Law No. 13,818 establishes a new approach to legal disclosures for corporations

On April 24, 2019, Law 13,818 was published, bringing a new perspective in relation to legal publications, enabling corporations to benefit from the simplified regime of corporate acts.   Previously, the Law No. / 1976 (“Brazilian Corporation Law”) exempts from publication of corporate documents at the Official Gazette and in newspaper of great circulation only Companies which have less than 20 (twenty) shareholders and shareholders’ equity of up to a maximum of R$ 1 million (one million of reais). Currently, this amount was changed to R$ 10 million of reais. Currently, this amount was changed to R$ 10 million of reais.   As of January 1st, 2022, corporations, which guidelines falls under the new aspects of the legislation, may publish the corporate documents in a summarized form, in a newspaper of great circulation in the locality of the headquarters, and the full publication will only occur in the website of the newspaper of great circulation.   All publications must contain digital certification demonstrating their authenticity, which is conferred by the accredited authority within the scope of the Brazilian Public Key Infrastructure (ICPBrasil).   The vacancy period of said legislation will allow the market to adapt to the new model of systematic publication of corporate acts and will impact on a large cost reduction with publications.O período de vacância de referida legislação possibilitará que o mercado se adapte ao novo modelo de publicação sistemática de atos societários e impactará em uma grande redução de custos com publicações.