Following the publication of CVM Resolution No. 175 (RCVM 175), of December 23, 2022, in order to more clearly illustrate specific topics of the new Resolution, the Superintendence of Institutional Investors Supervision (SIN) and the Supervision of Securitization (SSE) of the Securities and Exchange Commission of Brazil (CVM) published, on April 4, 2023, the CVM/SIN/SSE Joint Circular Letter No. 01/2023 (CVM/SIN/SSE Circular Letter 01/2023).
CVM/SIN/SSE Circular Letter 01/2023 (available here in Portuguese) aims to clarify and disclose the interpretations of SIN and SSE on the general provisions introduced by RCVM 175.
Divided into 24 (twenty-four) topics in a Q&A format, CVM/SIN/SSE Circular Letter 01/2023 presents 84 (eighty-four) answers to the main questions about RCVM 175 raised by market participants.
Among the covered topics, the following ones are worthy of mention: clarification of questions concerning fund classes and subclasses creation, as well as the calculation of the net equity of each class. In addition, the answers also address the much-discussed remuneration of the service providers of funds, rebates, charges, and accounting statements; constitution and registration of the fund; communication with quota holders; liquidity management; financial statements of administration transfer; general adaptations of other rules (COFI and Resolution CVM No. 21); voting in meetings by parties related to socio-environmental funds; investment by funds with limited liability; among others.
Furthermore, as informed by CVM, SIN, and SSE intend to continue publishing Circular Letters as each Normative Annex of RCVM 175 is published. So far, only the Annexes of FIF (Financial Investment Funds) and FIDC (Receivables Investment Funds) have been introduced into RCVM 175.
