Circular Letter CVM/SIN 01/2017

SECURITIES AND EXCHANGE COMMISSION
Rua Sete de Setembro, 111/2-5th and 23-34th Floors – Center – Rio de Janeiro - RJ – ZIP: 20050-901 – Brazil Tel.: (21) 3554-8686 - www.cvm.gov.br Circular Letter No. 1/2017/SIN/CVM Rio de Janeiro, April 6, 2017

To Administrators of Structured Investment Funds Subject: Structured Funds Management System

Dear Sirs,

The purpose of this Circular Letter is to provide clarifications regarding the new Structured Funds Management System (SGF), whose launch is scheduled for the coming weeks.

These clarifications aim to resolve doubts regarding the stages for implementing the system, as well as to provide general guidance on its operation, in order to simplify the processes for fund registration and data updates, which will ultimately allow for better service to the market by the CVM, as well as improve the supervision of these funds by the Superintendence of Institutional Investor Relations – SIN.

1. Structured Funds Management System (“SGF”)

The Structured Funds Management System aims to allow administrators to provide the registration information related to structured investment funds themselves, with the objective of promoting greater speed and transparency in all stages of the involved processes.

Developed as a management instrument, the SGF allows for monitoring and altering information for each fund throughout all phases of its existence, starting from the fund registration (which will be granted automatically), passing through updates of registration information, registration of quota subscriptions, changes to the end date of the fiscal year, replacement of the administering institution, and, finally, the closure of the funds.

The SGF also allows for the consultation of protocols for registrations and alterations made, as well as consolidated queries of all available information.

Before the system begins operation, a User Manual will be made available to the market, describing all functionalities developed in the SGF.

2. SGF Implementation Schedule

The SGF is currently in the homologation phase by this Autarchy.

SECURITIES AND EXCHANGE COMMISSION
Rua Sete de Setembro, 111/2-5th and 23-34th Floors – Center – Rio de Janeiro - RJ – ZIP: 20050-901 – Brazil Tel.: (21) 3554-8686 - www.cvm.gov.br

Thus, administrators of Structured Funds must continue to send the necessary documents for fund registration through the SAC (Citizen Service) until the system is made available to the market, which is estimated for May 2017, via the CVM website (www.cvm.gov.br).

The precise date for the SGF to enter into operation for the public will be announced in due course.

During the month of April 2017, the SGF will be used for fund registration exclusively by the Structured Funds Monitoring Management (GIE). During this period, all update functionalities (related to Structured Funds), currently available on CVM WEB, will be deactivated.

For any necessary changes, such as updating contracted participants, changing email or phone numbers, or altering the administering institution of the fund, for example, the participant must contact the GIE. The request must be sent to the email gie@cvm.gov.br, indicating “Registration Change” in the subject line, and in the body, the information to be updated, as well as the CNPJs of the participants. The requested changes will be carried out every Wednesday during this initial system usage period.

After the SGF is made available to the public, users themselves will be able to make any changes to the provided information directly in the system.

Finally, for the SGF to begin functioning, a complete migration of the CVM’s current database to the new system will be necessary. This migration will take place between April 7 and 8. Therefore, we inform participants that any registration changes made from the publication of this notice must follow the above guidelines.

It is important to note that the sending of periodic information (Monthly Report, Annual Report, Financial Statements, etc.) through the CVM WEB Document Submission System will not undergo any changes.

For additional clarifications, please contact the Structured Funds Monitoring Management - GIE, via the electronic address gie@cvm.gov.br.

Sincerely,

DANIEL WALTER MAEDA BERNARDO
Superintendent of Institutional Investor Relations