{"id":9931,"date":"2026-01-29T15:52:06","date_gmt":"2026-01-29T15:52:06","guid":{"rendered":"https:\/\/moreiramenezes.com.br\/?p=9931"},"modified":"2026-01-29T20:53:09","modified_gmt":"2026-01-29T20:53:09","slug":"newsletter-n136","status":"publish","type":"post","link":"https:\/\/moreiramenezes.com.br\/en\/newsletter-n136\/","title":{"rendered":"Newsletter N\u00b0136"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"9931\" class=\"elementor elementor-9931\" 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 136 | Janeiro 2026<\/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\/2026\/01\/2026_01_28-Newsletter-Moreira-Menezes-Martins-Advogados-no-136-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 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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<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-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\">BACEN e CMN disciplinam a nomenclatura e a forma de apresenta\u00e7\u00e3o ao p\u00fablico de institui\u00e7\u00f5es financeiras<\/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 28.11.2025, o Banco Central do Brasil \u2013 BACEN e o Conselho Monet\u00e1rio Nacional \u2013 CMN editaram a Resolu\u00e7\u00e3o Conjunta n\u00ba 17\/2025 (\u201c<span style=\"text-decoration: underline;\">RC n\u00ba 17\/2025<\/span>\u201d), que estabelece regras sobre a nomenclatura e a forma de apresenta\u00e7\u00e3o ao p\u00fablico das institui\u00e7\u00f5es autorizadas a funcionar pelo BC. A norma tem como objetivo aumentar a transpar\u00eancia, a seguran\u00e7a e a clareza para clientes e usu\u00e1rios, especialmente diante da prolifera\u00e7\u00e3o de novos modelos de neg\u00f3cios no sistema financeiro.<\/p><p>A RC n\u00ba 17\/2025 define como \u201cnomenclatura\u201d o nome empresarial, o nome fantasia, a marca e o dom\u00ednio de internet utilizados pela institui\u00e7\u00e3o, e como \u201capresenta\u00e7\u00e3o ao p\u00fablico\u201d todo o conte\u00fado veiculado em seus canais de comunica\u00e7\u00e3o e atendimento. A partir dessas defini\u00e7\u00f5es, a RC n\u00ba 17\/2025 passa a impor deveres claros de alinhamento entre a forma como a institui\u00e7\u00e3o se apresenta, a modalidade de institui\u00e7\u00e3o e o escopo efetivo do servi\u00e7o que est\u00e1 autorizada a oferecer.<\/p><p>Dentre os principais pontos introduzidos pela RC n\u00ba 17\/2025, destacam-se os seguintes:<\/p><p style=\"text-align: left; padding-left: 40px;\">(i)<span style=\"text-decoration: underline;\"> vincula\u00e7\u00e3o da nomenclatura ao objeto da autoriza\u00e7\u00e3o para funcionamento:<\/span> as institui\u00e7\u00f5es dever\u00e3o utilizar, em seu nome empresarial, termos que fa\u00e7am refer\u00eancia clara ao objeto da autoriza\u00e7\u00e3o para funcionamento concedida pelo BACEN. \u00c9 vedado o uso de termos que sugiram, ainda que por semelhan\u00e7a morfol\u00f3gica ou fon\u00e9tica, atividade ou tipo de institui\u00e7\u00e3o para a qual n\u00e3o possuam autoriza\u00e7\u00e3o de funcionamento espec\u00edfica. A regra tamb\u00e9m se aplica ao nome fantasia, \u00e0 marca e ao dom\u00ednio de