The CVM (Securities and Exchange Commission of Brazil) and Anbima (Brazilian Financial and Capital Markets Association) have expanded their cooperation on public offerings through two complementary initiatives designed to make registration procedures faster and improve the technology supporting the process.

The CVM has added commercial notes, Agribusiness Receivables Certificates (CRAs) and Receivables Certificates (CRs) to the range of public offerings that may undergo prior review by Anbima. The expanded list took effect on June 30. 

In a separate move, the CVM’s board approved a five-year cooperation agreement under which Anbima will help maintain and upgrade the regulator’s electronic public offering registration platform, known as the SRE System. The agreement covers adjustments, corrections and improvements to the platform, as well as a transition period involving assisted operation. 

Together, the initiatives deepen a model under which the CVM retains its statutory regulatory authority while drawing on Anbima’s technical expertise and self-regulatory infrastructure. The arrangement is intended to reduce processing times without changing the disclosure and investor-protection requirements applicable to public offerings.

Streamlined reviews of public offerings

Under the existing review agreement, Anbima examines registration applications for eligible offerings and assesses whether their documentation complies with CVM rules. When the association issues an unqualified opinion after completing its review, the offering may be registered automatically with the regulator.

The process does not transfer regulatory authority to Anbima. Rather, it creates a coordinated review channel that helps avoid duplication and allows the CVM to use the association’s market expertise while remaining responsible for regulating and supervising Brazil’s securities market.

“The expansion of the cooperation agreement allows new instruments to enter the public offering review process while maintaining compliance with regulatory requirements,” said Luis Miguel Sono, superintendent of securities registration at the CVM. “Coordination between the CVM and Anbima supports the continued improvement of registration procedures.” 

Broadening channels

Anbima already reviews eligible offerings of shares, including initial public offerings and follow-on transactions, as well as debentures, real estate investment funds (FIIs), funds in agroindustrial productive chains (Fiagros) and credit rights investment funds (FIDCs).

The framework also covers Real Estate Receivables Certificates (CRIs), infrastructure funds, promissory notes and securitization debentures. The addition of commercial notes, CRAs and CRs broadens the channel available to issuers using debt and securitization instruments.

CRAs are securities backed by receivables linked to Brazil’s agribusiness sector. CRs are a broader category of securitization instruments backed by receivables, while commercial notes provide companies with a debt-financing alternative that generally has a shorter maturity than traditional corporate bonds.

A total of 105 public offerings have already been reviewed under the cooperation agreement, representing R$42 billion filed with the CVM. Real estate investment fund transactions accounted for 71% of these offerings. 

“The partnership between Anbima and the CVM shows how alignment between a regulator and a self-regulatory organization can strengthen the capital markets,” said Anbima CEO José Carlos Doherty. “The expanded scope contributes to a more robust and reliable environment that is better prepared to keep pace with the market’s development.”

Guilherme Benaderet, Anbima’s superintendent of market supervision, said the inclusion of additional instruments would make the market more agile by reducing the time required to review offerings. 

Technology upgrades

The second initiative focuses on the infrastructure through which public offering registration applications are received and processed.

The new five-year agreement provides for Anbima’s participation in the ongoing development and maintenance of the SRE System. Priorities include completing items that remained pending under a 2024 amendment and implementing an operational transition plan comprising transition and assisted-operation phases. The agreement may be extended through an amendment. 

The system is part of a cooperation program that began in October 2014, when the CVM and Anbima agreed to develop and implement an electronic platform for receiving and processing public offering registration applications.

The new agreement moves the partnership beyond the system’s initial development and delivery. It establishes a longer-term framework for technological upgrades and operational support as Brazil’s capital markets and range of funding instruments continue to evolve.