{"id":9988,"date":"2026-03-24T02:57:42","date_gmt":"2026-03-24T02:57:42","guid":{"rendered":"https:\/\/moreiramenezes.com.br\/?p=9988"},"modified":"2026-03-24T16:35:27","modified_gmt":"2026-03-24T16:35:27","slug":"newsletter-n138","status":"publish","type":"post","link":"https:\/\/moreiramenezes.com.br\/en\/newsletter-n138\/","title":{"rendered":"Newsletter N\u00b0138"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"9988\" class=\"elementor elementor-9988\" 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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data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1\" height=\"1\" src=\"https:\/\/moreiramenezes.com.br\/wp-content\/uploads\/2020\/08\/mmm-negativo.svg\" class=\"attachment-large size-large wp-image-2163\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-3b06700c\" data-id=\"3b06700c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7c27728a elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"7c27728a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Newsletter n\u00ba 138 | Mar\u00e7o 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\/03\/2026_03_20-Newsletter-Moreira-Menezes-Martins-Advogados-No-138-vf-PT.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 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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<div class=\"elementor-element elementor-element-f4591e0 elementor-toc--minimized-on-tablet elementor-widget 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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\">DREI orienta juntas comerciais sobre possibilidade de emiss\u00e3o de deb\u00eantures por sociedade limitada<\/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 09.02.2026, o Departamento Nacional de Registro Empresarial e Integra\u00e7\u00e3o \u2013 DREI expediu o <a href=\"https:\/\/www.gov.br\/empresas-e-negocios\/pt-br\/drei\/legislacao\/oficios-circulares\/arquivos\/sei_57677695_oficio_circular_92.pdf\">Of\u00edcio Circular SEI n\u00ba 92\/2026\/MEMP<\/a> (\u201c<span style=\"text-decoration: underline;\">Of\u00edcio<\/span>\u201d), que orienta as Juntas Comerciais quanto ao arquivamento de atos de emiss\u00e3o de deb\u00eantures por sociedades limitadas.<\/p><p>O Of\u00edcio manifestou entendimento de que h\u00e1 fundamento legal suficiente para se admitir a emiss\u00e3o de deb\u00eantures por sociedades empres\u00e1rias limitadas, al\u00e9m de orientar as Juntas a adotarem parametriza\u00e7\u00e3o e rotinas de an\u00e1lise registral compat\u00edveis com esse entendimento.\u00a0<\/p><p>Embora o Of\u00edcio mencione que o tema ainda ser\u00e1 objeto de normatiza\u00e7\u00e3o nacional dos procedimentos registrais aplic\u00e1veis, foram estabelecidas as seguintes diretrizes:<\/p><div style=\"padding-left: 40px;\">(i) <span style=\"text-decoration: underline;\">fundamento legal e racionalidade do entendimento<\/span>: o DREI indica que a evolu\u00e7\u00e3o normativa, em especial a possibilidade expressa de emiss\u00e3o de nota comercial por sociedades limitadas presente na Lei n\u00ba 14.195\/2021, refor\u00e7a a compreens\u00e3o de que o sistema jur\u00eddico comporta a utiliza\u00e7\u00e3o, por sociedades limitadas, de instrumentos de capta\u00e7\u00e3o mais sofisticados;<\/div><div>\u00a0<\/div><div style=\"padding-left: 40px;\">(ii) <span style=\"text-decoration: underline;\">adequa\u00e7\u00e3o do integrador\/parametriza\u00e7\u00e3o de eventos<\/span>: orienta-se que os sistemas\/integradores de registro passem a permitir a associa\u00e7\u00e3o da natureza jur\u00eddica \u201cSociedade Limitada\u201d aos eventos t\u00edpicos de Escritura de Emiss\u00e3o de Deb\u00eantures e de Aditamento, viabilizando a tramita\u00e7\u00e3o registral;<\/div><div>\u00a0<\/div><div style=\"padding-left: 