internet;<\/p><p style=\"padding-left: 40px;\">(ii) <span style=\"text-decoration: underline;\">limites ao uso de nome de conglomerados:<\/span> institui\u00e7\u00f5es integrantes de conglomerados prudenciais podem utilizar o nome do conglomerado em sua nomenclatura, desde que fique claro ao cliente com qual tipo de institui\u00e7\u00e3o do conglomerado est\u00e1 se relacionando e que o nome do conglomerado n\u00e3o contenha termos que identifique ou caracterize tipo de institui\u00e7\u00e3o sujeita \u00e0 autoriza\u00e7\u00e3o pelo BACEN que n\u00e3o integre o conglomerado.<\/p><p style=\"padding-left: 40px;\">No mesmo sentido, as cooperativas de cr\u00e9dito e demais institui\u00e7\u00f5es integrantes de sistema cooperativo podem utilizar, em sua nomenclatura, termo que identifique o sistema cooperativo a que perten\u00e7a;<\/p><p style=\"padding-left: 40px;\">(iii) <span style=\"text-decoration: underline;\">regras para a apresenta\u00e7\u00e3o ao p\u00fablico:<\/span> na comunica\u00e7\u00e3o com clientes e usu\u00e1rios, as institui\u00e7\u00f5es devem utilizar termos que deixem inequ\u00edvoco o tipo de institui\u00e7\u00e3o e as atividades para as quais possuem autoriza\u00e7\u00e3o para funcionamento concedida pelo BACEN.<\/p><p style=\"padding-left: 40px;\">\u00c9 vedado sugerir, por qualquer meio, a presta\u00e7\u00e3o de servi\u00e7os ou atividades n\u00e3o autorizadas. Essas regras aplicam-se inclusive \u00e0 atua\u00e7\u00e3o por correspondentes, parceiros e canais digitais;<\/p><p style=\"padding-left: 40px;\"><span style=\"text-decoration: underline;\">(iv) uso obrigat\u00f3rio de dom\u00ednio pr\u00f3prio:<\/span> deve ser utilizado dom\u00ednio de internet pr\u00f3prio em todos os e-mails e hiperlinks utilizados pela institui\u00e7\u00e3o para apresenta\u00e7\u00e3o ao p\u00fablico ou comunica\u00e7\u00f5es com clientes e usu\u00e1rios, realizadas por meio de sistemas eletr\u00f4nicos ou de aplicativos de mensagens;<\/p><p style=\"padding-left: 40px;\"><span style=\"text-decoration: underline;\">(v) transpar\u00eancia obrigat\u00f3ria:<\/span> as institui\u00e7\u00f5es dever\u00e3o informar de forma clara, em sua apresenta\u00e7\u00e3o ao p\u00fablico: (a) as atividades para as quais est\u00e3o autorizadas pelo BACEN; (b) os servi\u00e7os financeiros, de ativos virtuais, de cons\u00f3rcio ou de pagamento que podem prestar; e (c) o conglomerado prudencial ou sistema cooperativo a que pertencem, quando aplic\u00e1vel;<\/p><p style=\"padding-left: 40px;\">(vi) <span style=\"text-decoration: underline;\">regras para correspondentes e parcerias:<\/span> fica vedada a contrata\u00e7\u00e3o de correspondente ou estabelecimento de parcerias para a realiza\u00e7\u00e3o de atividades relacionadas \u00e0 oferta de produtos e servi\u00e7os financeiros e de pagamento com entidades n\u00e3o sujeitas \u00e0 autoriza\u00e7\u00e3o de funcionamento pelo BACEN, que utilizem: (a) em sua nomenclatura, termo que identifique ou caracterize tipo de institui\u00e7\u00e3o sujeita \u00e0 autoriza\u00e7\u00e3o pelo BACEN; e (b) em sua apresenta\u00e7\u00e3o ao p\u00fablico, termos que n\u00e3o deixem claro para os