meta_id 3162526

On May 18, 2026, the Brazilian Securities and Exchange Commission (CVM) issued Circular Letter No. 2/2026-CVM/SEP providing operational guidance to organized market administrators regarding procedures for obtaining initial securities issuer registration for smaller companies (CMPs), under CVM Resolution No. 232/2025 . The circular clarifies the supervisory and communication procedures applicable when market administrators approve listing requests submitted by smaller companies. Under the framework, organized market entities must notify the CVM through the Digital Protocol system following approval of a CMP listing request so the issuer can automatically obtain securities issuer registration. The guidance requires market administrators to: verify that issuers have paid the required inspection fee under Law No. 7,940/1989 ; review issuer documentation outside the Empresas.Net (E-NET) system during the initial phase; ensure documents are correctly categorized and submitted within the E-NET platform; monitor compliance with disclosure and filing requirements under CVM Resolutions No. 80/2022 and No. 232/2025 ; and promptly address incomplete, inaccurate, or incorrectly filed documents. The circular also details the documentation required for registration, including registration forms, reference forms or simplified EASY forms, quarterly or semiannual reporting forms, shareholder agreements, audited financial statements, minutes approving the listing request, and investor relations officer appointment documents. Following CVM approval, smaller issuers must immediately submit the relevant documentation through the E-NET system, while market administrators remain responsible for verifying the accuracy and availability of those disclosures. The CVM stated that the circular is intended to support the implementation of the simplified registration framework for smaller companies (CMPs) under CVM Resolution No. 232/25 by clarifying supervisory responsibilities, operational procedures, and communication flows between organized market administrators and the regulator. The circular applies immediately from May 18, 2026 and establishes that organized market administrators must notify the CVM immediately after approving a CMP listing request so the issuer can automatically obtain securities issuer registration.