Tuesday June 27 2017
News Source: Global Exchanges
Focus: General - Global Exchanges
Type: Correspondence with Exchange
Country: Brazil
Link: http://www.bmfbovespa.com.br/en_us/news/special-segments.htm
B3 has announced the result of its vote on the evolution of the Special Listing Segments. The evolution proposal for the Novo Mercado has been approved, as no more than 1/3 of the companies listed at this segment on March 15, 2017 voted against it.
The companies listed on the Novo Mercado were able to vote by electronic ballot between June 01, 2017 and June 23, 2017. The vote was divided into two parts. The first, which was about the basic regulation, included rules about the Free Float, Dilution, Board of Directors, Leaving the Segment, Corporate Restructuring, Inspection and Control, Pre-Operational, Transparency and Simplifications.
The second part included four specific rules regarding (1) Assessment by the Board of Directors, (2) PTOs for significant interests, (3) Socio-Environmental Reporting, (4) Raising the quorum to 50% of shareholders to approve a PTO to leave the Novo Mercado.
The new regulation will be submitted for approval by the Securities and Exchange Commission of Brazil (CVM). Following approval by that body the companies will be notified of the final content of the regulation and the timeframe for adapting to the new rules.
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