clientes e usu\u00e1rios a sua condi\u00e7\u00e3o de entidade contratada ou parceira da institui\u00e7\u00e3o autorizada a funcionar pelo BACEN. As institui\u00e7\u00f5es devem ajustar contratos j\u00e1 existentes no prazo de um ano; e<\/p><p style=\"padding-left: 40px;\">(vii) <span style=\"text-decoration: underline;\">plano de adequa\u00e7\u00e3o obrigat\u00f3rio:<\/span> institui\u00e7\u00f5es que n\u00e3o estejam aderentes \u00e0 nova norma dever\u00e3o apresentar ao BACEN, em at\u00e9 120 dias, plano de adequa\u00e7\u00e3o, contendo procedimentos, etapas e prazos, sendo o prazo m\u00e1ximo para adapta\u00e7\u00e3o de 1 ano. Institui\u00e7\u00f5es j\u00e1 aderentes ou que precisem apenas alterar o nome empresarial devem comunicar essa condi\u00e7\u00e3o ao BACEN em at\u00e9 90 dias.<\/p><p>A RC n\u00ba 17\/2025 entrou em vigou em 01.12.2025 e se aplica inclusive a entidades cujos pedidos de autoriza\u00e7\u00e3o j\u00e1 tenham sido protocolados perante o BACEN e revoga o art. 8\u00ba da Resolu\u00e7\u00e3o CMN n\u00ba 4.935\/2021.<\/p><p>Maiores informa\u00e7\u00f5es, bem como o inteiro teor da RC n\u00ba 17\/2025, podem ser encontrados no site do BACEN (www.bcb.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-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\">Of\u00edcio Circular sobre atividade de consultoria de valores mobili\u00e1rios \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-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 19.01.2026 a Superintend\u00eancia de Supervis\u00e3o de Investidores Institucionais \u2013 SIN da Comiss\u00e3o de Valores Mobili\u00e1rios &#8211; CVM publicou o Of\u00edcio-Circular n\u00ba 2\/2026\/CVM\/SIN, tendo por objetivo ampliar a divulga\u00e7\u00e3o da interpreta\u00e7\u00e3o da SIN acerca de determinadas disposi\u00e7\u00f5es da Resolu\u00e7\u00e3o CVM n\u00ba 19\/2021, que regula a atividade de consultoria de valores mobili\u00e1rios (\u201c<span style=\"text-decoration: underline;\">Of\u00edcio Circular<\/span>\u201d).<\/p><p>Nos termos da Resolu\u00e7\u00e3o CVM n\u00ba 19\/2021, o consultor de valores mobili\u00e1rios tem como atividade a presta\u00e7\u00e3o, em car\u00e1ter profissional, de servi\u00e7os de orienta\u00e7\u00e3o, recomenda\u00e7\u00e3o e aconselhamento sobre investimentos no \u00e2mbito do mercado de capitais.<\/p><p>Sobre esse particular, o Of\u00edcio Circular esclarece que a atua\u00e7\u00e3o do consultor de valores mobili\u00e1rios deve ser pautada pela independ\u00eancia em rela\u00e7\u00e3o a emissores e distribuidores, havendo alinhamento aos interesses do investidor por ele atendido.<\/p><p>Al\u00e9m disso, o Of\u00edcio Circular destaca o dever fiduci\u00e1rio do consultor de valores mobili\u00e1rios, que inclui, sem limita\u00e7\u00e3o, a obriga\u00e7\u00e3o de compreender o perfil do cliente e realizar an\u00e1lise criteriosa dos riscos, custos e vantagens associados \u00e0s recomenda\u00e7\u00f5es apresentadas, prestando aconselhamento de forma sempre fundamentada.