April 2026

_The April│2026 edition of our Newsletter highlights::

– Bill seeks to strengthen the fight against fraud in listed companies

– Annual deadline for submission of the Reference Form and Corporate Registration Form

– Impacts of Bill No. 4/2025 – Update to the Civil Code

 

_ Bill seeks to strengthen the fight against fraud in listed companies

Bill No. 1,335 of 2026 is currently under consideration in the Federal Senate. It proposes strengthening accountability mechanisms in cases of fraud involving listed companies. The initiative arises in the context of growing concerns regarding informational integrity and investor protection in the capital markets.

 

If approved, the Brazilian Penal Code and Law No. 7,492, of June 16, 1986, may be amended to include the criminal offense of fraudulent management of a publicly held company, as well as the corresponding applicable sanctions.

 

The bill can be accessed at the following link: https://legis.senado.leg.br/sdleg-getter/documento?dm=10186791&ts=1774448198663&rendition_principal=S&disposition=inline .

 

_ Annual deadline for submission of the Reference Form and Corporate Registration Form

According to the Brazilian Securities and Exchange Commission (CVM) calendar applicable to listed companies with a fiscal year ending on December 31, 2025, the deadline for the annual submission of the Reference Form (Formulário de Referência) and the Corporate Registration Form (Formulário Cadastral) is June 1, 2026.

 

Accordingly, companies are advised to complete, in advance, the collection and validation of information with the departments responsible in order to ensure timely compliance with this obligation.

 

The Annual Circular Letter SEP 2026 introduced relevant updates to the instructions for completing items 5.2(d), 5.2(e), 5.3, 7.1(d), 7.2(c), 10.1(a), and 11.2 of the Reference Form, among which the following stand out:

 

  • Item 5.2(d) – disclose, at a minimum, the auditors’ comments regarding significant deficiencies and their recommendations, on an individualized basis. Generic descriptions must be avoided in order to comply with CVM Resolution No. 80. If auditors do not segregate such information, the company’s management must request a supplementary statement.

 

  • Item 5.2(e) – officers must comment, at a minimum, on the measures adopted, or to be adopted, to remedy the significant deficiencies reported in item 5.2(d), identifying, in a non-generic manner, the actions taken or to be taken, the bodies or departments responsible, and the estimated timeline for remediation. Presentation of progress tracking over previous fiscal years is recommended.

 

IMPORTANT: The absence of an auditor’s opinion on the effectiveness of internal controls does not justify failure to complete items 5.2(d) and (e).

 

  • Item 5.3 – specify, in a non-generic manner, which body receives and investigates reports of misconduct, fraud, irregularities, and unlawful acts committed against the public administration, whether domestic or foreign. It must also explain the role of each body and disclose any certification of an anti-bribery system. Additionally, it must indicate whether whistleblowers are protected against retaliation, whether they receive feedback regarding the report submitted, and which mechanisms are used to protect anonymity, particularly with respect to tools that prevent IP address or phone number traceability.

 

  • Item 7.2(c) – indicate whether the company has a channel for receiving feedback on ESG (Environmental, Social, and Governance) matters, practices, and compliance, which is reported directly or indirectly to the Board of Directors. This item is distinct from the whistleblowing channel referred to in item 5.3; even if integrated, a clear distinction must be maintained.

 

  • Item 7.1(d) e Item 10.1(a) – disclose the number of persons with disabilities (PwD) within management bodies and among employees.

 

  • Item 11.2 – for transactions already in force in the last fiscal year, information should be completed based on the fiscal year-end date. If transactions were entered into by the reference date of the first ITR (Quarterly Information Report), they should be reported as of that date. Finally, if transactions were entered into between the first ITR reference date and the filing date of the Reference Form, the most up-to-date information available should be provided.

 

Further details are available in the Annual Circular Letter SEP 2026 at: https://conteudo.cvm.gov.br/legislacao/oficios-circulares/sep/oc-anual-sep-2026.html

 

_Impacts of Bill No. 4/2025 – Update to the Civil Code

A proposal to update the Civil Code is advancing in the Brazilian Congress and has gained relevance not only due to its systemic scope but also because of its potential direct effects on business activities and contractual dynamics in the country.

 

The bill includes amendments to several provisions governing private legal relationships, with significant implications for civil liability, contractual regimes, and the rules applicable to business corporations.

