Circular Letter CVM/SIN 03/26

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 No. 3/2026/CVM/SIN Rio de Janeiro, January 28, 2026.
To
Representatives of non-resident investors

Subject: New operational dynamics for obtaining registration and CPF for non-resident investors exempt from registration with the CVM under CVM Resolution No. 13

1. As previously announced in Circular Letter No. 8/2024/CVM/SIN, B3, in partnership with the Securities Commission (CVM), has begun generating a fictitious document of the CVM code type for non-resident natural persons who are exempt from obtaining registration with the CVM, as provided for in CVM Resolution 64/22, which amended CVM Resolution 13/20, and in Joint Resolution BACEN/CVM 13/24.

2. As is well known, although obtaining this document is exempt for investor natural persons, market infrastructures and B3 still use the CVM operational code. For this reason, B3 has developed the new functionality to meet this demand.

3. To ensure investor uniqueness, the key document for obtaining the fictitious document with B3 will be the CPF, which will become a mandatory document for the registration of non-resident individuals. Based on the CPF, the system will verify if this information already exists in SINCAD and initiate the process of generating the fictitious document. If the investor does not have a CPF, this document will be requested through the integration between B3 and the CVM.

4. B3 is already making the new functionality available through an API and through the SINCAD screen.

5. We understand that this new operational dynamic clearly demonstrates that the aforementioned code no longer corresponds, since the issuance of CVM Resolution No. 64, to any type of CVM registration for non-resident investors classified as natural persons, since they no longer depend, since then, on any type of registration or authorization from the Agency to operate.

6. Thus, from February 23, 2026, the CVM will cease to use the current method for generating the fictitious document, and the new B3 functionality must be used.

7. It is important to note that for those who choose to maintain a conventional inclusion of a passenger in a collective account, the CVM will continue to be responsible for generating the CVM operational code, as per Circular Letter 9/2023/CVM/SIN. Also important, we clarify that codes previously generated through the CVM will remain the same, with no changes required.

8. Thus, representatives who wish to register the non-resident natural person investor, in a fictitious account, must provide registration exclusively with B3.

9. Additional clarifications can be obtained directly from B3, through the Superintendency of Participant and Investor Registration, by phone (11) 2565-5072 or by email cadastro@b3.com.br.

Sincerely,

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 Digitally signed by MARCO ANTONIO VELLOSO DE SOUSA Superintendent of Institutional Investor Supervision