Brazil’s B3 Suspends Americanas From Novo Mercado

B3 decides to suspend Americanas from the Novo Mercado segment for an indefinite period of time and imposes fines on 22 members retailer’s management, according to an emailed statement from the exchange.

• B3 initially identified signs that Americanas and its administrators did not comply with certain requirements of the Novo Mercado regulations
  • “Sanctions occur due to non-compliance with standards in this listing segment, which is configured in a private contract between B3 and publicly traded companies”
• B3’s Board of Issuers decided to fine 5 people involved in the amount of 395,000 reais each and another 17 administrators in the amount ...