TITLE: Brazil's Securities Commission Issues Guidance for Small Company Securities Issuers Registration BODY: On May 18, 2026, Brazil's Securities Commission (Comissão de Valores Mobiliários — CVM) issued Circular Letter CVM/SEP 02/26, providing guidance to organized market administrators on the initial registration process for securities issuers classified as small and medium-sized companies (Companhias de Menor Porte — CMP). The circular letter establishes procedural and administrative orientations to facilitate the registration of CMP securities issuers within Brazil's organized markets. The guidance is directed at entities administering organized markets, which serve as intermediaries in the registration process for companies seeking to issue securities. By clarifying registration requirements and procedures specific to smaller companies, the CVM aims to streamline market access for this category of issuer and reduce administrative barriers to capital market participation. The circular letter represents the CVM's effort to support smaller companies' access to Brazil's securities markets by providing clear, standardized guidance to market administrators. This initiative aligns with broader regulatory objectives to broaden participation in organized markets beyond larger, more established issuers. Market administrators should refer to Circular Letter CVM/SEP 02/26 for detailed requirements and procedures applicable to CMP securities issuer registration. **Reference:** CVM Circular Letter CVM/SEP 02/26 (May 18, 2026)

Ofício Circular CVM/SEP 02/26

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