Provisional Measure n. 892/19 (“MP 892”), published on August 6, changes significantly the rules regarding publication of corporate documents requested by Law no. 6.404/76 (“Brazilian Corporations Law”), with the purpose to simplify the publication procedures and reduce publication costs for Brazilian corporations.
Referred MP 892, by amending article 289 of Corporations Law, dismisses publicly-held companies from the requirement to publish documents required by law in the Official Gazette of the State and in another widely circulated newspaper. According to MP 892, this dismissal will be replaced by making these documents available in the website of the Brazilian Securities Commission (“CVM”) and in the company’s website.
In addition, referred MP 892 states that CVM will be responsible for regulating the application of these new rules to publicly-held companies, and the Minister of Economy will be responsible for establishing new publication rules for closely-held corporations.
Despite the fact that MP 892 still depends on the approval of the National Congress to be converted into law, its provisions come into force as of its publication, subject to specific regulations to be issued by CVM and the Ministry of Economy.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.