Processo Administrativo nº 19957.000017/2019-12

PARA AUDIÊNCIA PÚBLICA – MINUTA DE INSTRUÇÃO - ALTERAÇÕES DE NORMAS SOBRE CERTIFICADOS DE DEPÓSITO DE VALORES MOBILIÁRIOS – BDR – PROC. SEI 19957.000017/2019-12

O Colegiado iniciou a discussão da minuta de instrução que propõe alterações nas normas sobre certificados de depósito de valores mobiliários – BDR e demandou providências adicionais à Superintendência de Desenvolvimento de Mercado – SDM, à Superintendência de Proteção e Orientação aos Investidores - SOI e à Superintendência de Relações com Investidores Institucionais – SIN até que o assunto seja retomado. Os principais tópicos da reforma em análise são: (i) a alteração dos requisitos necessários para caracterização de emissores como estrangeiros; (ii) a previsão de hipóteses em que investidores não qualificados poderão adquirir BDR Nível I; (iii) a criação de um regime voltado a permitir BDR com lastro em cotas de fundos de índice no exterior; e (iv) a modificação de dispositivos incompatíveis com a emissão de BDR lastreados em títulos de dívida.

PARA AUDIÊNCIA PÚBLICA – MINUTA DE INSTRUÇÃO - ALTERAÇÕES DE NORMAS SOBRE CERTIFICADOS DE DEPÓSITO DE VALORES MOBILIÁRIOS – BDR – PROC. SEI 19957.000017/2019-12

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mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri",sans-serif;} </style> <![endif] O Colegiado continuou a discussão sobre os documentos apresentados pela área técnica e aprovou submeter à Audiência Pública SDM n° 08/19 minuta de instrução que propõe alterações em normas que dispõem sobre certificados de depósito de valores mobiliários – BDR. Os principais tópicos da norma proposta são: (i) alteração dos requisitos necessários para caracterização de emissores como estrangeiros; (ii) previsão de hipóteses em que investidores não qualificados poderão adquirir BDR Nível I; (iii) criação de um regime voltado a permitir BDR com lastro em cotas de fundos de índice negociadas no exterior; e (iv) a modificação de dispositivos incompatíveis com a emissão de BDR lastreados em valores mobiliários representativos de dívida.

APÓS A AUDIÊNCIA PÚBLICA SDM Nº 08/2019 – ALTERAÇÕES DE NORMAS SOBRE CERTIFICADOS DE DEPÓSITO DE VALORES MOBILIÁRIOS – BDR – PROC. SEI 19957.000017/2019-12

O Colegiado iniciou a discussão sobre os documentos da audiência pública SDM nº 08/2019, relativa à minuta de norma que propõe alterações nas regras relacionadas a certificados de depósito de valores mobiliários – BDR.

APÓS A AUDIÊNCIA PÚBLICA SDM Nº 08/2019 – ALTERAÇÕES DE NORMAS SOBRE CERTIFICADOS DE DEPÓSITO DE VALORES MOBILIÁRIOS – BDR – PROC. SEI 19957.000017/2019-12

O Colegiado finalizou a discussão sobre os documentos da audiência pública SDM nº 08/2019, tendo aprovado a edição da Resolução CVM nº 03/2020, que atualiza as regras relacionadas a certificados de depósito de valores mobiliários – BDR, promovendo alterações nas Instruções CVM nº 332/00, 359/02, 471/08, 476/09, 480/09 e 555/14. A norma flexibiliza exigências para a captação de recursos por emissores e amplia as possibilidades de investidores acessarem ativos no exterior. Dentre as mudanças ocorridas por meio da nova norma, destacam-se: (i) permissão para que os BDR sejam lastreados (a) em ações emitidas por emissores estrangeiros com ativos ou receitas no Brasil ou (b) em títulos de dívida, inclusive emitidos por companhias abertas brasileiras; (ii) permissão para que, a depender do mercado em que os valores mobiliários lastro dos BDR Nível I sejam listados, investidores que não sejam considerados qualificados possam negociá-los; e (iii) previsão de emissão de BDR lastreados em cotas de fundos de índice admitidas à negociação no exterior. Anexos RESOLUÇÃO CVM 3