Circular Letter CVM/SIN 03/22

SECURITIES COMMISSION OF BRAZIL
Seven of September Street, 111/2-5th and 23-34th Floors - Center - Rio de Janeiro - RJ - CEP: 20050-901 - Brazil Tel.: (21) 3554-8686 - www.cvm.gov.br CIRCULAR LETTER/CVM/SIN/No. 3/2022 Rio de Janeiro, April 26, 2022

To the institutions representing non-resident investors ("NRIs") regulated by CVM Resolution No. 13

Subject: Guidelines for representatives of non-resident investors regarding the amendments made to CVM Resolution No. 13 by CVM Resolution No. 64 of February 7, 2022.

Dear Sirs,

1. CVM Resolution No. 64, which will enter into force on 2/5/2022, exempts the non-resident natural person investor from obtaining the registration provided for in CVM Resolution No. 13. However, as provided for in said regulation, it will be necessary for the representative to submit information regarding this investor to the CVM systems to enable the obtaining of an operational code ("Code") and registration with the Brazilian Federal Revenue Service ("CPF") to trade.

2. We also highlight that the intermediary that comes to act as the representative of this non-resident investor must previously request its registration as a representative from the CVM, if it does not already possess it. The technical area for presenting this request is GAIN, which can be contacted via the email gain@cvm.gov.br.

3. The submission of information for the non-resident natural person investor for the purpose of obtaining the Code and CPF should be done in the same way as currently, that is, through the CVMWeb and SIEWEB systems, as if it were an ordinary registration request. In this context and after the entry into force of the Resolution, if the investor's classification is that of "natural person", the CVM systems will no longer perform any registration or enrollment of this investor in our databases; the submission of information will serve solely and exclusively for the purpose of obtaining the Code and CPF; in the latter case, of course, if the investor does not already possess them.

4. Regarding the monthly and semi-annual reports of non-resident investors, provided for in art. 14 of CVM Resolution No. 13, we inform that non-resident natural person investors exempted from registration, due to this registration status, are not indebted to submit any reports to the CVM.

5. Similarly, portfolios of non-resident investors that include non-resident natural person investors exempted from registration in their composition will no longer include these individuals, nor their respective assets and holdings, in the submission of their respective reports to the CVM.

6. As mentioned above, when submitting their data to the CVM, the non-resident natural person investor will receive the CVM operational code, which will be used for their transactions carried out in the market, in accordance with the provisions of art. 17 of CVM Resolution No. 13. To enable the issuance of the Code, it is important that the investor continues to be associated with a portfolio, own or collective, as, as is known, the qualification of the portfolio constitutes the second part of this Code, and thus, is indispensable information for its generation for now.

7. The non-resident natural person investor currently registered with the CVM may request the cancellation of their current registration, to benefit from the exemption from registration provided for, from 2/5/2022. The cancellation procedure will be the same as currently in use and already existing in the SIEWEB system.

8. We alert, on the other hand, that the entry into force of CVM Resolution No. 64, with the consequent exemption from registration of the natural person investor, does not change the method of collection of the Financial Supervision Tax on the securities market, which is levied on portfolios (whether own or collective) and not on investors individually. The values of the Tax are those stipulated in Law 7.940/89, as amended by Law 14.317/22.

9. In this context, we inform that the signing of an agreement and the development of a system jointly by B3 and CVM are underway, based on the new wording given to article 2, sole paragraph, final part, of CVM Resolution No. 13. This new system should allow the non-resident natural person investor to obtain their CPF through B3, and to operate in the systems administered by B3 without the issuance of an operational code, which, consequently, will allow them to no longer be mandatorily associated with an own or collective portfolio to trade.

Sincerely,

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