TITLE: Brazil's Securities Commission Issues Annual Circular Letter 2026 for Listed Companies
BODY:
On February 26, 2026, the Superintendency of Relations with Companies (SEP) of Brazil's Securities and Exchange Commission (Comissão de Valores Mobiliários, CVM) released the Annual Circular Letter 2026, providing guidance to registered companies on procedures for submitting periodic and eventual information disclosures.
The circular letter addresses several key areas: guidance on completing the Reference Form; regulations governing trading by administrators and related parties; procedures for remote voting ballots; and rules on using public opinion poll information related to elections. The document also clarifies obligations for listed companies regarding Technical Pronouncement CPC 51 (Presentation and Disclosure in Financial Statements), which aligns with IFRS 18 and will replace CPC 26 (R1). This pronouncement becomes mandatory on January 1, 2027, following the International Accounting Standards Board (IASB) review of international accounting standards.
The circular emphasises that use of public opinion poll results concerning elections or candidates before broad public disclosure may constitute unfair practice under CVM Resolution 62. The document covers comprehensive topics including issuer registration, periodic information requirements, material corporate events, governance best practices for listed companies, and the Risk-Based Supervision (SBR) plan.
Fernando Soares Vieira, SEP Superintendent, noted that the annual circular aims to promote consistent disclosure aligned with corporate governance best practices, enhance transparency and equity in investor relations, and minimise compliance deviations to reduce enforcement actions and penalties.
The full Annual Circular Letter 2026 is available on the CVM website.