Regulatory Alerts2014-10-25
CVM Instruction No. 549 of June 24, 2014
The Brazilian Securities and Exchange Commission (CVM) amended CVM Instruction No. 409 to establish specific regulatory frameworks for Closed-End Access Market Equity Funds. The amendments introduce new performance fee calculation parameters, allow investments in closed companies under strict governance conditions, and permit market makers and share buybacks subject to defined limits. Additionally, the regulation clarifies the composition requirements for Funds of Funds investing in these specialized equity vehicles.
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