Bill 2551/2023 includes a proposal to modify Law No. 6,404/76, with the main objective of simplifying the rules applicable to debentures.
In summary, the Bill aims to make the issuance of debentures by companies faster and less costly, through some initiatives, such as:
The attribution of the power to approve the issuance of debentures by the Board of Directors (CA) or by the Executive Board, instead of only by the Shareholders’ Meeting, or the CA in publicly-held companies, as is currently the case; and
The reduction of the quorum for deliberation on modifying the conditions initially defined for the debentures.
The project foresees the elimination of the need to file the debenture issuance deed with the Commercial Board, with the Securities and Exchange Commission (CVM) being given the authority to establish the terms and conditions to be followed for its registration.
Another new development concerns the possibility of splitting debentures into principal and interest, with provision for proportional economic rights voting.
It’s wait and see.
