Regulatory Alerts2014-10-25
CVM Instruction No. 413 of December 30, 2004
The Brazilian Securities and Exchange Commission (CVM) issued Instruction No. 413 to amend specific articles of CVM Instruction No. 409 regarding investment fund regulations. The amendments introduce performance and entry/exit fees, mandate equal disclosure of portfolio composition to unitholders, permit the use of federal government bonds as margin for derivatives, and redefine exclusive and pension funds. Additionally, the instruction grants a temporary authorization until January 31, 2005, for certain banks and administrators to continue distributing existing open-end investment fund shares.
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