Brazilian Agribusiness Securities Can Now Be Distributed With Restricted Efforts

The Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários - CVM) decided to include certain agribusiness securities in the list of instruments that can be distributed with restricted efforts in the Brazilian regulated markets pursuant to CVM Instruction No. 476, of January 16, 2009. As a general rule, no public offer shall be distributed on the Brazilian securities market without prior registration with CVM¹. However, public offers distributed with restricted efforts are automatically waived of this registration.

Public offers distributed with restricted efforts are exclusively destined to qualified investors² and intermediated by participants of the Brazilian securities distribution system³. The regulations expressly prohibit the search of investors through stores, offices, or establishments open to the public, or with the use of mass or electronic media (pages or documents on the worldwide web or other open computer networks and e-mail),