Jayme Petra de Mello Neto
Lawyer at Marcos Martins Advogados
Provisional Measure No. 931 was issued today, which aims to dispense with certain specific formalities applied to corporations, especially those of a public nature, considering the situation of momentary paralysis or suspension of the services of the Boards of Trade.
Several points were exempted from greater formal rigor in the regime for public limited companies, but the exemption from prior filing of resolutions to issue securities by companies is noteworthy, given the irregularity in the functioning of the Commercial Registries.
This is a very important point, especially considering the issue of securities representing debt, such asCommercial Papers, debentures and other securities that make it easier for companies to raise funds.
The exemption from filing, however, does not imply an exemption from registering a public offering with the CVM for publicly traded companies. The proposed draft of the Provisional Measure was broader, even exempting certain issuance requirements within the scope of the Capital Markets, but the published text was much more restrictive.
Marcos Martins Advogados is following all the legal and governmental initiatives in order to always provide an excellent legal service to its clients, especially at this critical time.