Brazil:
Provisional Measure Changes The Rules Regarding The Publication Of Documents By Corporations
13 August 2019
Koury Lopes Advogados
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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.
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