{"id":1397,"date":"2025-09-30T09:50:15","date_gmt":"2025-09-30T12:50:15","guid":{"rendered":"https:\/\/brzadvogados.com.br\/?p=1397"},"modified":"2026-06-10T19:34:16","modified_gmt":"2026-06-10T22:34:16","slug":"cvm-abre-consulta-publica-para-reformular-regras-de-captacao-de-recursos-via-plataformas-de-crowdfunding","status":"publish","type":"post","link":"https:\/\/brzadvogados.com.br\/en\/cvm-abre-consulta-publica-para-reformular-regras-de-captacao-de-recursos-via-plataformas-de-crowdfunding\/","title":{"rendered":"CVM OPENS PUBLIC CONSULTATION TO RESHAPE FUNDRAISING RULES VIA CROWDFUNDING PLATFORMS"},"content":{"rendered":"<p>The Brazilian Securities and Exchange Commission (CVM) has opened a public consultation to reshape CVM Resolution 88, which regulates public offerings conducted through investment crowdfunding platforms.<\/p>\n<p>The proposal aims to align the regulation with market developments, marked by the expansion of receivables-based operations, the entry of agribusiness into capital markets, and the need for greater investor protection and portfolio diversification for retail investors.<\/p>\n<p><strong>Main points of the proposal<\/strong><\/p>\n<ul>\n<li>Expansion of eligible issuers: In addition to small-sized companies, the framework now includes companies without revenue limits, rural producers using cash book accounting, cooperatives, and securitization companies registered with the CVM. Access to the regime would be restricted to formally registered securitization entities.<\/li>\n<li>New fundraising limits: Up to BRL 50 million for securitization companies, BRL 25 million for business companies and cooperatives, and BRL 2.5 million per harvest for rural producers.<\/li>\n<li>Integration with the traditional distribution system: Platforms would be allowed to distribute offerings through traditional intermediaries, such as financial institutions and authorized agents.<\/li>\n<li>More transparency and governance: The proposal introduces performance indicators, issuer-specific disclosure annexes, and stricter requirements for compliance, AML\/CTF (anti-money laundering and counter-terrorism financing), and internal control systems.<\/li>\n<li>Changes for investors: Investment limits would apply per platform, with the possibility of reinvestment within the same year. The framework also strengthens investment syndicates, increases liquidity through potential issuer buybacks of securities, and revises the concept of \u201cactive investor.\u201d<\/li>\n<li>Technology and innovation: The CVM maintains a technology-neutral stance regarding blockchain, while inviting contributions on distributed ledger technology (DLT), risks, and tokenization.<\/li>\n<\/ul>\n<p>Comments and suggestions may be submitted to the CVM until December 23, 2025.<\/p>","protected":false},"excerpt":{"rendered":"<p>The Brazilian Securities and Exchange Commission (CVM) has opened a public consultation to reshape CVM Resolution [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":1398,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boletim-brz"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - 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