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ARTICLE · 30 JULY 2019

Initial Public Offerings 2019

Veirano e Advogados Associados
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The first formal procedure for a company to go public in Brazil is its application, as a publicly traded company, with the Comissão de Valores Mobiliários ("CVM"), or the Brazilian Securities and Exchange Commission.

BrazilCorporate/Commercial Law
Daniela Anversa
Daniela Anversa

The IPO process

The first formal procedure for a company to go public in Brazil is its application, as a publicly traded company, with the Comissão de Valores Mobiliários  ("CVM"), or the Brazilian Securities and Exchange Commission.  The CVM is a federal autarchy responsible for regulating and supervising the Brazilian capital market.  Among other functions, it: (a) protects securities holders against fraudulent issues and illegal actions carried out by publicly traded company management members, controlling shareholders and fund managers; (b) supervises fraud or market manipulation which may give rise to artificial pricing formation in the securities market; (c) regulates disclosure requirements by market participants; and (d) ensures that all market participants adopt fair trading practices.

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