CVM publishes Regulatory Annexes for Investment Funds: Learn About the New Rules

The Brazilian Securities and Exchange Commission (CVM) has just released new Investment Funds Regulatory Annexes that impact the market. These updates bring significant changes and punctual adjustments to the already established rules, aiming to provide more security and transparency to investors. In this article, we will explore the main modifications and their impacts on the capital market.

CVM, responsible for regulating and supervising the capital markets in Brazil, recently released nine Normative Annexes that complement an existing regulation. These annexes cover different types of investment funds, such as Investment Funds in Participations (FIP), Real Estate Investment Funds (FII) and Exchange-Traded Funds (ETF).

The changes promoted by CVM have the main objective of improving the existing rules, ensuring greater security for investors and fostering the development of the capital market. In addition, the modifications aim to increase transparency and efficiency in the management of investment funds.

Main modifications in the Regulatory Annexes of Investment Funds:

  • Improvements in the requirements for the constitution and operation of funds;
  • Adjustments in the rules for disclosure of information to shareholders;
  • Increased standards of governance and internal control;
  • Strengthening of risk management rules;
  • Addition of obligations and practices aimed at the prevention of money laundering and financing of terrorism.
  • Impacts on the capital market:

These regulatory updates have the potential to boost the capital markets in Brazil by providing a safer and more transparent environment for investors. By strengthening the rules of governance, risk management and prevention of irregularities, CVM seeks to increase investor confidence and attract a greater volume of resources to investment funds.

Adaptation and deadlines:

It is essential that investment fund managers pay attention to the modifications introduced by the new Regulatory Annexes. The deadlines for adaptation vary according to each change, and it is essential that those involved in this market are properly informed in order to comply with the obligations within the established deadlines.

The new resolution creates the specific regulatory annexes for the following funds:

  • Real Estate Investment Funds (FII)
  • Investment Funds in Participation (FIP)
  • Market Index Investment Funds (ETF)
  • Privatization Mutual Funds (FMP-FGTS)
  • Investment Funds in the National Film Industry (FUNCINE)
  • Mutual Funds for Incentive Actions (FMAI)
  • Cultural and Artistic Investment Funds (FICART)
  • Social Security Funds
  • Investment Funds in Credit Rights of Social Interest Projects (FIDC-PIPS)

The final and consolidated text of all rules can be found here:

https://lnkd.in/dbh3u_Pk

Written by Marcos Ferreira, Content Assistant to Drummond Advisors

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