Brazil:
Deadline To Submit Report On The Brazilian Corporate Governance Code Extended
26 March 2018
Madrona Advogados
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On March 13, 2018, the Board of the Brazilian Securities and
Exchange Commission extended the deadline for submission of the
Report on the Brazilian Corporate Governance Code, provided by CVM
Instruction 480/09, article 29-A and Annex 29-A
("Report").
The reason for the extension is the development of their own
platform, that will be prepared and implemented by B3 and will host
the information in the ENET System. It is expected to be ready by
the end of August 2018.
Thus, the Board decided that October 31, 2018 is the deadline
for submission of the Report by publicly traded corporations that,
on the date CVM Instruction 586/17 was published (on the June 9,
2017 Federal Registers and then amended on the July 10, 2017
Federal Register), had at least one type or class of shares of its
issuance in IBrX-100 or IBOVESPA.
Starting in 2019, the obligation will also apply to other
issuers registered as Class A, authorized by a market
administration agency to trade publicly.
This extension is an exception and is only applicable in 2018.
The provision in paragraph 1 of article 29-A Instruction CVM 480/09
remains valid and in force; it provides that the Report must be
submitted "within 7 months as of the year-end closing
date".
Additional information can be found on CVM's website: https://goo.gl/67ftwb.
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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