 

Currently, the bill is under review by a Temporary Committee established within the Federal Senate (CTCIVIL), pursuant to Article 374 of the Senate’s Internal Rules. The committee has been holding a series of public hearings to discuss the matters addressed in the draft bill. In April 2026, the 13th public hearing was held on April 9, 2026, focusing on “Family Law and Succession Law,” and the 14th public hearing was held on April 15, 2026, focusing on “Property Law and Business Law,” with the participation of general and partial rapporteurs of the draft bill, representatives of the Brazilian Bar Association (OAB), the Public Prosecutor’s Office, the Public Defender’s Office, academia, and business sector entities.

 

Some market participants have expressed concerns regarding the expansion of liability scenarios and the potential increase in litigation, which may lead to higher operational costs and greater provisioning needs for companies.

 

Follow the progress of the bill and access the full text here: https://www25.senado.leg.br/web/atividade/materias/-/materia/166998.

 

 

Reforço de peso ao quadro de associados da Abrasca com a chegada do Carneiro de Oliveira Advogados

Posted in: Uncategorized

Temporada de AGOs tende a mostrar reforço de governança

Posted in: Uncategorized

Período vedado e insider trading

Posted in: Uncategorized

February/March 2026

_The February and march│2026 edition of our Newsletter features the following highlights:

– Opening of the filing period for the Brazilian Capital Abroad Declaration

– Foreign Capital Census in Brazil

– The Brazilian Securities and Exchange Commission (CVM) issues its 2025 annual SEP circular letter, setting forth general guidance on procedures to be observed by publicly held companies

– The Federal Supreme Court (STF) has commenced review of the injunction that postponed the taxation of dividends

– Annual General Meeting season and annual partners’ meetings for publicly held companies

 

_Opening of the filing period for the Brazilian Capital Abroad Declaration

On February 15, 2026, the filing period for the annual Brazilian Capital Abroad Declaration (“DCBE”) to the Central Bank of Brazil started.

 

Brazilian Capital Abroad refers to any amounts, assets, rights, and interests of any nature held outside the national territory by individuals or entities resident in Brazil. Such assets must be periodically reported to the Central Bank for purposes of compiling the country’s external sector statistics.

 

The filing is mandatory for individuals and legal entities resident, domiciled, or headquartered in Brazil that hold assets abroad totaling:

 

  • USD 1,000,000 (one million), or the equivalent in other currencies, as of December 31 of each base year – Annual DCBE.
  • USD 100,000,000 (one hundred million), or the equivalent in other currencies, as of March 31, June 30, and September 30 of each base year – Quarterly DCBE.

 

Penalties for failure to file range from BRL 2,500 to BRL 250,000.

 

The declaration may be filed on an annual or quarterly basis, and the applicable deadlines are fixed as follows:

 

  • Annual filing, with a base date of December 31 of each year: from February 15 to April 5 of the following year;
  • Quarterly filing, with a base date of March 31: from April 30 to June 5 of the same year;
  • Quarterly filing, with a base date of June 30: from July 31 to September 5 of the same year;
  • Quarterly filing, with a base date of September 30: from October 31 to December 5 of the same year.

 

Further information on the matter is available at the following link: https://www.bcb.gov.br/estabilidadefinanceira/cbe.

 

_Foreign Capital Census in Brazil

Legal entities and investment funds in Brazil with foreign participation in their ownership structure, or that have received investments from non-residents, are required to submit a declaration of foreign capital.

 

The Foreign Capital Census in Brazil aims to collect information on the country’s external liabilities, including, among others, foreign direct investment and external debt instruments. The data gathered through the Census enables the Central Bank to compile statistics and support the formulation of national economic policy.

 

BCB Resolution No. 278/2022 provides quarterly, annual, and quinquennial filings, which are mandatory for companies receiving direct investment depending on their size. The applicable filing deadlines are fixed, as set out below.

 

Quarterly filings are required for companies with total assets equal to or exceeding BRL 300,000,000 as of the relevant base dates, March 31, June 30, and September 30, with the following reporting periods:

 

  • Base date of March 31: from April 1 to June 30
  • Base date of June 30: from July 1 to September 30
  • Base date of September 30: from October 1 to December 31

 

Annual filings are required for companies with total assets equal to or exceeding BRL 100,000,000 as of the base date of December 31. The reporting period runs from January 1 to March 31 of the subsequent year.

