Analysis fee and annual fee
|Type of issuer
|AN = BRL 54,673.53 + [CS1 x 0,00515%]
|Sponsored Level II or III BDR Program
|Company listing for admission to exclusively trade fixed-income securities at OTC B3
|See exemption rule below
|Sponsored Level I BDR Program
|Unsponsored Level I BDR Program
|ETF BDR Program
|Investment Fund Listing
|Company Receiving Tax Incentives
|Issuers of other equity securities, by type of security to be accepted for trading
|Prior analysis (20% initial)
|Prior analysis (80% remaining)
|Analysis of Request for Exceptional Treatment
1Share capital on December 31 every year, which will be the base for calculating the Annual Fee for the following calendar year.
2Subject to the Liquidity Incentive Program
The following corporate actions are included in the Annual Fee: updates (such as conversion), stock splits, reverse splits, dissent, and distance voting. Stock splits and reverse splits that occur on the same day will not be included in the annual fee amount and will be charged a customized fee.
- Exemptions from Listing Analysis Fee
- The following are exempted from the Listing Analysis Fee:
- Municipalities that request the admission for trading of Additional Construction Potential Certificates (CEPAC);
- Issuers that are listed on an organized OTC market and migrate to the exchange market, or vice-versa;
- Issuers that request listing and simultaneously apply for admission to an access segment operated by B3;
- Depository institutions with an Unsponsored Level I BDR program substituted owing to cancellation of trading in the security underlying the originally listed Unsponsored Level I BDR in the country of origin;
- BDR programs for new markets recognized by December 31, 2024.
- Exemption from Annual Fee
- Payment of the Annual Fee is waived only for the following issuers:
- Amazon Investment Fund (Finam), Northeast Investment Fund (Finor), Espírito Santo Development Fund (Fundes), Sector Investment Fund (Fiset), Equity Funds – Access Market (FMA), and municipalities that issue CEPACs.);
- BDR programs of new markets recognized by December 31, 2024;
- Listed securitization companies with securities admitted to trading on OTC B3;
- Companies that are simultaneously:
- listed and registered with CVM under category “A” or “B";
- exclusively trading fixed-income securities;
- with securities listed and admitted to trading on OTC B3.
- in case one of the above criteria is not comply, the annual fee for companies will be charged.
- Annual fee discount
- The amount of the Annual Fee may not exceed BRL 1,327,786.53 for the listed companies.
- Access Segment Incentive
- Companies listed in an access segment benefit from a discounted Annual Fee in accordance with the following table.
|Discount in first 12 months
|Discount from 13th to 24th month
|Discount from 25th to 36th month
|Discount from 37th to 48th month
|100% of annual fee
|75% of annual fee
|50% of annual fee
|25% of annual fee
- Discounts will apply for 48 months following grant of listing in an access segment and will take effect in the first year (12 months) of listing on a prorated monthly basis.
- An issuer that migrates from one access segment to another listing segment must pay the Annual Fee as of the month subsequent to that of migration, taking into consideration for calculation purposes its registered share capital when it begins trading in the other segment.
- In the event of migration between access segments, the diminishing discounts on the Annual Fee shown in the above table are not renewed
- Liquidity Incentive Program for BDRs
- For the first year of listing, the Unsponsored Level I BDRs and ETF BDRs will have a differentiated annual fee of BRL 1,135.49.
- As of the second year,differentiated value will only be valid if the Program meets at least one of the following requirements. If the Program does not meet the requirements for every year of listing, the annual fee will be that defined in the table:
- ADTV of at least BRL 100,000.00;
- at least 50 investors with a position in custody;
- minimum inventory of BRL 5,000,000.00 in custody.