Companhia aberta

PROPOSTA DE ALTERAÇÃO NA INSTRUÇÃO CVM Nº 260/97 – PROC. SEI 19957.010008/2019-21

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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-top:0cm; mso-para-margin-right:0cm; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0cm; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri",sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-fareast-language:EN-US;} </style> <![endif] Trata-se de alteração na Instrução CVM nº 260/97, que dispõe sobre a emissão e distribuição de certificados de investimento para a produção, distribuição, exibição e infraestrutura técnica de obras audiovisuais cinematográficas brasileiras (“CAV”), proposta pela Superintendência de Desenvolvimento de Mercado – SDM e pela Superintendência de Registro de Valores Mobiliários – SRE. As áreas técnicas afirmaram que a caracterização dos CAVs como valor mobiliário decorreria, em verdade, de imposição normativa que rege a matéria, sob a competência do Ministério da Cultura, notadamente por meio de diretrizes contidas no Decreto nº 6.304/07 e cujos atributos não se prestariam a identificar a tipificação genérica de valor mobiliário contida no art. 2º, IX da Lei 6.385/76.

Segundo a SDM e a SRE, “ a expectativa de retorno através da aquisição de CAVs é decorrente dos benefícios fiscais associados de modo que se depreende que a regulação relevante para o adquirente de tais ativos é a tributária ”. Destacaram, ainda, que grande parte das emissões são subscritas por investidores institucionais, os quais, por sua vez, não carecem da tutela da CVM quanto à tomada de decisões de alocação de recursos. Em seguida, ressaltaram as áreas técnicas que, embora seja evidente a tendência de queda, as captações de recursos junto ao público aprovadas geraram procedimentos de registro, prorrogações, alterações e cancelamentos relacionados a certificados estranhos à regulação desta autarquia, consumindo, portanto, recursos que seriam empregados com mais eficiência às matérias atinentes ao mercado de capitais. Isto posto, opinaram no sentido de submeter tais ofertas ao rito de registro automático de distribuição, desobrigando, outrossim, o envio de informações periódicas à CVM. Por unanimidade, o Colegiado decidiu que as áreas técnicas devem submeter as sugestões propostas para alteração da Instrução CVM nº 260/97 à audiência pública.

PARA AUDIÊNCIA PÚBLICA – PROPOSTA DE ALTERAÇÃO NA INSTRUÇÃO CVM Nº 260/97 – PROC. SEI 19957.010008/2019-21

O Colegiado continuou a discussão sobre os documentos apresentados pelas áreas técnicas e aprovou submeter à Audiência Pública SDM n° 01/2020 minuta de instrução propondo alterações na Instrução CVM nº 260/97, que dispõe sobre a emissão e distribuição de certificados de investimento para a produção, distribuição, exibição e infraestrutura técnica de obras audiovisuais cinematográficas brasileiras (“CAV”). As alterações propostas visam a simplificar o procedimento de emissão e distribuição de CAV, de modo a torná-lo mais eficiente tanto do ponto de vista do regulador, como dos emissores, intermediários e investidores. Anexos Audiência Pública SDM 01/2020

APÓS A AUDIÊNCIA PÚBLICA SDM Nº 01/20 – PROPOSTA DE ALTERAÇÃO NA INSTRUÇÃO CVM Nº 260/1997 – PROC. SEI 19957.010008/2019-21

O Colegiado iniciou e concluiu a discussão sobre os documentos da Audiência Pública SDM nº 01/2020, tendo aprovado a edição da Resolução CVM nº 6/2020, em substituição à Instrução CVM nº 260/1997, que dispõe sobre a emissão e distribuição de certificados de investimento para a produção, distribuição, exibição e infraestrutura técnica de obras audiovisuais cinematográficas brasileiras (“CAV”). A nova norma simplifica o procedimento de emissão e distribuição de CAV, de modo a torná-lo mais eficiente tanto do ponto de vista do regulador, como dos emissores, intermediários e investidores. As principais alterações trazidas na Resolução CVM nº 6/2020 contemplam a dispensa automática de registro da emissão e distribuição das ofertas de CAV, a exclusão da obrigação de envio de certos documentos e informações à CVM e à Agência Nacional do Cinema – ANCINE e a alteração na periodicidade dos relatórios exigidos pela norma, promovendo assim, redução no custo de observância por parte das empresas emissoras. A referida Resolução entrará em vigor na data de sua publicação, consoante o disposto no art. 4°, parágrafo único, do Decreto n° 10.139, de 28 de novembro de 2019, devido à premência em viabilizar a simplificação na distribuição de CAV causada pela norma, e tendo em vista a recente renovação do benefício fiscal associado ao investimento em CAV, sendo esperada uma retomada de captações por meio de tal instrumento. Por se tratar de projeto normativo instaurado antes da entrada em vigor da Portaria CVM/PTE/nº 190, de 6 de novembro de 2019, o estudo de análise de impacto regulatório - AIR fica dispensado nos termos do art. 28 da referida Portaria. Anexos RESOLUÇÃO CVM 6