 

Quinquennial filings are required for companies with total assets equal to or exceeding BRL 100,000 as of the base date of December 31 of years ending in 0 (zero) or 5 (five). The reporting period runs from January 1 to March 31 of the subsequent year. In years in which a quinquennial filing is required, no annual filing is due.

 

Further information can be found at the following link: https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=278.

 

_The Brazilian Securities and Exchange Commission (CVM) issues its 2025 annual SEP circular letter, setting forth general guidance on procedures to be observed by publicly held companies

On February 26, 2026, the Brazilian Securities and Exchange Commission (“CVM”) issued Circular Letter No. CVM/SEP/Annual-2026, aimed at updating general guidance on procedures to be observed by publicly held companies.

 

As is customary, the Annual Circular Letter consolidates the main obligations applicable to publicly held companies, reflects recent regulatory changes, and highlights relevant decisions issued by the CVM’s Board.

 

This year, the key updates introduced by the Annual Circular Letter relate to the following matters:

 

  • Guidance on the completion of the Reference Form (Formulário de Referência): the Annual Circular Letter provides guidance on the completion of items 5.2(d), 5.2(e), 5.3, 7.2(c), and 11.2 of the Reference Form, which address information regarding significant deficiencies, internal integrity mechanisms and procedures, and related-party transactions.

 

  • Completion of the trading report pursuant to Article 11 of CVM Resolution No. 44: the Annual Circular Letter emphasizes the need to disclose, in the trading report, equity swap transactions carried out by the company itself and by the other people referred to in Article 11 of CVM Resolution No. 44. This is because such transactions, even when providing exclusively for financial settlement, often involve a financial institution as counterparty that acquires the underlying shares for hedging purposes. As a result, the effects of entering such derivatives are typically very similar to those observed when the issuing company or other investors acquire shares directly in the market.

 

  • Guidance on the preparation and submission of remote voting ballots (boletins de voto a distância): the Annual Circular Letter clarifies that a reduction in the shareholding of proponents of proposals included in the remote voting ballot, after its disclosure, does not in itself constitute a valid basis for the company to exclude the nominees indicated by such shareholder. In addition, the Annual Circular Letter sets forth provisions regarding the preparation of remote voting ballots, which must comply with the guidelines set forth in Annex M of CVM Resolution No. 81, and confirms that the ownership threshold required for the inclusion of proposals in the ballot may be met through the aggregation of holdings of more than one shareholder.

 

  • Guidance on the use of information obtained from public opinion polls relating to elections or candidates: the Annual Circular Letter establishes that, as public opinion polls relating to elections or candidates may influence the trading prices of securities, as well as investors’ decisions to buy, sell, or hold such securities, the use of information derived from such polls may constitute an undue informational advantage in securities trading, placing other market participants at a disadvantage. Accordingly, the use of information regarding the results of such polls prior to its broad public disclosure may characterize a non-equitable practice, pursuant to CVM Resolution No. 62/2022.

 

  • Communication regarding atypical fluctuations in securities prices: the Annual Circular Letter highlights that companies are not required to respond to alerts issued by B3 in cases of atypical fluctuations in the trading prices of their securities. The purpose of such communication is to assist companies in identifying potential unusual trading activity, enabling their management to assess whether a market disclosure is warranted.

 

The Annual Circular Letter is available at the following link: https://conteudo.cvm.gov.br/legislacao/oficios-circulares/sep/oc-anual-sep-2026.html.

 

_The Federal Supreme Court (STF) has commenced review of the injunction that postponed the taxation of dividends

The Full Bench of the Federal Supreme Court (“STF”) has commenced the review of the preliminary injunction granted by Justice Nunes Marques in Direct Action of Unconstitutionality (ADI) No. 7,912 and 7,914, which extended until January 31, 2026, the deadline for the approval of dividend distributions relating to the fiscal year ended December 31, 2025.

 

At this stage, the Court is not examining the merits of the new taxation regime introduced by Law No. 15,270/25, which established a 10% tax on dividends paid by legal entities to individuals exceeding BRL 50,000 per month. The matter under review is limited to whether the preliminary injunction extending the original statutory deadline for dividend distribution, previously set on December 31, 2025, should be upheld.