<\/p><p>No que diz respeito \u00e0 remunera\u00e7\u00e3o do consultor de valores mobili\u00e1rios, a SIN entende que n\u00e3o h\u00e1 veda\u00e7\u00e3o a que o consultor receba remunera\u00e7\u00e3o paga por emissores ou distribuidores, desde que tal benef\u00edcio seja integralmente repassado ao investidor cujo investimento ensejou a remunera\u00e7\u00e3o, por meio do correspondente desconto e compensa\u00e7\u00e3o do valor da taxa de consultoria cobrada do investidor. O consultor que se utilizar de tal mecanismo de remunera\u00e7\u00e3o dever\u00e1 informar ao investidor, de maneira clara e objetiva, todos os valores recebidos por terceiros, que ser\u00e3o abatidos dos valores devidos pelo investidor a t\u00edtulo de taxa de consultoria.<\/p><p>A SIN esclarece, ainda, que n\u00e3o h\u00e1 impedimentos regulat\u00f3rios para que o consultor de valores mobili\u00e1rios fa\u00e7a uso de relat\u00f3rios de recomenda\u00e7\u00e3o para envio \u00e0s entidades intermedi\u00e1rias. Contudo, nessa hip\u00f3tese, os relat\u00f3rios de recomenda\u00e7\u00e3o devem (i) ter a descri\u00e7\u00e3o espec\u00edfica e objetiva das condi\u00e7\u00f5es da(s) opera\u00e7\u00e3o(\u00f5es) recomendada(s), incluindo, sem limita\u00e7\u00e3o, a identifica\u00e7\u00e3o dos ativos, valores financeiros de refer\u00eancia, condi\u00e7\u00f5es e\/ou bandas, dentre outros elementos; e (ii) ter a aprova\u00e7\u00e3o pr\u00e9via e expressa do cliente, conforme identificadas no respectivo relat\u00f3rio.<\/p><p>N\u00e3o ser\u00e3o admitidos relat\u00f3rios de recomenda\u00e7\u00f5es que contenham descri\u00e7\u00f5es de investimento que n\u00e3o sejam espec\u00edficas e objetivas, de forma a mitigar qualquer possibilidade de uma atua\u00e7\u00e3o discricion\u00e1ria por parte de consultores, o que \u00e9 vedado pela regula\u00e7\u00e3o.<\/p><p>Por fim, a SIN reitera a necessidade de que os consultores de valores mobili\u00e1rios tenham e mantenham a devida capacidade t\u00e9cnica compat\u00edvel com a complexidade dos mercados e segmentos de produtos em que atuam. No caso dos consultores pessoas jur\u00eddicas, estes devem tomar todas as medidas necess\u00e1rias para que a equipe respons\u00e1vel seja formada por, no m\u00ednimo, 80% de consultores certificados pelos exames reconhecidos pela CVM, conforme o Anexo A da Resolu\u00e7\u00e3o CVM n\u00ba 19\/2021, ou consultores autorizados pela CVM na atividade de consultor de valores mobili\u00e1rios.<\/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-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\">Divulgada a agenda regulat\u00f3ria da CVM com prioridades normativas para o ano de 2026\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 10.12.2023, a Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM divulgou a Agenda Regulat\u00f3ria para o ano de 2026, na qual elenca os temas priorit\u00e1rios para regulamenta\u00e7\u00e3o ao longo do ano, contemplando normas a serem editadas ou revisadas, mat\u00e9rias que ser\u00e3o submetidas \u00e0 consulta p\u00fablica, bem como estudos normativos e an\u00e1lises de impacto regulat\u00f3rio a serem conduzidos pela Autarquia (\u201c<span style=\"text-decoration: underline;\">Agenda Regulat\u00f3ria<\/span>\u201d).