40px;\">(iii) <span style=\"text-decoration: underline;\">refer\u00eancia \u00e0 reg\u00eancia supletiva pela Lei das S.A<\/span>.: o DREI indica que a possibilidade da emiss\u00e3o de deb\u00eantures por sociedades limitadas n\u00e3o precisa constar em cl\u00e1usula expressa de seu contrato social, podendo ser presumida a reg\u00eancia supletiva pela Lei n\u00ba 6.404\/1976 pela ado\u00e7\u00e3o de instituto pr\u00f3prio das sociedades an\u00f4nimas; nesse caso, a emiss\u00e3o de deb\u00eantures; e<\/div><div>\u00a0<\/div><div style=\"padding-left: 40px;\">(iv) <span style=\"text-decoration: underline;\">par\u00e2metros registrais e provid\u00eancias correlatas<\/span>: o Of\u00edcio estabelece que as sociedades limitadas emissoras de deb\u00eantures dever\u00e3o possuir &#8220;Livro de Registro de Deb\u00eantures Nominativas&#8221; e &#8220;Livro de Transfer\u00eancia de Deb\u00eantures Nominativas&#8221;, bem como recomenda\u00e7\u00f5es de an\u00e1lise registral com rito proporcional e similar ao adotado para emiss\u00f5es por sociedade an\u00f4nima, naquilo que for compat\u00edvel com a sociedade limitada.<\/div><div style=\"padding-left: 40px;\">\u00a0<\/div><div>Por fim, o Of\u00edcio frisa que o tema ainda est\u00e1 sendo objeto de an\u00e1lise pelo DREI, estando o Departamento \u00e0 disposi\u00e7\u00e3o para esclarecer d\u00favidas ou receber sugest\u00f5es.<\/div><div>\u00a0<\/div><div>Maiores informa\u00e7\u00f5es, bem como o inteiro teor da Of\u00edcio Circular SEI n\u00ba 92\/2026\/MEMP, podem ser encontradas no site do DREI (www.gov.br\/empresas-e-negocios).<\/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-be26991 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"be26991\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-9ebc3fb\" data-id=\"9ebc3fb\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7d273c1 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"7d273c1\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-de4587f elementor-widget elementor-widget-heading\" data-id=\"de4587f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">CVM divulga of\u00edcio circular anual com orienta\u00e7\u00f5es a companhias abertas<\/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 26.02.2026, a Superintend\u00eancia de Rela\u00e7\u00f5es com Empresas (\u201c<span style=\"text-decoration: underline;\">SEP<\/span>\u201d) da Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM divulgou o <a href=\"https:\/\/conteudo.cvm.gov.br\/export\/sites\/cvm\/legislacao\/oficios-circulares\/sep\/anexos\/oc-anual-sep-2026.pdf\">Of\u00edcio Circular\/Anual-2026-CVM\/SEP<\/a> (\u201c<span style=\"text-decoration: underline;\">Of\u00edcio<\/span>\u201d), com orienta\u00e7\u00f5es gerais sobre procedimentos a serem observados por companhias abertas, estrangeiras e incentivadas registradas na Autarquia, alinhado com as melhores pr\u00e1ticas de governan\u00e7a corporativa, com o objetivo de uniformizar entendimentos, promover transpar\u00eancia e equidade no relacionamento com investidores e mercado, bem como minimizar eventuais desvios e reduzir a formula\u00e7\u00e3o de exig\u00eancias e a aplica\u00e7\u00e3o de multas cominat\u00f3rias e penalidades.<\/p><p>O Of\u00edcio consolida pontos de aten\u00e7\u00e3o operacionais e interpretativos que impactam rotinas de disclosure e de governan\u00e7a, incluindo, entre outros temas, orienta\u00e7\u00f5es sobre informa\u00e7\u00f5es peri\u00f3dicas e procedimentos assembleares.