Brazilian Presidency Issues Provisional Measure On Mandatory Corporate Publications

On August 5, 2019, the Brazilian presidency issued Provisional Measure (Medida Provisória) No. 892, which amends provisions of Law No. 6,404, from December 15, 1976, (the Brazilian Corporations Law) related to mandatory corporate publications.

The changes are related to the method of making the mandatory publications, which will now be via the Internet and no longer in the Official Gazette of the state in which the company's head office is located and no longer in another widely circulated newspaper, as was provided in the previous wording of article 289 of the Brazilian Corporations Law.

For publicly held companies, the publications will be made on the websites of (i) the Brazilian Securities Commission (CVM), (ii) the market administrator where the securities of the company are admitted to trading and (iii) the company, according to regulations to be issued by CVM. The method of publication for closely held companies will be determined by the Ministry of Economy.

All publications must be digitally certified by a certifying authority accredited by the Brazilian Public Key Infrastructure (ICP-Brasil).

Provisional Measure No. 892 will become effective on the first day of the month following the date of issuance of the CVM and the Ministry of Economy regulations mentioned above.

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