BM&FBOVESPA participates in another meeting of Amec’s Technical Commission
Continuing with the works of the second stage of the Public Hearing to discuss the new proposal on the rules of the evolution process of the special segments (Novo Mercado and Level 2) with listed companies, investors, intermediaries and market’s agents, the team of the Brazilian Stock Exchange – BM&FBOVESPA – will be participating, for the third time, in the meeting of Amec’s Technical Commission, to be held on December 14th in the association’s headquarters. The meeting is open to members only.
The Stock Exchange decided to extend this discussion stage up to January 6th, 2017 after receiving important feedback during the Public Hearing as part of the several interactions with the market (more than 60 interactions with approximately 100 companies, market associations and investors), which resulted in changes to the proposals on the rules of the Novo Mercado and Level 2.
Amec’s members have actively contributed with the Stock Exchange’s team in all stages. The conversations and contributions will be now resumed as Amec’s members believe that the success of the reform and the expected evolution will only take place through the commitment of all capital market’s participants.
The main points discussed with the market’s participants regarding the proposal on changes to the rules applied to the Novo Mercado were: Delisting from the Special Segments, in which the Stock Exchange’s proposal establishes a reduction in the quorum from 50% to 40% and the adoption of the procedure set forth in CVM Ruling 361; OPA 30, in which the Stock Exchange suggests the flexibilization of the “trigger” from 20% to 30% and the holding of tender offers in the form of the Article 257 of the Corporate Law; in addition to the inclusion of new items, such as the Share Dilution rule with waiver of the offers in CVM Ruling 476 (IPOs and follow ons); ban on the participation of the retail market in Pre-Operational offers; and Corporate Restructurings, in this case, if the resulting companies are not listed in the Special Segments, the transaction must be approved by the free float majority.
The main proposals on changes to the rules of the Novo Mercado discussed with the market’s participants are available in BM&FBOVESPA website:
Click here to access the Workshop presentation about the next stage of the evolution process of the Listing Segments
Click here to access the public notice about the second stage of the Public Hearing
Click here to access the BM&FBOVESPA’s proposal on the evolution of the Novo Mercado
