CVM publishes a new Circular Letter interpreting the provisions of CVM Resolution 175

The Brazilian Securities and Exchange Commission ("CVM") published this Tuesday, April 11, 2023, the Joint-Circular Letter No. 1/2023/CVM/SIN/SSE ("Circular Letter"), whose purpose is to disseminate and provide clarifications on the interpretations of the Superintendency of Institutional Investor Supervision ("SIN") and the Superintendency of Securitization Supervision ("SSE") on the provisions of the general part of CVM Resolution 175, the new regulatory framework for investment funds in Brazil.

The Circular Letter is organized in 26 (twenty-six) topics and 84 (eighty-four) questions and answers that resulted from inquiries made by participants of the securities market.

Some of the topics covered were: (i) the schedule for the rules to come into effect; (ii) the new configuration of classes and subclasses; (iii) remuneration, charges and accounting statements of the funds; (iv) contracting of service providers; and (v) financial statements of management transfer.

In addition, CVM informed that other Circular Letters will be released in due course with clarifications on doubts related to the Regulatory Annexes of CVM Resolution 175, and as the case may be, by the respective superintendency that is competent for the supervision of the category of funds addressed therein.

Our team is available for further information, as well as to assist you with the procedures necessary to comply with CVM regulatory obligations.

Gustavo Flausino Coelho –

Matheus Chagas Lamarca –

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