Circular Letter CVM/SIN 02/20

SECURITIES COMMISSION OF BRAZIL
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. 2/2020/CVM/SIN
Rio de Janeiro, February 4, 2020

To
Administrators of investment funds regulated by CVM Instruction No. 555

Subject: Disclosure of information related to application and redemption conditions in investment funds

1. We refer to the requirement, provided for in Article 40, II, of CVM Instruction No. 555, regarding the disclosure of the essential information sheet, including the information referred to therein concerning the conditions and respective deadline times for the application and redemption of fund shares.

2. In the interpretation of the technical area regarding the aforementioned provision, it is lawful for distributors acting on behalf and order to establish different deadline times for the application and redemption of shares of funds intermediated by them, in order to accommodate needs arising from the interactions they need to maintain with the administrator of the intermediated fund to enable such operations.

3. We refer, in particular, to the provisions for earlier times for applications or redemptions of shares for the processing of requests on the same day as the request, when compared with those stipulated by the fund's essential information sheet.

4. However, in order to avoid the disclosure of information that may appear conflicting to the involved unitholders, administrators of funds that are intermediated on behalf and order must provide, in the deadline time field for application and redemption of the essential information sheet, that the deadline times set forth therein may not apply to investments made on behalf and order, in which cases the applicable deadline times must be confirmed with the share distributor through which the investment was made.

Sincerely,

Digitally signed by
DANIEL WALTER MAEDA BERNARDO
Superintendent of Institutional Investor Relations