CVM guides public offerings during the temporary shutdown of the SRE System
The technical department of the Comissão de Valores Mobiliários has established an exceptional procedure for interactions related to public offerings during the temporary unavailability of its systems. This measure applies from 8:00 p.m. on 6/3 to 8:00 a.m. on 6/8 and relaxes a requirement set forth in Circular Letter CVM/SRE 2/2026.
Highlights
- The Securities and Exchange Commission has determined that coordinators and intermediaries of public tender offers must follow the guidelines of CVM/SRE Circular Letter 2/2026 during the SRE System downtime.
- Between 8:00 p.m. on 6/3 and 8:00 a.m. on 6/8, market participants will be subject to the operational interruption of the SRE System as informed by the Superintendence of Securities Registration.
- During the shutdown, the daily submission of evidence of system unavailability is no longer required, streamlining the procedure for public offerings until normalization is expected on 6/8.
This article was translated from the original. Read the original version by our correspondent here.
Extraordinary procedure for the interruption period
As informed by the Comissão de Valores Mobiliários, lead coordinators and intermediary institutions, in the case of OPA, must follow the guidelines already published in Circular Letter CVM/SRE 2/2026 for interactions with the SRE System during the temporary system outage.Exceptionally during this period, it will not be necessary to comply with subitem (iii) of the letter, which requires sending support evidence of the SRE System’s unavailability throughout the day, with at least four attempts spaced by at least one hour, including one after 6:00 p.m.
Operational impact for market participants
The scheduled interruption covers the period between 8:00 p.m. on 6/3 and 8:00 a.m. on 6/8, according to the Superintendence of Securities Registration. The technical department also informs that the operational return of CVM’s systems is expected at 8:00 a.m. on 6/8.Market participants should monitor the normalization of the systems, as the extraordinary procedure should only be adopted if the systemic unavailability continues during the indicated period. The guidance aims to maintain the operational flow of public offerings while the temporary interruption lasts.
In our previous publication about the general strike on June 3, we highlighted how the stoppage, motivated by opposition to the revision of labor legislation, could affect various sectors and cause significant disruptions. We also detailed the impacts on transportation—including minimum services and refund/rescheduling options—and warned of operational effects that could extend beyond June 3 itself.
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