 

Justice Nunes Marques’ position is that such deadline conflicts with the provisions of Brazilian corporate law, which require that resolutions regarding the financial statements, results, and profit distribution be adopted within the first four months following the end of the fiscal year.

 

Accordingly, the Justice granted the preliminary injunction on the grounds that both the fumus boni iuris and periculum in mora requirements were satisfied, considering that the changes introduced by the new law represent a significant shift in a system in place since 1996, under which profits and dividends were taxed exclusively at the corporate level.

 

In his view, the imposition of such a short deadline renders compliance with the applicable legal requirements practically unfeasible and may result in rushed and unreliable determinations, with adverse consequences for both taxpayers and the tax authorities.

 

The judgment, which had been scheduled to conclude on February 24, 2026, was suspended by Justice Edson Fachin, who referred the matter from the Court’s virtual plenary to the physical plenary session.

 

The full text of Justice Nunes Marques’ opinion is available at the following link: https://arq.migalhas.com.br/arquivos/2026/2/E53B174D95AE32_votoNM.pdf.

 

_Annual General Meeting season and annual partners’ meetings for publicly held companies

In the coming months, corporations (sociedades por ações) and limited liability companies (sociedades limitadas) are required to disclose their financial information, as well as to convene and hold their Annual General Meetings (“AGMs”) or annual quotaholders’, as applicable, in respect of the fiscal year ended December 31, 2025.

 

Resolutions and Preparatory Procedures for AGMs and Meetings

 

Pursuant to Article 132 of the Brazilian Corporations Law, all corporations, whether publicly held or closely held, must hold an AGM within the first four months following the end of each fiscal year in order to: (i) review the management accounts and examine, discuss, and vote on the financial statements; (ii) resolve on the allocation of net income for the year and the distribution of dividends; and (iii) elect management and the members of the fiscal council, if applicable.

 

In addition, corporations must prepare the documents set forth in Article 133 of the Brazilian Corporations Law and publish a notice informing shareholders that such documents are available for review at the company’s headquarters. In the case of publicly held companies, such documents must also be made available on the websites of the company, the CVM, and B3 S.A. – Brasil, Bolsa, Balcão (“B3”). The publication of such notice is waived if the company publishes its financial statements at least one month prior to the date scheduled for the AGM or if all shareholders are present at the AGM.

 

Notwithstanding the foregoing, companies must publish their financial statements prior to the AGM, as follows:

 

  • Companies with annual gross revenues equal to or lower than BRL 78 million may publish them electronically through the Central de Balanços of the Public Digital Bookkeeping System (SPED), pursuant to Article 294, item III, of the Brazilian Corporations Law, as regulated by Ministry of Economy Ordinances No. 12,071/2021 and No. 10,031/2022.

 

  • Publicly held companies with individual gross revenues below BRL 500 million in the preceding fiscal year, classified as smaller reporting companies pursuant to Article 294-B of the Brazilian Corporations Law and CVM Resolution No. 166/2022 (“RCVM 166”), may publish them electronically through the Empresas.NET system; and

 

  • All other companies must publish their financial statements in a widely circulated newspaper, which may be done in summarized form, in compliance with the Brazilian Corporations Law and CVM Guidance Opinion No. 39 (applicable to publicly held companies), with simultaneous full disclosure of the complete documents on the newspaper’s website. Such website must ensure digital certification of the authenticity of the documents by a certification authority accredited under the Brazilian Public Key Infrastructure (ICP-Brasil).

 

With respect to limited liability companies, pursuant to Article 1,078 of the Brazilian Civil Code, a Meeting must also be held within the first four months following the end of the fiscal year to: (i) review the management accounts and resolve on the balance sheet and income statement; and (ii) appoint managers, if applicable. The Meeting may be waived if all quotaholders resolve in writing on the matters that would otherwise be submitted thereto.

 

Financial Statements for Large-Sized Companies

 

Pursuant to Law No. 11,638/2007, limited liability companies, or a group of companies under common control, that, in fiscal year 2025, recorded total assets exceeding BRL 240 million or annual gross revenues exceeding BRL 300 million are required to: (a) prepare their financial statements in accordance with the accounting standards applicable to corporations; and (b) have such financial statements audited by an independent auditor registered with the CVM.

