Regulatory Alerts2014-10-25
CVM Instruction No. 524 of August 6, 2012
The Brazilian Securities and Exchange Commission (CVM) issued Instruction No. 524 to amend CVM Instructions No. 409 and No. 522 regarding investment fund regulations. The amendment exempts the disclosure of the Total Expense Ratio and specific items in Annex III for funds during their first year of operation. Additionally, the instruction extends the disclosure deadline for performance demonstrations of fund-of-funds to April 30, 2013, and mandates the presentation of fund prospectuses starting in April 2013 with a deadline of May 10, 2013.
CVM INSTRUCTION NO. 524, OF AUGUST 6, 2012
Amends CVM Instructions No. 409, of August 18, 2004, and CVM No. 522, of May 8, 2012.
The INTERIM PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Board, in a meeting held on July 24, 2012, in accordance with the provisions of arts. 2, item V and § 3, and 8, item I, of Law No. 6,385, of December 7, 1976, APPROVED the following Instruction:
Art. 1 Article 8 of CVM Instruction No. 409, of August 18, 2004, shall be effective with the following wording:
“Art. 8 ............................................. ............................................................. Sole Paragraph. The field “Total Expense Ratio” in item 4 and items 5, 7, 8, and 9 of Annex III of this Instruction are exempt from presentation in the registration request instruction for the fund and until the fund completes 1 (one) year of operation.”(NR)
Art. 2 Article 13 of CVM Instruction No. 522, of May 8, 2012, shall be effective with the following wording:
“Art. 13. The new wording of art. 56 of CVM Instruction No. 409, of 2004, enters into force on the date of publication of this Instruction.”(NR)
Art. 3 Articles 13-A and 13-B are added to CVM Instruction No. 522, of 2012, with the following wording:
“Art. 13-A Item 3 of the performance demonstration of investment funds in shares of investment funds relative to the 12 (twelve) months ended on December 30, 2012, may be disclosed until April 30, 2013.”(NR)
“Art. 13-B The prospectuses of investment funds in shares of investment funds shall be presented starting from the month of April 2013 with a deadline until May 10, 2013.”(NR)
CVM INSTRUCTION NO. 524, OF AUGUST 6, 2012
Art. 4 Article 15 of CVM Instruction No. 522, of 2012, shall be effective with the following wording:
“Art. 15. The remaining articles of this Instruction enter into force on February 1, 2013.”(NR)
Art. 5 This Instruction enters into force on the date of its publication.
Signed original by OTAVIO YAZBEK Interim President 2