Guidance Notes

Guidance Notes provide market participants with direction on the principles, standards and provisions of the Panel Code, and information on the Panel interpretation of the Core Principles and Rules conveyed by the Code.

Guidance Note 2014/001: Defines the concept of “any market participant”, as used under article 120 of the Panel Code

Guidance Note 2014/001

Guidance Note 2014/002: States that Merger of wholly-owned subsidiary is not contemplated by the Code.

Guidance Note 2014/002

Guidance Note 2014/003: Refers to waiver of a rule at the time of adherence.

Guidance Note 2014/003

Guidance Note 2014/004: Defines the concept of “Controlling Shareholder”.

Guidance Note 2014/004

Guidance Note 2016/001: Explain  the interpretation and application of the Core Principles of the Self-Regulatory Code on Mergers and Acquisitions, or the Panel Code.

Guidance Note 2016/001

Guidance Note 2016/002: Refers to public and notorious facts shall be considered in Panel decisions.

Guidance Note 2016/002

Guidance Note 2016/003:  Show the opinions of the Board of Directors on Corporate Restructuring Transactions involving companies that are subject to the Panel.

Guidance Note 2016/003

Guidance Note 2016/004: Refers to rules set forth in the bylaws with respect to a Tender Offer obligation applicable to an increase in the Relevant Ownership Interest beyond a certain threshold.

Guidance Note 2016/004

Guidance Note 2016/005: It deals with Definition of the Prior List mentioned in article 2 of the Panel Code by drawing of lots.

Guidance Note 2016/005

Guidance Note 2016/006: Refers to Consistency and Compatibility of management information in valuation reports

Guidance Note 2016/006

Guidance Note 2016/007: Defines the Responsibility for the provision of information and assumptions, if any, to valuation experts.

Guidance Note 2016/007

Guidance Note 2016/008: Refers to no impact of the Code of Self-Regulation of Acquisitions and Mergers, the Panel Code on fairness opinion.

Guidance Note 2016/008

Guidance Note 2016/009: Refers to no impact of the Code of Self-Regulation of Acquisitions and Mergers, the Panel Code on fairness opinion.

Guidance Note 2016/009

Guidance Note 2017/001: It deals with Definition of the Prior List mentioned in article 2 of the Panel Code by drawing of lots.

Guidance Note 2017/001

Guidance Note 2017/002: It deals with Definition of the Prior List mentioned in article 2 of the Panel Code by drawing of lots.

Guidance Note 2017/002

Guidance Note 2018/001: It deals with Golden Shares and the Equal and/or Equitable Treatment Principle to all shareholders, established in the CAF Code.

Guidance Note 2018/001

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