On 18 June 2025, BRZ CVM published Resolution 230, to postpone effective date until 1 October 2025.

• Resolution 216 covers specific changes to harmonize rules with Resolution 215.
• Resolution 215 set new regulatory regime for the OPA, replacing Resolution 85.
• These Resolutions are a result of Public Hearing 05/23, re public share acquisition.
• The main changes include takeover bid for increased shareholding; differentiated quorum; hypotheses for automatic exemption from the appraisal report; OPA auction.
• Additionally, intermediary functions; registration rites, and confidential inquiries.