CVM discloses new rules applicable to investment funds

Since 2020, the Securities Commission has structured a revision of the regulation applicable to investment funds in the country. This review was released at the end of 2022.

on December 6, 2022, Anbima (Brazilian Association of Financial and Capital Markets entities) performed a workshop for journalists and anticipated some transformations announced by CVM in investment funds standards and how how These affect the shareholders.

Such changes were performed in the CVM instructions of numbers 555 and 356, which are, respectively, the standard governing investment funds and the specific concern the Fidcs Investment Funds (FIDCs). The most remarkable modification regarding individual investors is the opening of fidcs to the general public, which comprises retail, enabling that they are not only available to qualified investors, ie, which has at least R $ 1 million in financial investments.

Regarding the responsibilities of the quota holders and the financial institutions involved, there were also changes in the rules of operation of these funds:

1. Manager and administrator now divide responsibilities to hire funds service providers, which expands the scope and attributions of the manager, since, currently, hiring is the administrator's attributions. In view of the new standard, the manager will perform some of these attributions, such as distributor and investment consulting, while the administrator remains responsible for hiring audits, for example. At Anbima's suggestion, the administrator should hire the custodian, since even with the update of the norm, this determination was not announced;

2. Funds may provide limited or unlimited liability for quota holders, as, today, by default, they can be called upon to contribute more resources in case of losses higher than the fund's assets. The new rule released that each fund has the possibility of establishing whether responsibility will be unlimited or limited (as it is currently). That is, quota holders respond only to the value of their quotas;

3. Funds may request insolvency in view of the above item. Following the same business legislation, funds may request insolvency if they undergo adversities regarding liquidity and cannot ask for new contributions from quota holders;

4. Funds may have classes and subclasses within the same structure, as long as they are focused on different assets (actions, fixed income, exchange), or keeping the master and mirror funds with segregated assets. However, for now, Anbima states that the obstacle for this excerpt to be put into practice is the distinct taxes for each of the assets' classes.

Anbima proposed that service providers performed solely their respective functions, and there is no more, the administrator's co -responsibility.