<\/p><p>Conforme divulgado pela CVM, dentre os normativos que a Autarquia se prop\u00f5e a revisitar, uma das prioridades \u00e9 a edi\u00e7\u00e3o de nova norma destinada a substituir a Resolu\u00e7\u00e3o CVM n\u00ba 88\/2022, que disp\u00f5e sobre a oferta p\u00fablica de distribui\u00e7\u00e3o de valores mobili\u00e1rios emitidos por sociedades de pequeno porte, realizada com dispensa de registro por meio de plataforma eletr\u00f4nica de investimento participativo.<\/p><p>Al\u00e9m disso, a Autarquia pretende editar ou revisar normas sobre os seguintes temas: (i) moderniza\u00e7\u00e3o do regime aplic\u00e1vel aos Fundos de Investimento em Participa\u00e7\u00f5es \u2013 FIP; (ii) divulga\u00e7\u00e3o de fatos relevantes e comunica\u00e7\u00f5es ao mercado (Resolu\u00e7\u00e3o CVM n\u00ba 44\/2021); (iii) ag\u00eancias de classifica\u00e7\u00e3o de risco (<em>rating<\/em>); (iv) ofertas p\u00fablicas de valores mobili\u00e1rios (Resolu\u00e7\u00e3o CVM n\u00ba 160\/2022); (v) a\u00e7\u00f5es em tesouraria (Resolu\u00e7\u00e3o CVM n\u00ba 77\/2022); (vi) Fundos de Investimento Imobili\u00e1rios \u2013 FII (Anexo III da Resolu\u00e7\u00e3o CVM n\u00ba 175\/2022); (vii) regime informacional dos Fundos de Investimento Financeiro \u2013 FIF (Anexo I da Reso Resolu\u00e7\u00e3o CVM n\u00ba 175\/2022); e (viii) atualiza\u00e7\u00e3o do rol de certifica\u00e7\u00f5es de consultores (Resolu\u00e7\u00e3o CVM n\u00ba 19\/2021).<\/p><p>No que se refere \u00e0s mat\u00e9rias que dever\u00e3o ser submetidas \u00e0 consulta p\u00fablica, a CVM prev\u00ea, entre outros temas: (i) regras de <em>suitability<\/em>, com amplia\u00e7\u00e3o do acesso a produtos de varejo, revis\u00e3o do conceito de investidor qualificado e incorpora\u00e7\u00e3o de medidas decorrentes de avalia\u00e7\u00e3o de resultados regulat\u00f3rios; (ii) atua\u00e7\u00e3o de influenciadores financeiros (\u201c<em>finfluencers<\/em>\u201d) e moderniza\u00e7\u00e3o das regras aplic\u00e1veis aos analistas de investimentos); (iii) ado\u00e7\u00e3o de medidas alternativas \u00e0 multa cominat\u00f3ria pelo atraso no envio de informa\u00e7\u00f5es por participantes do mercado (Resolu\u00e7\u00e3o CVM n\u00ba 47\/2021); (iv) registro e regime informacional de intermedi\u00e1rios, incluindo aspectos relacionados \u00e0 preven\u00e7\u00e3o \u00e0 lavagem de dinheiro e ao financiamento do terrorismo (Resolu\u00e7\u00e3o CVM n\u00ba 13\/2020 e Resolu\u00e7\u00e3o CVM n\u00ba 50\/2021); (v) regras sobre o mercado de carbono (Lei n\u00ba 15.042\/2024); (vi) requisitos para intermedia\u00e7\u00e3o: parceria com institui\u00e7\u00f5es no exterior (Resolu\u00e7\u00e3o CVM n\u00ba 35\/2021); (vii) Certificados de Opera\u00e7\u00f5es Estruturadas \u2013 COE (Resolu\u00e7\u00e3o CVM n\u00ba 8\/2020); (viii) registro de lastro de Certificados de Receb\u00edveis Imobili\u00e1rios e Certificados de Receb\u00edveis do Agroneg\u00f3cio e envio de informa\u00e7\u00f5es ao Sistema de Informa\u00e7\u00f5es de Cr\u00e9dito \u2013 SCR (Resolu\u00e7\u00e3o CVM n\u00ba 60\/2021); (ix) Exchange Traded Funds \u2013 ETF (fundos de \u00edndice) de gest\u00e3o ativa (Anexo V da Resolu\u00e7\u00e3o CVM n\u00ba 175\/2022); (xi) Fundos de Investimento Credit\u00f3rios \u2013 FIDC com foco em sociedades em recupera\u00e7\u00e3o judicial e direitos credit\u00f3rios n\u00e3o padronizados (Anexo II da Resolu\u00e7\u00e3o CVM n\u00ba 175\/2022); e (xii) Taxonomia Sustent\u00e1vel Brasileira (Decreto n\u00ba 12.705\/2025).