Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – “CVM”) ruled the trial of administrative processes exclusively by videoconference through the edition of CVM Resolution No. 855, of 30^th April 2020 (“CVM Resolution 855”). The new procedure shall allow CVM to judge the administrative processes while the measures to face the Covid-19 pandemic, which restrict the people crowding, continue in process.

Among the new procedures ruled, the following stand out:

I. Summons: with 15 days in advance and shall expressly indicate the holding of the judgment session exclusively digital;

II. Participation of the accused or their attorneys: shall be registered in CVM website three hours in advance of the scheduled time for the beginning of the trial, including for oral argument;

III. Oral Argument: may be held during the trial, provided it was duly registered, or by the recording remitted previously;

IV. Presentation of Memorials: may be held in private audience, by video or teleconference, or by documents remitted by digital protocol or institutional electronic addresses;

V. Transmission: shall occur through a link that CVM sends to the accused, their attorneys and others interested in following the trial, one hour in advance of the trial. CVM shall not provide any rooms or auditoriums for participation in the digital trials;

VI. Instructions for Transmission Access: shall be available two hours in advance of the scheduled time for the beginning of the trial, through the CVM website or by e-mail sent to the applicants;

VII. Other Interested Parties: may participate of the trial only as listeners in accordance with CVM system capacity and due regard the section admission;

VIII. Accused or Attorneys-in-fact absence: even if they are registered for oral arguments, the absence of any accused or its attorney-in-fact shall not prevent the judgment of the process;

IX. Recording: the trial shall be recorded;

X. Votes: shall be published on CVM website within 24 hours of the trial;

XI. Voting in the Electronic System: shall be performed when the accused or their attorneys-in-fact do not express interest in participating in the trial, pursuant to article 50, second paragraph, of CVM Instruction No. 607, of June 17^th, 2019.

CVM also emphasized that the accused, their attorneys-in-fact or other interested parties are the sole responsible for operational and connection requirements for the participation in the trial.

Access the CVM Resolution 855 here.Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – “CVM”) ruled the trial of administrative processes exclusively by videoconference through the edition of CVM Resolution No. 855, of 30^th April 2020 (“CVM Resolution 855”). The new procedure shall allow CVM to judge the administrative processes while the measures to face the Covid-19 pandemic, which restrict the people crowding, continue in process.

Among the new procedures ruled, the following stand out:

I. Summons: with 15 days in advance and shall expressly indicate the holding of the judgment session exclusively digital;

II. Participation of the accused or their attorneys: shall be registered in CVM website three hours in advance of the scheduled time for the beginning of the trial, including for oral argument;

III. Oral Argument: may be held during the trial, provided it was duly registered, or by the recording remitted previously;

IV. Presentation of Memorials: may be held in private audience, by video or teleconference, or by documents remitted by digital protocol or institutional electronic addresses;

V. Transmission: shall occur through a link that CVM sends to the accused, their attorneys and others interested in following the trial, one hour in advance of the trial. CVM shall not provide any rooms or auditoriums for participation in the digital trials;

VI. Instructions for Transmission Access: shall be available two hours in advance of the scheduled time for the beginning of the trial, through the CVM website or by e-mail sent to the applicants;

VII. Other Interested Parties: may participate of the trial only as listeners in accordance with CVM system capacity and due regard the section admission;

VIII. Accused or Attorneys-in-fact absence: even if they are registered for oral arguments, the absence of any accused or its attorney-in-fact shall not prevent the judgment of the process;

IX. Recording: the trial shall be recorded;

X. Votes: shall be published on CVM website within 24 hours of the trial;

XI. Voting in the Electronic System: shall be performed when the accused or their attorneys-in-fact do not express interest in participating in the trial, pursuant to article 50, second paragraph, of CVM Instruction No. 607, of June 17^th, 2019.

CVM also emphasized that the accused, their attorneys-in-fact or other interested parties are the sole responsible for operational and connection requirements for the participation in the trial.

Access the CVM Resolution 855 here.