<\/p><p>Dentre os principais t\u00f3picos destacados no Of\u00edcio, ressaltam-se os seguintes:<\/p><p style=\"padding-left: 40px;\">(i) orienta\u00e7\u00f5es para o preenchimento do Formul\u00e1rio Cadastral, especialmente quanto \u00e0 necessidade de a companhia informar, no item 2.1, quais ativos est\u00e3o sendo negociados no mercado e desde quando se iniciou a negocia\u00e7\u00e3o;<\/p><p style=\"padding-left: 40px;\">(ii) orienta\u00e7\u00f5es para o preenchimento de itens do Formul\u00e1rio de Refer\u00eancia, com destaque para: (a) as atividades de controles internos (itens 5.2. \u201cd\u201d e \u201ce\u201d), nos quais a CVM refor\u00e7a a necessidade de divulga\u00e7\u00e3o individualizada das defici\u00eancias significativas apontadas pelo auditor independente e das respectivas medidas corretivas, com indica\u00e7\u00e3o da natureza da defici\u00eancia, \u00e1rea ou processo afetado, provid\u00eancias adotadas ou a serem adotadas, respons\u00e1veis e prazos; (b) mecanismos e procedimentos internos de integridade adotados pelo emissor (item 5.3), no sentido de evitar o uso de informa\u00e7\u00f5es excessivamente gen\u00e9ricas, checar poss\u00edveis informa\u00e7\u00f5es desatualizadas, informar especificamente qual \u00f3rg\u00e3o recebe e apura a den\u00fancia e tamb\u00e9m a respeito de eventual obten\u00e7\u00e3o de certifica\u00e7\u00e3o internacional, a saber, a ISO 37001, que estabelece requisitos para um sistema de gest\u00e3o antissuborno; e (c) o item 7.2 \u201cc\u201d, em que a CVM esclarece a distin\u00e7\u00e3o entre o canal de den\u00fancias voltado \u00e0 preven\u00e7\u00e3o e apura\u00e7\u00e3o de il\u00edcitos e os canais institu\u00eddos para o reporte de quest\u00f5es cr\u00edticas relacionadas a temas ASG e de conformidade ao conselho de administra\u00e7\u00e3o;<\/p><p style=\"padding-left: 40px;\">(iii) orienta\u00e7\u00f5es sobre a necessidade de divulga\u00e7\u00e3o de informa\u00e7\u00f5es eventuais, no formul\u00e1rio de negocia\u00e7\u00e3o, das opera\u00e7\u00f5es de equity swap realizadas pela pr\u00f3pria companhia aberta, por suas controladoras ou controladas, seus diretores, membros do conselho de administra\u00e7\u00e3o, do conselho fiscal e de quaisquer \u00f3rg\u00e3os com fun\u00e7\u00f5es t\u00e9cnicas ou consultivas criados por disposi\u00e7\u00e3o estatut\u00e1ria;<\/p><p style=\"padding-left: 40px;\">(iv) orienta\u00e7\u00f5es para a elabora\u00e7\u00e3o e o envio do boletim de voto a dist\u00e2ncia, inclusive no sentido de esclarecer que: (a) a redu\u00e7\u00e3o da participa\u00e7\u00e3o acion\u00e1ria dos proponentes, ap\u00f3s a divulga\u00e7\u00e3o do boletim, n\u00e3o constitui, por si s\u00f3, fundamento leg\u00edtimo para que a companhia aberta exclua a candidatura dos indicados de tal acionista; e (b) o percentual necess\u00e1rio para a inclus\u00e3o de propostas no boletim de voto a dist\u00e2ncia, previsto no Anexo O da Resolu\u00e7\u00e3o CVM n\u00ba 81\/2022, pode ser atingido pela soma das participa\u00e7\u00f5es de diversos acionistas, agindo em conjunto, para esse fim;\u00a0<\/p><p style=\"padding-left: 40px;\">(v) orienta\u00e7\u00f5es sobre o uso e a divulga\u00e7\u00e3o de informa\u00e7\u00f5es oriundas de pesquisas de opini\u00e3o p\u00fablica relativas a elei\u00e7\u00f5es ou candidatos, destacando que o acesso a tais dados antes de sua ampla divulga\u00e7\u00e3o ao p\u00fablico pode configurar pr\u00e1tica n\u00e3o equitativa no mercado de valores mobili\u00e1rios, nos termos da Resolu\u00e7\u00e3o CVM n\u00ba 62\/2022;<\/p><p style=\"padding-left: 40px;\">(vi) orienta\u00e7\u00e3o no sentido de que o emissor que pleitear a convers\u00e3o de categoria A para a categoria B dever\u00e1 divulgar respectivo fato relevante, nos termos da Resolu\u00e7\u00e3o CVM n\u00ba 44\/2021, para informar ao mercado que apresentou, perante a CVM, pedido de convers\u00e3o da categoria, devendo essa divulga\u00e7\u00e3o ocorrer no mesmo dia do respectivo protocolo, ainda que a companhia j\u00e1 tenha divulgado documentos relativos a eventual oferta p\u00fablica de aquisi\u00e7\u00e3o de a\u00e7\u00f5es;<\/p><p style=\"padding-left: 