Summary
CVM Instruction 480 is a regulation issued by the Brazilian Securities and Exchange Commission (CVM) in 2009. The regulation aims to improve the transparency and quality of information provided by Brazilian publicly traded companies to investors, and to promote good corporate governance practices. The regulation requires publicly traded companies to disclose more detailed and comprehensive information about their business activities, financial performance, risk management practices, and corporate governance structure. Companies are also required to provide regular updates on their financial and operational performance and to adopt best practices for shareholder relations. The regulation also introduced new requirements for the independence of board members and audit committees, and increased penalties for non-compliance with reporting requirements.