The Brazilian Securities Commission (CVM) simplifies access to the capital markets for smaller companies

Companies with annual gross revenue of less than BRL 500 million may benefit from the rules, provided they ensure tax compliance and accounting compliance

By: Marluci Azevedo

The Stock Exchange has always seemed like a destination reserved for giants. However, going public in Brazil has become more accessible for smaller companies as of March 16, 2026.

The Brazilian Securities Commission (CVM) has created the Regime FÁCIL, an acronym for Facilitation of Access to Capital and Incentives for Listings. The initiative aims to expand access to the capital markets through simpler and more proportional rules, as well as to broaden fundraising possibilities.

CVM Resolutions 231 and 232 address the provisions currently in force, with the latter concentrating the key points.

Who is eligible

An important factor is the classification as a small-sized company (CMP). This category includes corporations (S.A.) that have reported consolidated annual gross revenue of less than BRL 500 million, as verified based on the financial statements for the most recent fiscal year.

What changes for smaller companies?

Instead of requiring the same procedures as those imposed on large organizations, the CVM has introduced several relaxations for smaller companies, notably:

• Simplification of documentation: replacement of more complex documentation with the FÁCIL Form.
• Easing of accounting reporting requirements: disclosure of accounting information on a semi-annual basis, replacing the requirement for quarterly reporting.
• Reduction in compliance costs: exemption from sustainability reports (Resolution 193), facilitation of digital meetings, and flexibility to cancel registration if plans change.

Under the Regime FÁCIL, CMP may also conduct public offerings in various forms; however, for most of the new options, offerings are subject to a combined limit of BRL 300 million every 12 months.

The Regime FÁCIL expands the stock exchange as a viable option for a much broader range of businesses, which will be able to operate in the same environment as major players.

Going public requires preparation

Although the new rules are better aligned with the reality of medium-sized companies, it is undeniable that the journey toward an IPO (Initial Public Offering) requires preparation.

Right from the start, it may even be necessary to convert the corporate structure to a corporation, ensuring eligibility for the Regime FÁCIL.

Investors seek transparency and consistency in data, which is why specialized guidance is indispensable. This trend in the capital markets increases the need for a robust accounting and tax structure to support each stage of the process.

From planning to post-IPO, rely on DPC

On the journey to going public, companies need support for governance and compliance assessments, adjustments and standardization of financial statements, review of accounting practices (CPC/IFRS), and accounting/tax reviews to identify and mitigate tax risks, contingencies, and hidden liabilities.

From planning to post-IPO, Domingues e Pinho Contadores has a multidisciplinary team capable of offering comprehensive solutions in:

• Transition of the business structure to a Corporation (S.A.).
• Pre-IPO tax planning;
• Internal due diligence (pre-audit);
• Periodic review of accounting and tax processes;
• IFRS financial statements;
• Reliable monthly closings, with supporting information for investor reporting.

Contact our team for guidance on your business: dpc@dpc.com.br.