Circular Letter CVM/SIN 06/21: Entry into Force of the New Fund Management System (SGF)

SECURITIES COMMISSION OF BRAZIL
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Circular Letter No. 6/2021/CVM/SIN
Rio de Janeiro, June 22, 2021

To Administrators of Investment Funds regulated by CVM Instruction 555

Subject: Entry into force of the new Fund Management System ("SGF")

Dear Sirs,

The publication of this Circular Letter aims to announce the launch of the SGF for investment funds regulated by CVM Instruction 555, which will enter production on July 5, 2021.

From that date, administrators, through their CVMWeb login and password, will have access to the aforementioned system and must register investment funds according to the step-by-step guide in the User Manual, which will be available on the SGF's home screen. For this exclusive purpose, the CVMWeb system will be discontinued.

Maintained as a management instrument to the same extent as the previous CVMWeb, the SGF continues to allow monitoring and altering information for each fund throughout all phases of its existence, starting from fund registration (which will be granted automatically after submission of mandatory documents), possibility of updating registration information, registration of quota subscriptions, changes to the end date of the fiscal year, substitution of the administering institution or other participants, and, finally, the closure of funds.

The SGF also allows consultation of registration protocols, changes made, or consolidated queries of all available information.

It is important to note that the system is intended for the management of fund registration data; therefore, the submission of periodic information (Daily Report, Monthly Profile, CDA, balance sheets, fund prospectuses, and audited Financial Statements), already in effect via the CVMWEB Document Submission System, undergoes no changes. We clarify, however, that the submission of the initial regulation upon fund registration, as well as subsequent versions, must be performed via the SGF.

I) Important procedures for changing the fund manager

If a change of manager is necessary, we inform administrators that they must register the new fund manager before removing the old one. Otherwise, the system will report an error in the information submission. Similarly, in the case of co-manager information, each must be added successively to the fund's registration, even if with the same base start date, if applicable.

II) Changes that will continue to be handled by GIFI

We alert that the version of the SGF to be made available will not yet include the transformation of investment funds into structured funds (for example, from an Equity Fund to a Structured Fund). We remind you that this functionality also does not exist in the CVMWeb system.

In such cases, administrators must still request GIFI, via the email address gifi@cvm.gov.br, any changes with this scope. In this sense, the email must contain as the subject the expression "Fund Transformation," followed by the fund's name and with all applicable documentation for the operation attached (minutes of the meeting, administrator's act, new regulation, etc.).

A new version of the SGF is already under development, which will make this functionality available to participants; when it occurs, it will be the subject of a specific future communication.

III) Registration changes and closure of investment funds

Investment funds that were registered in the CVMWeb system must have their registrations updated and records closed directly via the SGF system after its entry into production. To this end, the administrator must follow the flow provided in the system itself, including archiving in the SGF the documents requested there.

For additional clarifications, please contact the Fund Monitoring Management - GIFI, via the email address gifi@cvm.gov.br.

Sincerely,

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