Regulatory Alerts2015-10-02
CVM Instruction No. 512 of December 20, 2011
The Brazilian Securities and Exchange Commission (CVM) issued Instruction No. 512 to amend CVM Instructions No. 409 and No. 438, specifically redefining the classification of Level I BDRs as foreign financial assets for investment funds and updating daily reporting requirements. The regulation introduces a new monthly profile annex detailing granular disclosure obligations regarding investor demographics, voting policies, risk metrics (VAR), and derivative exposures. Additionally, it updates the COFI accounting plan's daily report model to include specific fields for liquidity, large shareholder identification, and cash flow projections.
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