The Brazilian Securities and Exchange Commission (“Comissão de Valores Mobiliários” – “CVM”) published its Regulatory Agenda for 2019, aiming to share the main guidelines scheduled for the year, allowing for better monitoring by the public of the work carried out by “CVM” and the alignment of expectations with the market agents interested in the discussions.

Among the “CVM’s” priorities for the year is the issue of normative instruction on the rite of sanctioning administrative procedures and the holding of a public hearing to review the regulatory structure of public securities offers.

Finally, (i) updates and modernizations are also foreseen in the normative instruction on the Credit Rights Investment Funds (“Fundos de Investimento em Direitos Creditórios” – “FIDCs”); (ii) reform of the regulatory treatment of Securities Certificates of Deposit (“Certificados de Depósito de Valores Mobiliários” – “BDRs”), especially in the cases of Brazilian technology companies (which is currently requiring listing directly on stock exchanges in other countries); as well as (iii) new regulations for securitization companies, which takes into consideration the peculiarities that such companies may present.

Further information, as well as the full text of the Regulatory Agenda for 2019, can be found on the “CVM” website (