Brazil’s Securities and Exchange Commission _ issued Decision _(Deliberação) No. 525/07, which requires disclosure of shareholders information upon registration of an Initial Public Offering (IPO) before CVM. The company applying for IPO registration will have to identify (i) all controlling shareholders, direct and indirect, up to the level of individuals; (ii) all shareholders, up to the level of individuals, that elect members of the board of directors and audit committee; and (iii) all equityholders, up to the level of individuals, who directly or indirectly own 5% or more of any class of the company’s shares. Publicly-owned companies intending to make further public offerings must also comply with the new disclosure requirement.
23Sep 2007