CVM changes rules and revokes another 24 rules in disuse
CVM has already repealed over 200 standards in 2020 alone.
The Brazilian Securities and Exchange Commission (CVM) is updating its rules of conduct.
Thus, the agency published CVM Resolution 7 revoking 24 normative and non-regulatory acts as part of the review and consolidation process provided by the decree.
Therefore, according to CVM, these rules, over time, lost practical application, were tacitly revoked or, for other reasons, no longer relevant to the proper functioning of capital markets.
Thus, according to the CVM, the revocations include:
- 1 Instruction.
- 10 Deliberations.
- 13 Explanatory Notes.
„The indication of the rules in force and the continuous work to revoke the rules in disuse make it easier for those who must comply with them to know the rules. This effort is directly aligned with the objective of the Municipality of reducing the cost of compliance,“ said Marcelo Barbosa, President of CVM.
The revocations made by means of CVM Resolution 7 are in addition to the revocation of 186 rules, made on 6/8/2020, by means of CVM Resolution 2.
The rules then revoked included 59 Instructions, 77 Resolutions and 50 Explanatory Notes.
In the context of specific actions involving the revision and consolidation of rules, since November 2017 the CVM has been carrying out extensive work to reduce the cost of regulatory compliance among capital market participants.
The main focus of this initiative is to increase the efficiency of regulation, without disregarding the risks that such actions may represent for the protection of investors, the main mandate of the CVM, and the maximization of the economic welfare resulting from full, efficient and full competition among its participants.
None of the repealed resolutions or notes specifically concern tokenization or cryptoatvos.
However, the revised rules also affect companies authorized by the CVM that operate with multi-market funds with exposure in cryptomotes.