<\/p><p>Maiores informa\u00e7\u00f5es, bem como a \u00edntegra da Agenda Regulat\u00f3ria, 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-49e4105 elementor-widget elementor-widget-heading\" data-id=\"49e4105\" 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-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><strong>Supremo Tribunal de Justi\u00e7a<\/strong><\/h5><p>RECURSO ESPECIAL. EXECU\u00c7\u00c3O DE T\u00cdTULO EXTRAJUDICIAL. C\u00c9DULA DE CR\u00c9DITO BANC\u00c1RIO ASSINADA ELETRONICAMENTE. PLATAFORMA N\u00c3O VINCULADA AO ICP-BRASIL. VALIDADE DA ASSINATURA ELETR\u00d4NICA. NECESSIDADE DE OBSERV\u00c2NCIA AO ART. 784, \u00a7 4\u00ba, DO CPC. RECURSO PROVIDO.<\/p><p>1. Controv\u00e9rsia: A quest\u00e3o em discuss\u00e3o consiste em saber se o magistrado pode, de of\u00edcio, afastar a efic\u00e1cia de um t\u00edtulo executivo extrajudicial sob o argumento de que as assinaturas eletr\u00f4nicas nele apostas n\u00e3o possuem certifica\u00e7\u00e3o emitida pelo sistema da Infraestrutura de Chaves P\u00fablicas Brasileira &#8211; ICP-Brasil.<\/p><p>2. Tendo o t\u00edtulo de cr\u00e9dito sido assinado pelo executado, o que indica ter ele aceito a utiliza\u00e7\u00e3o do meio de assinatura empregado, n\u00e3o cabe ao magistrado, de of\u00edcio, afastar sua validade para impedir a cita\u00e7\u00e3o da parte devedora, a quem caber\u00e1 efetuar o pagamento ou opor as defesas que entender cab\u00edveis.<\/p><p>2.1. A jurisprud\u00eancia do STJ reconheceu que a Lei n. 14.620\/2023, ao acrescentar o \u00a7 4\u00ba ao art. 784 do CPC, passou a admitir \u2014 na constitui\u00e7\u00e3o e ateste de t\u00edtulos executivos extrajudiciais em meio eletr\u00f4nico \u2014 qualquer modalidade de assinatura eletr\u00f4nica, desde que sua integridade seja conferida pela entidade provedora desse servi\u00e7o, evidenciando a aus\u00eancia de exclusividade da certifica\u00e7\u00e3o digital do sistema ICP-Brasil.<\/p><p>2.2. A exig\u00eancia de certifica\u00e7\u00e3o exclusiva pela ICP-Brasil, nas rela\u00e7\u00f5es privadas pr\u00e9-processuais, representa excesso de formalismo e contraria a inten\u00e7\u00e3o legislativa de conferir validade jur\u00eddica a assinaturas eletr\u00f4nicas em geral, observada a autonomia das partes e os n\u00edveis de autentica\u00e7\u00e3o adotados.<\/p><p>3.Caso concreto: A Corte estadual entendeu que n\u00e3o se poderia confirmar a autenticidade das assinaturas existentes no t\u00edtulo executivo, pois estas foram realizadas digitalmente por meio de plataforma pr\u00f3pria (&#8220;Sisbr&#8221;), fora do sistema ICP-Brasil. Ao decidir dessa forma, o ac\u00f3rd\u00e3o recorrido violou o disposto no art. 10, \u00a7 2\u00ba, da MP n. 2.200-2.