40px;\">(vii) orienta\u00e7\u00f5es sobre o relat\u00f3rio de informa\u00e7\u00f5es financeiras relacionadas \u00e0 sustentabilidade, com base no padr\u00e3o internacional emitido pelo International Sustainability Standards Board (\u201cISSB\u201d), esclarecendo que, para as companhias abertas, sua elabora\u00e7\u00e3o e divulga\u00e7\u00e3o passar\u00e3o a ser obrigat\u00f3rias, com base nas normas emitidas pelo Comit\u00ea Brasileiro de Pronunciamentos de Sustentabilidade (\u201cCBPS\u201d) e aprovadas pela CVM, para os exerc\u00edcios sociais iniciados em, ou ap\u00f3s, 1\u00ba de janeiro de 2026; e<\/p><p style=\"padding-left: 40px;\">(viii) orienta\u00e7\u00f5es sobre a composi\u00e7\u00e3o da diretoria, indicando que, nos casos em que o estatuto social preveja a exist\u00eancia de diretores sem designa\u00e7\u00e3o espec\u00edfica, caber\u00e1 ao conselho de administra\u00e7\u00e3o fixar-lhes as suas atribui\u00e7\u00f5es, nos termos do artigo 142, inciso II, da Lei n\u00ba 6.404\/1976, as quais dever\u00e3o constar da ata da reuni\u00e3o do conselho de administra\u00e7\u00e3o que elegeu tais diretores ou, conforme o caso, fixou suas atribui\u00e7\u00f5es.<\/p><p>Al\u00e9m dos temas acima referidos, o Of\u00edcio tamb\u00e9m chama a aten\u00e7\u00e3o das companhias abertas para o novo regime cont\u00e1bil introduzido pelas Resolu\u00e7\u00f5es CVM n\u00ba 237\/2025 e 238\/2025, que entram em vigor em 01.01.2027. As normas tornam obrigat\u00f3rio o Pronunciamento T\u00e9cnico CPC 51 \u2014 Apresenta\u00e7\u00e3o e Divulga\u00e7\u00e3o nas Demonstra\u00e7\u00f5es Cont\u00e1beis, alinhado \u00e0 IFRS 18 e destinado a substituir o CPC 26 (R1), bem como o Documento de Revis\u00e3o de Pronunciamentos T\u00e9cnicos n\u00ba 28, que atualiza refer\u00eancias em outros pronunciamentos em decorr\u00eancia da implementa\u00e7\u00e3o do CPC 51.\u00a0<\/p><p>Entre os principais efeitos pr\u00e1ticos, destacam-se o aprimoramento da apresenta\u00e7\u00e3o das demonstra\u00e7\u00f5es cont\u00e1beis, a introdu\u00e7\u00e3o de novos crit\u00e9rios de agrega\u00e7\u00e3o e desagrega\u00e7\u00e3o de informa\u00e7\u00f5es e a exig\u00eancia de divulga\u00e7\u00e3o, em notas explicativas, de medidas de desempenho definidas pela administra\u00e7\u00e3o. Com a entrada em vigor do novo regime, a disciplina espec\u00edfica sobre EBITDA e EBITDA ajustado, atualmente tratada pela Resolu\u00e7\u00e3o CVM n\u00ba 156\/2022, ser\u00e1 revogada, passando o tema a ser tratado no \u00e2mbito do CPC 51.<\/p><p>Maiores informa\u00e7\u00f5es, bem como o inteiro teor do Of\u00edcio Circular\/Anual-2026-CVM\/SEP, 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\">CVM esclarece exig\u00eancia de registro para investidor n\u00e3o residente que opere exclusivamente derivativos do agroneg\u00f3cio <\/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 11.02.206, a Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM divulgou o <a href=\"https:\/\/conteudo.cvm.gov.br\/export\/sites\/cvm\/legislacao\/oficios-circulares\/sin\/anexos\/oc-sin-0426.pdf\">Of\u00edcio Circular CVM\/SIN n\u00ba 4\/2026<\/a>, por meio do qual a \u00e1rea t\u00e9cnica esclareceu a inaplicabilidade da exig\u00eancia de registro na autarquia para investidores n\u00e3o residentes que atuem exclusivamente com derivativos do agroneg\u00f3cio, o chamado \u201cINR Agro\u201d.<\/p><p>A orienta\u00e7\u00e3o interpreta o art. 6\u00ba da Resolu\u00e7\u00e3o Conjunta BCB\/CVM n\u00ba 13, de forma a concluir que a obriga\u00e7\u00e3o geral de registro e constitui\u00e7\u00e3o de representante no Brasil n\u00e3o se aplica a investidores n\u00e3o residentes que realizem apenas opera\u00e7\u00f5es com contratos a termo, futuros e op\u00e7\u00f5es vinculados a produtos agropecu\u00e1rios.