New rules for setting up an investment fund

The procedures for applying for a registration of an investment fund in Brazil have been simplified as from 12 December 2022.

A joint initiative of the Brazilian Securities and Exchange Commission (“CVM”) and the Brazilian Federal Revenue Office (RFB) brought the procedures for registration of an investment fund closer to the ones applicable to companies, which usually require a single application for both their commercial and taxpayer registries.

Prior to these new rules, two applications were required for setting up an investment fund: one before the CVM, and the other before the RFB, where its taxpayer number (“CNPJ”) was issued. Now, the CVM will undertake the interactions with the RFB for enrolment of the investment fund with its taxpayer registry.

Hence, a single application and approval of the investment fund’s registration by the CVM shall suffice, meaning that the fund will be both licenced before the regulatory authority and registered before the tax authority.

On the other hand, an update of the investment fund’s registries, or its termination, still have to be arranged on separated applications before the RFB and the CVM. Nonetheless, these authorities have already announced their intention to combine both procedures into one.

Our team is available for additional clarifications, as well as to assist in matters related to registration and update of investment funds in Brazil.

Gustavo Flausino Coelho –

Thales Castanheira –

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