<\/p><p>3.1. N\u00e3o \u00e9 poss\u00edvel ao magistrado afastar, de of\u00edcio, a validade jur\u00eddica de t\u00edtulo de cr\u00e9dito com assinatura eletr\u00f4nica apenas pelo fato de a autentica\u00e7\u00e3o ter sido feita por entidade sem credenciamento no sistema ICP-Brasil. O recurso foi provido para reconhecer a validade do t\u00edtulo e determinar o prosseguimento da execu\u00e7\u00e3o.<\/p><p>(STJ. 4\u00aa Turma. Recurso Especial n\u00ba 2.205.708\/PR. Rel.: Min. Maria Isabel Gallotti. Julgamento: 04.11.2025. Data de Publica\u00e7\u00e3o: 14.11.2025.).<\/p><p>RECURSO ESPECIAL REPETITIVO &#8211; DIREITO PROCESSUAL CIVIL &#8211; EXECU\u00c7\u00c3O DE T\u00cdTULO EXTRAJUDICIAL &#8211; PEDIDO DE MEDIDAS EXECUTIVAS AT\u00cdPICAS (ART. 139, IV, DO CPC\/2015) &#8211; CONCRETIZA\u00c7\u00c3O DO PRINC\u00cdPIO DA EFETIVIDADE DA PRESTA\u00c7\u00c3O JURISDICIONAL &#8211; FIXA\u00c7\u00c3O DE PAR\u00c2METROS OBJETIVOS QUANTO AO DEVER DE FUNDAMENTA\u00c7\u00c3O DO JU\u00cdZO &#8211; CRIT\u00c9RIOS CONSOLIDADOS NO \u00c2MBITO DA JURISPRUD\u00caNCIA DO SUPERIOR TRIBUNAL DE JUSTI\u00c7A.<\/p><p>1. Controv\u00e9rsia: a quest\u00e3o em discuss\u00e3o consiste em saber se, com fundamento no art. 139, IV, do CPC\/2015, \u00e9 poss\u00edvel ao magistrado adotar medidas executivas at\u00edpicas para assegurar o cumprimento de obriga\u00e7\u00e3o descumprida, bem ainda, quais os crit\u00e9rios que devem ser observados para a implementa\u00e7\u00e3o dessas provid\u00eancias.<\/p><p>2. Em aten\u00e7\u00e3o ao disposto no art. 1.040 do CPC\/2015, de modo a regular id\u00eanticas situa\u00e7\u00f5es jur\u00eddicas com efeitos prospectivos, fixa-se a seguinte tese repetitiva:<\/p><p>2.1. &#8220;Nas execu\u00e7\u00f5es c\u00edveis, submetidas exclusivamente ao C\u00f3digo de Processo Civil, a ado\u00e7\u00e3o judicial de meios executivos at\u00edpicos \u00e9 cab\u00edvel desde que, cumulativamente: i) sejam ponderados os princ\u00edpios da efetividade e da menor onerosidade do executado; ii) seja realizada de modo prioritariamente subsidi\u00e1rio; iii) a decis\u00e3o contenha fundamenta\u00e7\u00e3o adequada \u00e0s especificidades do caso; iv) sejam observados os princ\u00edpios do contradit\u00f3rio, da proporcionalidade, da razoabilidade, inclusive quanto \u00e0 sua vig\u00eancia temporal.&#8221;<\/p><p>3. Caso concreto: A\u00e7\u00e3o executiva de t\u00edtulo extrajudicial (c\u00e9dula de cr\u00e9dito banc\u00e1rio) na qual as medidas executivas at\u00edpicas requeridas pelo credor, relativas \u00e0 apreens\u00e3o da carteira de habilita\u00e7\u00e3o e do passaporte e, ainda, de bloqueio de cart\u00f5es de cr\u00e9dito, restaram indeferidas pelo ju\u00edzo processante e, em sede de agravo de instrumento, pelo Tribunal local, mesmo diante do esgotamento de dilig\u00eancias de localiza\u00e7\u00e3o de patrim\u00f4nio do devedor.<\/p><p>3.1. Os pedidos foram negados com base em fundamentos abstratos que os qualificaram como medidas ontologicamente exageradas e inadequadas \u00e0 execu\u00e7\u00e3o destinada \u00e0 satisfa\u00e7\u00e3o do cr\u00e9dito, sem qualquer exame das particularidades do caso.<\/p><p>3.2. Contudo, conforme pac\u00edfica jurisprud\u00eancia desta Corte, a ado\u00e7\u00e3o de meios executivos at\u00edpicos \u00e9 plenamente admiss\u00edvel, desde que analisados, \u00e0 luz do caso concreto, os par\u00e2metros acima descritos.