<\/p><p>Isso posto, a CVM adota uma leitura sistem\u00e1tica e hist\u00f3rica do regime aplic\u00e1vel ao investimento estrangeiro, destacando que tais investidores se inserem em l\u00f3gica distinta daquela prevista para aplica\u00e7\u00f5es em portf\u00f3lio nos mercados financeiro e de capitais, hip\u00f3tese em que permanece aplic\u00e1vel o regime geral de registro.<\/p><p>Portanto, a medida contribui para conferir maior seguran\u00e7a jur\u00eddica e previsibilidade ao mercado, ao afastar d\u00favidas operacionais relevantes quanto \u00e0 necessidade de registro e \u00e0 constitui\u00e7\u00e3o de representante local. Do ponto de vista pr\u00e1tico, a dispensa tende a reduzir barreiras de entrada para investidores estrangeiros interessados em exposi\u00e7\u00e3o a derivativos do agroneg\u00f3cio brasileiro.<\/p><p>Maiores informa\u00e7\u00f5es, bem como o inteiro teor do Of\u00edcio Circular CVM\/SIN n\u00ba 4\/2026 e Resolu\u00e7\u00e3o Conjunta BCB\/CVM n\u00ba 13, 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<div class=\"elementor-element elementor-element-42843fe elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"42843fe\" 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-c52e4ba elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c52e4ba\" 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-39a38eb\" data-id=\"39a38eb\" 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-047a06d elementor-widget elementor-widget-heading\" data-id=\"047a06d\" 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 emite orienta\u00e7\u00e3o sobre demonstra\u00e7\u00f5es cont\u00e1beis envolvendo arranjos de computa\u00e7\u00e3o na nuvem<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d4756de elementor-widget elementor-widget-text-editor\" data-id=\"d4756de\" 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 02.02.2026, a Superintend\u00eancia de Normas Cont\u00e1beis e de Auditoria \u2013 SNC e a Superintend\u00eancia de Rela\u00e7\u00f5es com Empresas \u2013 SEP da Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM publicaram o <a href=\"https:\/\/conteudo.cvm.gov.br\/legislacao\/oficios-circulares\/snc-sep\/oc-snc-sep-0126.html\">Of\u00edcio Circular Conjunto CVM\/SNC\/SEP 1\/2026<\/a> (\u201c<span style=\"text-decoration: underline;\">Of\u00edcio Circular Conjunto<\/span>\u201d), com o objetivo de orientar companhias e auditores independentes quanto ao tratamento cont\u00e1bil aplic\u00e1vel a determinados eventos envolvendo arranjos de computa\u00e7\u00e3o em nuvem (Cloud Computing Arrangements), especialmente no modelo Software as a Service (\u201c<span style=\"text-decoration: underline;\">SaaS<\/span>\u201d).\u00a0<\/p><p>De acordo com o entendimento manifestado no Of\u00edcio Circular Conjunto, arranjos do tipo SaaS, em que o cliente adquire apenas o direito de acesso a software hospedado na infraestrutura do fornecedor, devem ser tratados, em regra, como contratos de presta\u00e7\u00e3o de servi\u00e7os, e n\u00e3o como arrendamento de software. Isso porque, nesses arranjos, o cliente n\u00e3o exerce influ\u00eancia na finalidade do software, tampouco h\u00e1 a obten\u00e7\u00e3o de benef\u00edcio econ\u00f4mico ou o poder de restringir acesso a esses benef\u00edcios por terceiros.<\/p><p>Na hip\u00f3tese de o contrato SaaS conferir ao cliente poder de controle ou acesso a todos os benef\u00edcios econ\u00f4micos, a sua caracteriza\u00e7\u00e3o ou n\u00e3o como contrato de presta\u00e7\u00e3o de servi\u00e7os deve ser analisada de forma casu\u00edstica.\u00a0<\/p><p><span style=\"letter-spacing: -0.2px;\">O Of\u00edcio Circular Conjunto tamb\u00e9m aborda o tratamento dos custos de configura\u00e7\u00e3o e customiza\u00e7\u00e3o incorridos na implementa\u00e7\u00e3o desses contratos tipo SaaS. Em linha com as Agenda Decisions do IFRS IC (2019 e 2021), a CVM esclarece que tais gastos, em geral, devem ser reconhecidos como despesa, uma vez que n\u00e3o resultam na cria\u00e7\u00e3o de ativo controlado pelo cliente.