In the edition of the Official Journal of the Union of May 6, 2020, the CVM Instruction was published. 623 ("CVM 623 Instruction), from May 5, 2020, which made the conservation of the recordings of shareholders' meetings carried out in the digital form, for a period of 5 (5) years.
The CVM instruction 623 came to complement the regulation introduced by the CVM n. 622, of April 17, 2020 ("CVM Instruction 622"), which disciplined the holding of assemblies in a manner exclusively or partially digital. Such measures integrate the strategy adopted by the Securities and Securities ("CVM") to preserve the conditions of market functioning, providing means for fulfilling the regulatory and legal obligations of market participants, during the validity of restrictive measures imposed by government acts to combat the dissemination of the new coronavirus and containment of Covid-19 pandemic.
By virtue of the regulation introduced by the CVM 622 instruction, the CVM instruction n. 481, of December 17, 2009 ("CVM Instruction 481") Institutes, as a requirement to carry out exclusively or partially digital assemblies, that the electronic system provided by the Companies, in full, the conclave.
In this context, the CVM 623 instruction introduced the single paragraph to Article 21-and CVM Instruction 481, making conservation and maintenance, by open companies, the recording of completeness of the assemblies carried out by them. The deadline in which the files containing the registration of the Assemblies shall be recorded shall be 05 years and may, in the event of an administrative process, the CVM to determine the conservation for higher term, as provided by Article 21 and of the CVM Instruction 481. p>
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