Empresas poderão captar até 5 milhões online
The Brazilian Securities Commission (Comissão de Valores Mobiliários – CVM) has enacted on July 13, 2017, Regulation ICVM n. 588, regulating crowdfunding activities in Brazil. According to the new regulation, small cap companies, as defined in the text as Brazilian companies with gross annual revenue under 10 million Reais, are henceforth exempted from registration before the CVM, for the raising of funds up to 5 million Reais through online funding portals.
The text creates a laundry list of rules, among which we emphasize that fundraising companies must be newcomers, not registered with the CVM as issuers of securities and that the timeframe for each fundraising shall not exceed 6 months. With regards to the fundraising portals, they must seek registration as such before the CVM and must be granted authorization to operate in public offerings of securities.
The Brazilian crowdfunding regulation arises around one year after the American regulation on the topic by the Securities and Exchange Commission (SEC) came into force. There are today approximately 25 funding portals registered with the SEC operating in the United States.
PNST Advogados makes itself available to provide its clients with information regarding the operation as funding portal platforms, but also as fundraising company via Crowdfunding.
PNST Advogados se mantém à disposição de seus clientes para oferecer maiores informações quanto à atuação como plataforma de investimento coletivo, bem como empresa captadora de recursos via Crowdfunding.
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Adriano B. Consentino is partner at Pacheco Neto Sanden Teisseire Law Firm.