<\/span><\/p><p>N\u00e3o obstante, o documento ressalva que, quando a customiza\u00e7\u00e3o do software resultar na cria\u00e7\u00e3o de funcionalidades adicionais que podem ser controladas pelo cliente, ser\u00e1 necess\u00e1rio avaliar o eventual reconhecimento de ativo intang\u00edvel, conforme os crit\u00e9rios estabelecidos nas normas cont\u00e1beis.<\/p><p>Adicionalmente, o Of\u00edcio Circular Conjunto detalha o momento de reconhecimento das despesas, a depender da natureza dos servi\u00e7os contratados (distintos ou n\u00e3o distintos) e do prestador envolvido (fornecedor do software ou terceiro), refor\u00e7ando a necessidade de an\u00e1lise cuidadosa dos termos contratuais.<\/p><p>Maiores informa\u00e7\u00f5es, bem como o inteiro teor do Of\u00edcio Circular Conjunto CVM\/SNC\/SEP 1\/2026, 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<div class=\"elementor-element elementor-element-83776ec elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"83776ec\" 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-639e927 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"639e927\" 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-bf34f7f\" data-id=\"bf34f7f\" 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-95fb3c7 elementor-widget elementor-widget-heading\" data-id=\"95fb3c7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">CVM promove ajustes pontuais no Anexo II da Resolu\u00e7\u00e3o n\u00ba 175 (FIDC)<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3d5b58c elementor-widget elementor-widget-text-editor\" data-id=\"3d5b58c\" 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 06.03.2026, a Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM editou a<a href=\"https:\/\/conteudo.cvm.gov.br\/export\/sites\/cvm\/legislacao\/resolucoes\/anexos\/200\/resol240.pdf\"> Resolu\u00e7\u00e3o n\u00ba 240\/2026<\/a>, promovendo ajustes pontuais no Anexo Normativo II da Resolu\u00e7\u00e3o CVM n\u00ba 175, que disciplina o regime dos Fundos de Investimento em Direitos Credit\u00f3rios (FIDC).<\/p><p>As altera\u00e7\u00f5es concentram-se na caracteriza\u00e7\u00e3o de direitos credit\u00f3rios cedidos por sociedades em recupera\u00e7\u00e3o judicial ou extrajudicial, com o objetivo de remover entraves regulat\u00f3rios que vinham dificultando a aquisi\u00e7\u00e3o desses ativos por FIDC.<\/p><p>Entre as principais mudan\u00e7as, destacam-se (i) a supress\u00e3o da exig\u00eancia de homologa\u00e7\u00e3o judicial do plano de recupera\u00e7\u00e3o para que direitos credit\u00f3rios sejam considerados \u201cpadronizados\u201d, bem como (ii) a revis\u00e3o do tratamento regulat\u00f3rio da coobriga\u00e7\u00e3o assumida por sociedades em recupera\u00e7\u00e3o (judicial ou extrajudicial), que deixa de ser, por si s\u00f3, elemento caracterizador de cr\u00e9dito n\u00e3o-padronizado.<\/p><p>Na pr\u00e1tica, tais ajustes mitigam restri\u00e7\u00f5es que, anteriormente, limitavam a estrutura\u00e7\u00e3o de fundos lastreados em cr\u00e9ditos de sociedades em recupera\u00e7\u00e3o. Por conseguinte, a medida tende a fortalecer o papel dos FIDC como instrumento de financiamento da economia real.<\/p><p>Do ponto de vista regulat\u00f3rio, a iniciativa reflete um movimento de aprimoramento do arcabou\u00e7o normativo, com foco em aumentar a funcionalidade dos instrumentos de mercado de capitais, sem comprometer a seguran\u00e7a jur\u00eddica das opera\u00e7\u00f5es.