Listing Fees | B3

Analysis fee and annual fee

Type of issuer per security Analysis fee Annual fee
Equities or other securities that grant the owner the right to acquire equities as a consequence
of their conversion or the exercise of rights, except for convertible debentures
BRL 68,610.40 AN  = BRL 43,241.46 + [CS x 0.005%]
Sponsored Level I BDRs BRL 8,071.86 BRL 8,071.86
Sponsored Level II or III BDRs BRL 68,610.40 BRL 43,241.46
Unsponsored Level I BDR (per Program) Exempt Exempt
Real Estate Fund (FII) Shares, ETF Shares, Equity Fund (FIA) Shares BRL 10,359.14 BRL 10,359.14
Listing without designation of security for admission for trading1 BRL 68,610.40 AN  = BRL 43,241.46 + [CS x 0.005%]
Other securities, per type of security accepted for trading2 BRL 13,319.54 BRL 13,319.54

1 Issuers that request their listing but do not designate the category of issuer per security for admission for trading.

2 This category encompasses companies entitled to tax breaks pursuant to the provisions of CVM Instruction 265 of July 18, 1997 and subsequent amendments.


AN = Value of the annual fee;

CS = Value of the issuer’s capital stock (in BRL) in reference to December 31, 2020, as informed by the issuer. If the issuer’s capital stock changes after December 31, 2020, the value of the annual fee for 2021 will not be updated.

Incentive policies

  • Analysis fee exemption
  • The following are exempted from payment of this analysis fee:
    • Municipal authorities that request admission to trading for Certificates of Potential Additional Construction (CEPAC);
    • Issuers whose securities are admitted to trading on the organized over-the-counter market and migrate these securities to the exchange market, or vice versa;
    • Issuers that request listing and simultaneous adhesion to the access segments operated by B3;
    • Depository institutions with an Unsponsored Level I BDR program that is substituted owing to cancellation of trading in the security underlying the originally listed Unsponsored Level I BDR in the country of origin.
  • Annual fee exemption
  • The following are exempted from paying the annual fee:
    • The Amazon Investment Fund (FINAM), Northeast Investment Fund (FINOR), Economic Recovery Fund of Espírito Santo (FUNRES), the Sectorial Investment Fund (FISET), Emerging Business Investment Funds (FIEE) and municipalities that issue Certificates of Potential Additional Construction (CEPAC). 
    • Issuera that are cumulatively:
      • listed on the BM&FBOVESPA segment without securities accepted for trading;
      • registered in category "B" with CVM;
      • with securities listed and accepted for trading in the Cetip segment.
  • Annual fee discount
    • The value of the annual fee shall not be higher than BRL 1,050,150.21 for issuers of shares;
    • The issuer whose securities underlie a Level II or III Sponsored BDR program will pay the first annual fee to the value of BRL 43,241.46.
  • Alternative investment market incentive
  • Companies that request listing for the trading of equities and simultaneously adhere to the access segments are exempted from having to pay the analysis fee for the listing of issuers, benefitting from the annual fee discount:
Discount in the first 12 months Discount from the 13th to 24th month Discount from the 13th to 24th month Discount from the 37th to 48th month
100% of the annual fee 75% of the anual fee 50% of the annual Fee 25% of the annual fee
  • Discounts will be granted in the 48 months following the simultaneous listing and adhesion, pro rata/month. For already listed issuers that adhere to the access segments, the discounts will be granted as of the year following that of adhesion;
  • In the case of migration to another listing segment, the annual fee will be due from the issuer as of the quarter following migration, taking into consideration for calculation purposes its capital stock approved upon the start of trading in the other segment;
  • In the case of migration between access segments there will be no renewal of the diminishing discounts on the annual fee.