On March 18th, 2025, B3 S.A. – Brasil, Bolsa, Balcão (“B3”) informed the market about the conclusion of the second phase of the public consultation regarding the proposed revision of Novo Mercado rules (“Public Consultation”).

More information on the main topics related to the proposed amendments can be found in Moreira Menezes, Martins Advogados’ newsletters No. 116 (May 2024) and No. 121 (October 2024).

After the conclusion of the second phase of the Public Consultation, a limited consultation process has been initiated with companies listed on the Novo Mercado segment to approve the final version of the regulation.

Once approved by its participants, the new version of the Novo Mercado regulation will be submitted to the competent bodies of B3 and the Brazilian Securities and Exchange Commission (CVM) for review.

Further information, as well as the full text of the Public Consultation, can be found on B3’s website (www.b3.com.br).