<\/p><p>Maiores informa\u00e7\u00f5es, bem como o inteiro teor da Resolu\u00e7\u00e3o n\u00ba 240\/2026, 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-ac83d32 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ac83d32\" 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-c31a01d\" data-id=\"c31a01d\" 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-c16def2 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"c16def2\" 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-19b655f elementor-widget elementor-widget-heading\" data-id=\"19b655f\" 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\">B3 recebe autoriza\u00e7\u00e3o da CVM para iniciar opera\u00e7\u00f5es pelo \u201cRegime F\u00e1cil\u201d<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-34fb2bb elementor-widget elementor-widget-text-editor\" data-id=\"34fb2bb\" 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 12.03.2026, a B3 divulgou ter recebido autoriza\u00e7\u00e3o da Comiss\u00e3o de Valores Mobili\u00e1rios \u2013 CVM para dar in\u00edcio \u00e0s opera\u00e7\u00f5es do Regime F\u00e1cil (Facilita\u00e7\u00e3o do Acesso a Capital e de Incentivo a Listagens).<\/p><p>O novo regime tem como principal objetivo ampliar o acesso de companhias de menor porte ao mercado de capitais, reduzindo barreiras regulat\u00f3rias e viabilizando novas alternativas de financiamento. A iniciativa \u00e9 direcionada a sociedades an\u00f4nimas com faturamento bruto anual de at\u00e9 R$ 500 milh\u00f5es, que passam a contar com um ambiente regulat\u00f3rio mais proporcional \u00e0 sua realidade.\u00a0<\/p><p>No \u00e2mbito do Regime F\u00e1cil, companhias de menor porte poder\u00e3o acessar o mercado de capitais para captar recursos tanto por meio de ofertas de a\u00e7\u00f5es quanto pela emiss\u00e3o de t\u00edtulos de d\u00edvida, como deb\u00eantures e notas comerciais, com procedimentos mais simples e custos reduzidos.\u00a0<\/p><p>Dentre as principais inova\u00e7\u00f5es, destaca-se a cria\u00e7\u00e3o da chamada Oferta Direta, que permite capta\u00e7\u00f5es de at\u00e9 R$ 300 milh\u00f5es por ano sem a necessidade de contrata\u00e7\u00e3o de coordenador l\u00edder, al\u00e9m da simplifica\u00e7\u00e3o de obriga\u00e7\u00f5es informacionais e operacionais aplic\u00e1veis \u00e0s companhias participantes que optem em acessar o mercado por meio de ofertas tradicionais.\u00a0<\/p><p>O regime tamb\u00e9m prev\u00ea exig\u00eancias regulat\u00f3rias mais flex\u00edveis, como a substitui\u00e7\u00e3o do formul\u00e1rio de refer\u00eancia por documento simplificado, a divulga\u00e7\u00e3o de resultados semestralmente, a dispensa de determinadas obriga\u00e7\u00f5es acess\u00f3rias, dentre outras.\u00a0<\/p><p>Maiores informa\u00e7\u00f5es sobre o ambiente relacionado ao Regime F\u00e1cil no \u00e2mbito da B3 podem ser encontradas no site da B3 (www.b3.com.br). O arcabou\u00e7o regulat\u00f3rio referente ao Regime F\u00e1cil pode ser acessado 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>Superior Tribunal de Justi\u00e7a<\/strong><\/h5><p>DIREITO CIVIL E PROCESSUAL CIVIL. RECURSO ESPECIAL. A\u00c7\u00c3O DECLARAT\u00d3RIA DE INEXIST\u00caNCIA DE D\u00c9BITO CUMULADA COM INDENIZA\u00c7\u00c3O POR DANOS MATERIAIS E MORAIS. CONTRATO DE EMPR\u00c9STIMO CONSIGNADO CELEBRADO POR MEIO DIGITAL. BIOMETRIA FACIAL. SELFIE. DOCUMENTO ELETR\u00d4NICO. MP N\u00ba 2.200-2\/2001. \u00d4NUS DA PROVA. TEMA REPETITIVO 1061\/STJ. BOA-F\u00c9 OBJETIVA.<\/p><div><div>I. HIP\u00d3TESE EM EXAME<br \/>1. Recurso especial interposto em face de ac\u00f3rd\u00e3o que, reformando a senten\u00e7a de improced\u00eancia, declarou a invalidade de contrato de empr\u00e9stimo consignado por ter desconsiderado os documentos eletr\u00f4nicos utilizados na contrata\u00e7\u00e3o, em raz\u00e3o da aus\u00eancia de certifica\u00e7\u00e3o pela ICP-Brasil e n\u00e3o admiss\u00e3o posterior da autenticidade pela contratante.