Circular Letter CVM/SIN 05/23: Launch of Master Delegated Functionality in CVMWeb

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. 5/2023/CVM/SIN Rio de Janeiro, July 12, 2023

To administrators of investment funds using the CVMWeb system

Subject: Launch of functionality for delegation, by master user, of all their functions

1. This Circular Letter aims to inform about the launch of a new functionality in the account administration menu of the CVMWeb system, a new type of permission called "Master Delegated."

2. The functionality was developed at the request of market participants to meet the needs of current Master users of the system, identified during the elimination of the native login informed through Circular Letter No. 1/2023/CVM/SIN.

3. Through this new functionality, the Master user may, if they wish, delegate to one or more trusted users the operationalization of the delegation of all tasks in CVMWeb, including for investment funds registered or transferred after the delegation. Thus, after granting a single permission to these Master Delegates, it will no longer be necessary for the Master user to log in to CVMWeb to delegate any individual functions, as such tasks can be executed directly by the Master Delegates.

4. Within the scope of the functionality, the Master Delegate does not need to have any other permission to be able to perform the delegation of any typical function of the delegating Master. Furthermore, it is important to highlight that the Master Delegate can delegate permissions not only to the participant itself, but also to the funds administered by this participant, current or those that may come to be under the responsibility of the participant in the future.

5. We emphasize, however, that a Master Delegate cannot designate another Master Delegate, i.e., only the original Master user can grant this type of permission.

6. In the CVMWeb system menus, the permission description appears as "Permission to delegate all functions of the participant and of funds administered by it." It can be granted by the delegating Master to participants of the types (1) Portfolio Administration Service Provider and (2) FIDC Fund Administrator.

7. To revoke the permission, it is sufficient for the delegating Master user to disable the permission granted to the receiving Master Delegate.

8. Finally, we inform that attached to this Circular Letter is a user manual for the functionality, for reference, and that in case of problems using the new functionality, an external call must be opened with CVM External Support (suporteexterno@cvm.gov.br).

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