FEATURED PUBLICATIONS
CVM resumes the SRE Annual Circular Letter with guidance on public offerings of securities
On September 14, the Securities Registration Superintendence published Annual Circular Letter CVM/SRE 2026, resuming a publication discontinued since 2021. The document consolidates guidance for issuers, offerors and intermediaries and incorporates market experience...
Brazilian Securities Commission receives draft rule creating a DLT Pilot Program for tokenization in the capital markets
On September 15, the Tokenization Working Group delivered to the Board of the Brazilian Securities and Exchange Commission (CVM) the draft resolution establishing the CVM DLT Pilot Program. The draft provides for tests of issuance, offering, distribution, trading,...
Foreign capital targets Brazil’s largest energy assets
Foreign investors accounted for approximately 60% of the disclosed value of energy-sector M&A transactions in Brazil between July 2023 and June 2026, according to data analyzed by Acorn Advisory. International buyers represented only 30.7% of acquisitions of...
ANTAQ makes the collection of the Amazon low water surcharge conditional upon prior regulatory approval
On September 15, Brazil's National Waterway Transportation Agency (ANTAQ) published in the Federal Official Gazette a new framework subjecting the Low Water Surcharge (LWS) to the Agency's prior approval. Shipping companies must give at least 30 days' prior notice and...
Protective clauses and the repricing of maritime contract risk in Brazil
International charterparties and bills of lading frequently incorporate protective mechanisms such as Paramount, Both-to-Blame Collision, General Average and New Jason clauses. These provisions are designed to allocate navigation, collision, cargo and general-average...
Ministry of Ports and Airports signs ordinances creating the port R&D policy and a governance program for state-owned companies
On September 14, Brazil's Ministry of Ports and Airports signed three ordinances updating the sector's Sustainability Policy, establishing the National Policy on Port Research, Development and Innovation (PD&I-Portos) and creating the Impulsiona Program, aimed at...
Minas Gerais Court of Appeals confirms that fraud by an employee is an internal fortuitous event and does not exclude corporate liability
In a decision reported on September 13, the 20th Civil Chamber of the Minas Gerais Court of Appeals upheld the order requiring a consortium manager to refund BRL 13,000 and pay BRL 5,000 in moral damages to a customer who never received the credit letter purchased....
Insurer ordered to honor credit life policies on working capital loans after denying coverage for a pre-existing condition
In a decision reported on September 12, the 6th Civil Court of Jabaquara (State of São Paulo) ordered an insurer to comply with two credit life policies and settle the outstanding balances of working capital facilities following the death of the insured company's...
Brazil turns its hydrogen pipeline into an investment proposition
As countries compete to attract capital for low-carbon hydrogen, the challenge is shifting from announcing projects to demonstrating commercial maturity, infrastructure readiness and credible routes to market. ApexBrasil is assembling the Brazilian Portfolio of...
Petrobras agreement clears the way for the Union’s first natural gas auction
PPSA and Petrobras have entered into a three-year agreement appointing Petrobras as commercial agent for natural gas belonging to the Federal Government under pre-salt production sharing arrangements. The structure provides for transactions involving rich and...
Ministry of Ports and Airports creates port saturation monitoring tool to guide new auctions and lease agreements
On September 9, Brazil's Ministry of Ports and Airports announced the creation of the Port Saturation Monitoring tool (MSP), to be developed by a Working Group coordinated by the National Ports Secretariat. The tool will treat public ports and Private Use Terminals...
Brazilian Data Protection Authority opens public consultation to update its enforcement and sanctioning procedure rules
On September 9, the Brazilian National Data Protection Authority (ANPD) opened a public consultation to update Resolution CD/ANPD No. 1/2021, which governs the Authority's supervisory and administrative sanctioning proceedings. The review incorporates ANPD's new...
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