<\/div><div><br \/>II. QUEST\u00c3O EM DISCUSS\u00c3O<br \/>2. A quest\u00e3o em discuss\u00e3o consiste em decidir se um empr\u00e9stimo firmado no meio digital pode ser considerado inv\u00e1lido em raz\u00e3o da aus\u00eancia de certifica\u00e7\u00e3o pela ICP-Brasil e da posterior negativa gen\u00e9rica da contratante quanto \u00e0 autenticidade do documento eletr\u00f4nico que serviu como assinatura digital.<\/div><div><br \/>III. RAZ\u00d5ES DE DECIDIR<br \/>3. O art. 10, \u00a7 2\u00ba, da Medida Provis\u00f3ria n\u00ba 2.200-2\/01 disp\u00f5e que &#8220;n\u00e3o se obsta a utiliza\u00e7\u00e3o de outro meio de comprova\u00e7\u00e3o da autoria e integridade de documentos em forma eletr\u00f4nica, inclusive os que utilizem certificados n\u00e3o emitidos pela ICP-Brasil, desde que admitido pelas partes como v\u00e1lido ou aceito pela pessoa a quem for oposto o documento&#8221;.<br \/>4. A simples irresigna\u00e7\u00e3o de uma das partes quanto \u00e0 legitimidade de um documento eletr\u00f4nico que serviu como assinatura digital, mesmo que ele n\u00e3o tenha sido emitido pelo ICP-Brasil, n\u00e3o \u00e9 raz\u00e3o suficiente para anular o contrato firmado no meio digital quando todo o restante do conjunto probat\u00f3rio indica que inexistiu fraude.<br \/>5. \u00c0 luz do Tema Repetitivo 1061\/STJ, na hip\u00f3tese em que o consumidor\/autor impugnar a autenticidade da assinatura constante em contrato banc\u00e1rio juntado ao processo pela institui\u00e7\u00e3o financeira, caber\u00e1 a esta o \u00f4nus de provar a autenticidade.<br \/>6. Se a institui\u00e7\u00e3o financeira lograr demonstrar que n\u00e3o houve qualquer ind\u00edcio de fraude na opera\u00e7\u00e3o credit\u00edcia firmada em meio digital, a simples irresigna\u00e7\u00e3o de uma das partes quanto \u00e0 autenticidade do documento, sem qualquer outro lastro probat\u00f3rio de falha na contrata\u00e7\u00e3o, somente com base no art. 10, \u00a72\u00ba da Medida Provis\u00f3ria 2.200-2\/2001, n\u00e3o \u00e9 suficiente para invalidar o neg\u00f3cio jur\u00eddico.<br \/>7. \u00c9 dever da institui\u00e7\u00e3o banc\u00e1ria de priorizar a necess\u00e1ria e correta identifica\u00e7\u00e3o do usu\u00e1rio, bem como se precaver de todos os meios poss\u00edveis para garantir a seguran\u00e7a dos dados, sobretudo as sens\u00edveis.<br \/>8. Hip\u00f3tese em que a contrata\u00e7\u00e3o digital foi comprovada por meio de envio de selfie, de documentos pessoais e de aplica\u00e7\u00e3o de outros mecanismos de seguran\u00e7a, al\u00e9m do dep\u00f3sito do valor do empr\u00e9stimo na conta de titularidade da contratante, inexistindo qualquer elemento probat\u00f3rio indicativo de fraude. Por essa raz\u00e3o, a mera aus\u00eancia de certifica\u00e7\u00e3o pela ICP-Brasil e a posterior negativa gen\u00e9rica da contratante quanto \u00e0 autenticidade do documento eletr\u00f4nico enviado ao contratar o empr\u00e9stimo n\u00e3o se mostram suficientes para declarar a inexist\u00eancia do neg\u00f3cio jur\u00eddico.<\/div><div><br \/>IV. DISPOSITIVO E TESE<br \/>9. Recurso especial conhecido e provido.<\/div><div><br \/>(STJ, Terceira Turma, Recurso Especial n\u00b0 2.197.156\/SP. Relatora: Min. Nancy Andrighi. Data de Julgamento: 03.03.2026. Data de Publica\u00e7\u00e3o: 09.03.2026).<\/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-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 138 | Mar\u00e7o 2026 Download PDF Nesta edi\u00e7\u00e3o: DREI orienta juntas comerciais sobre possibilidade de emiss\u00e3o de deb\u00eantures por sociedade limitada Em 09.02.2026, o Departamento Nacional de Registro Empresarial e Integra\u00e7\u00e3o \u2013 DREI expediu o Of\u00edcio Circular SEI n\u00ba 92\/2026\/MEMP (\u201cOf\u00edcio\u201d), que orienta as Juntas Comerciais quanto ao arquivamento de atos de emiss\u00e3o [&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-9988","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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