<\/p><p>4. Recurso especial parcialmente provido para cassar o ac\u00f3rd\u00e3o recorrido, determinando-se o rejulgamento do agravo de instrumento \u00e0 luz dos crit\u00e9rios fixados na presente tese repetitiva.<\/p><p>(STJ. 2\u00aa Se\u00e7\u00e3o. Recurso Especial n\u00b0 1.955.574\/SP. Rel.: Min. Marco Buzzi. Data de Julgamento: 04.12.2025. Data de Publica\u00e7\u00e3o: 24.11.2025).<\/p><p>PROCESSUAL CIVIL E ADMINISTRATIVO. AGRAVO INTERNO NO RECURSO ESPECIAL. EMBARGOS DE TERCEIRO. PRAZO PRESCRICIONAL. TERMO INICIAL. ADJUDICA\u00c7\u00c3O, ALIENA\u00c7\u00c3O POR INICIATIVA PARTICULAR OU ARREMATA\u00c7\u00c3O. AGRAVO INTERNO DESPROVIDO.<\/p><p>1. Agravo interno interposto pelo Estado do Paran\u00e1 contra decis\u00e3o monocr\u00e1tica que deu provimento ao recurso especial, determinando o retorno dos autos \u00e0 origem para aferi\u00e7\u00e3o da tempestividade dos embargos de terceiro, com base na jurisprud\u00eancia do Superior Tribunal de Justi\u00e7a.<\/p><p>2. A quest\u00e3o em discuss\u00e3o consiste em saber se o termo inicial do prazo para oposi\u00e7\u00e3o de embargos de terceiro deve ser contado a partir da ci\u00eancia inequ\u00edvoca do ato constritivo (penhora) ou da adjudica\u00e7\u00e3o, aliena\u00e7\u00e3o ou arremata\u00e7\u00e3o do bem, conforme previsto no art. 675 do CPC\/2015.<\/p><p>3. Segundo a jurisprud\u00eancia do Superior Tribunal de Justi\u00e7a, o prazo para oposi\u00e7\u00e3o de embargos de terceiro, nos termos do art. 675 do CPC\/2015, \u00e9 de cinco dias contados da adjudica\u00e7\u00e3o, aliena\u00e7\u00e3o ou arremata\u00e7\u00e3o, mas sempre antes da assinatura da respectiva carta. Excepcionalmente e apenas em benef\u00edcio do embargante, o termo inicial pode ser a data da turba\u00e7\u00e3o ou esbulho, quando o terceiro n\u00e3o tiver ci\u00eancia da execu\u00e7\u00e3o, mas essa flexibiliza\u00e7\u00e3o \u00e9 aplic\u00e1vel apenas em benef\u00edcio do embargante. Precedentes.<\/p><p>4. No caso, o Tribunal de origem entendeu pela aplica\u00e7\u00e3o do termo inicial do prazo para oposi\u00e7\u00e3o de embargos de terceiro a partir da ci\u00eancia inequ\u00edvoca do ato constritivo (penhora), em desacordo com o entendimento desta Corte Superior.<\/p><p>5. Agravo interno desprovido<\/p><p>(STJ. 2\u00aa Turma. Agravo Interno no Recurso Especial n\u00ba 1.893.259\/PR. Rel.: Min. Teodoro Silva Santos. Data de Julgamento: 09.12.2025. Publica\u00e7\u00e3o: 22.12.2025).<\/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 136 | Janeiro 2026 &nbsp; Download PDF Nesta edi\u00e7\u00e3o: &nbsp; BACEN e CMN disciplinam a nomenclatura e a forma de apresenta\u00e7\u00e3o ao p\u00fablico de institui\u00e7\u00f5es financeiras Em 28.11.2025, o Banco Central do Brasil \u2013 BACEN e o Conselho Monet\u00e1rio Nacional \u2013 CMN editaram a Resolu\u00e7\u00e3o Conjunta n\u00ba 17\/2025 (\u201cRC n\u00ba 17\/2025\u201d), que estabelece [&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-9931","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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