstitucional para divergir do entendimento firmado pela inst\u00e2ncia anterior, conforme pac\u00edfica jurisprud\u00eancia da Corte.<\/p><p>8. Ainda que fosse poss\u00edvel superar o \u00f3bice da natureza infraconstitucional da controv\u00e9rsia, a jurisprud\u00eancia do Supremo Tribunal Federal tem reconhecido a validade da Taxa Selic como \u00edndice de corre\u00e7\u00e3o monet\u00e1ria e juros morat\u00f3rios para atualiza\u00e7\u00e3o de condena\u00e7\u00f5es c\u00edveis em geral, nos termos do art. 406 do C\u00f3digo Civil, de 2002, conforme decidido na A\u00e7\u00e3o Declarat\u00f3ria de Constitucionalidade n\u00ba 58\/DF.<\/p><p>IV. Dispositivo e tese<\/p><p>9. Recurso extraordin\u00e1rio a que se nega provimento.<\/p><p>(STF, Segunda Turma. Recurso Extraordin\u00e1rio n\u00ba 1558191\/SP. Relator: Min. Andr\u00e9 Mendon\u00e7a. Data de Julgamento: 15.09.2025. Data de Publica\u00e7\u00e3o: 08.10.2025).<\/p><p><strong>Superior Tribunal de Justi\u00e7a<\/strong><\/p><p>ADMINISTRATIVO E PROCESSUAL CIVIL. AGRAVO INTERNO NO RECURSO ESPECIAL. HONOR\u00c1RIOS SUCUMBENCIAIS. ARBITRAMENTO POR APRECIA\u00c7\u00c3O EQUITATIVA. ART. 85, \u00a7\u00a7 8\u00ba E 8\u00ba-A, DO CPC\/2015. AGRAVO INTERNO N\u00c3O PROVIDO.<\/p><p>1. &#8220;Segundo a jurisprud\u00eancia desta Corte de Justi\u00e7a, a previs\u00e3o contida no \u00a7 8\u00ba-A do art. 85 do CPC, inclu\u00edda pela Lei n. 14.365\/2022 &#8211; que recomenda a utiliza\u00e7\u00e3o das tabelas do Conselho Seccional da Ordem dos Advogados do Brasil como par\u00e2metro para a fixa\u00e7\u00e3o equitativa dos honor\u00e1rios advocat\u00edcios -, serve apenas como referencial, n\u00e3o vinculando o magistrado no momento de arbitrar a referida verba, uma vez que deve observar as circunst\u00e2ncias do caso concreto para evitar o enriquecimento sem causa do profissional da advocacia ou remunera\u00e7\u00e3o inferior ao trabalho despendido&#8221; (AgInt no AgInt na Rcl n. 45.947\/SC, relator Ministro Gurgel de Faria, Primeira Se\u00e7\u00e3o, julgado em 18\/6\/2024, DJe de 26\/6\/2024).<\/p><p>2. Agravo interno n\u00e3o provido.<\/p><p>(STJ, Primeira Turma, Agravo Interno no Recurso Especial n\u00ba 2.194.144\/SP. Relator: Min. S\u00e9rgio Kukina. Data de Julgamento: 12.08.2025. Data de Publica\u00e7\u00e3o: 15.08.2025).<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1f63285 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"1f63285\" 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<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 133 | Outubro 2025 Download PDF Nesta edi\u00e7\u00e3o: CVM inicia Consulta P\u00fablica para discutir propostas de altera\u00e7\u00e3o da Resolu\u00e7\u00e3o CVM n\u00b0 77\/2022 Em 17.09.2025 a Comiss\u00e3o de Valores Mobili\u00e1rios &#8211; CVM divulgou o Edital de Consulta P\u00fablica SDM n\u00ba 04\/2025, submetendo \u00e0 consulta p\u00fablica propostas de altera\u00e7\u00f5es da Resolu\u00e7\u00e3o CVM n\u00ba 77\/2022 (\u201cConsulta [&hellip;]<\/p>","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,22],"tags":[],"class_list":["post-9739","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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