 

Following the issuance by the National Department of Business Registration and Integration (“DREI”) of Circular Letter SEI No. 4742/2022/ME, it was confirmed that the publication of financial statements by large, limited liability companies is optional. Commercial Registries have been instructed to follow this guidance, such that corporate filings of such companies should not be subject to requirements or rejection on the grounds of failure to evidence such publication.

 

Digital AGMs and Meetings

 

Pursuant to Law No. 14,030/2020, AGMs and Meetings may be held partially or entirely in digital format, provided that the applicable rules are observed, including those set forth in CVM Resolution No. 81/2022, as amended, in the case of publicly held companies, and/or those issued by the DREI, in the case of closely held corporations and limited liability companies.

January 2026

_The January│2026 edition of our Newsletter features the following highlights:

– Publicly held companies listed on the Novo Mercado received exceptional treatment from B3 to issue preferred shares

– CVM postpones the entry into force of the Regime FÁCIL

– CVM releases the 2026 calendar with information on filing deadlines

 

_Publicly held companies listed on the Novo Mercado receive exceptional treatment from B3 to issue preferred shares

 

Publicly held companies listed on the Novo Mercado trading segment were granted exceptional treatment by B3 to issue preferred shares, registered, book-entry and with no par value, with voting rights, convertible into common shares and redeemable. Such practice is generally prohibited by Article 8 of the Novo Mercado Regulation, which requires the exclusive issuance of common shares.

 

The request for the exception, grounded on Article 70 of the Novo Mercado Regulation, resulted from the transitional rule introduced by Law No. 15,270, of November 26, 2025, which allows dividends approved by December 31, 2025 to retain tax exemption, provided that the effective payment occurs by the end of 2028, even if in a fiscal year different from that in which they were declared.

 

In granting the request, B3 established strict requirements to ensure that the corporate governance standards typical of the Novo Mercado segment are preserved, as evidenced in the specific cases reviewed. The issuance of such preferred shares must observe the following conditions:

 

  • Voting Rights: The preferred shares must grant voting rights, in accordance with the “one share, one vote” principle, aligned with the core premise of the Novo Mercado.
  • Temporality: The structure is temporary, authorized exclusively to enable the bonus issue resolved at the end of 2025, with a maximum validity through December 31, 2028.
  • Nature of the Review: B3 emphasized that the waiver is limited to capital markets regulatory aspects and does not represent an endorsement of the structure from a tax perspective or under any other viewpoint.

 

The full rationale for the waivers may be accessed in Portuguese through the following link:
https://www.b3.com.br/pt_br/regulacao/regulacao-de-emissores/condicoes-excepcionais/

 

 

_ CVM postpones the entry into force of the Regime FÁCIL

 

CVM issued Resolution CVM No. 236, introducing specific adjustments to the Regime FÁCIL and postponing its entry into force to March 16, 2026. The regime is designed to simplify regulatory obligations applicable to smaller publicly held companies, reducing compliance costs and facilitating access to the capital markets.

 

According to CVM, the postponement aims to ensure greater legal certainty and to provide market participants with additional time to adapt to the new rules. Among the changes introduced, the following stand out:

 

  • Financial statements: Unregistered issuers, in offerings addressed to professional investors, may disclose only the financial statements for the most recent fiscal year, instead of three fiscal years.
  • Exemption from maintaining a dedicated website: These issuers are exempt from maintaining their own website, provided that disclosures continue to be made through CVM systems and the systems of the organized market entity.
  • Daily fines: Clarification regarding the application of daily fines for delays in the submission of regulatory forms and documents, including the FÁCIL form and the ISEM.

 

Further information in Portuguese is available at the following link:
https://www.gov.br/cvm/pt-br/assuntos/noticias/2025/cvm-edita-norma-que-promove-ajustes-pontuais-no-regime-facil-e-adia-sua-entrada-em-vigor

 

 

_ CVM releases the 2026 calendar with information on filing deadlines

 

CVM has made available the 2026 Calendar with deadlines for the submission of periodic and event-based information required from regulated entities. The calendar covers, among other matters, deadlines for the filing of financial statements, periodic forms and ongoing disclosure obligations, serving as a reference for listed companies, investment funds, intermediaries and other capital markets participants.

 

The CVM 2026 Calendar can be accessed at:
https://www.gov.br/cvm/pt-br/assuntos/regulados/envio-de-informacoes-a-cvm-calendario