Circular Letter CVM/SIN 07/2020: New Version of the Quarterly Report

SECURITIES COMMISSION OF BRAZIL
Rua Sete de Setembro, 111/2-5th and 23-34th Floors – Center – Rio de Janeiro - RJ – ZIP Code: 20050-901 – Brazil Tel.: (21) 3554-8686 - www.cvm.gov.br

Circular Letter No. 7/2020/CVM/SIN
Rio de Janeiro, April 13, 2020

To Administrators of Real Estate Investment Funds (“FII”)

Subject: New Version of the Quarterly Report

Dear Sirs,

1. This Circular Letter aims to communicate to the market that, effective immediately, an improved version of the FII Quarterly Report is available in the FundosNet system, as established by CVM Instruction No. 472, which addresses various market requests and facilitates the completion of the document. In this regard, we provide the following clarifications.

2. Thus, following an analysis of market demands, the fields below have been adjusted, aiming to improve clarity and protect the consistency of information for the entire FII industry:
   (i) Item “General Data\End of Fiscal Year”, inclusion of a combobox with the values “06/30” or “12/31”; (ii) Item “General Data\End of Quarter Date”, change of the expected format description to “format: dd/mm/yyyy, example: 12/31/2017”; (iii) Item “Quarterly Statements of Accounting and Financial Results (from A to E)”, Accounting and Financial column, now accepts positive or negative values, regardless of the nature of the account, and (iv) Item “Quarterly Statements of Accounting and Financial Results\Distribution of Accumulated Result in the Quarter/Semester”, change of item ‘H1’, which deals with the portion of the financial result of the quarter, and inclusion of items I.i and I.ii, implying a change in the formula of item J.

3. We also inform that some validations have been included in the fields of the FII Quarterly Report, aiming to ensure even greater consistency of its data, for example, the visualization of financial information (numerical) in two decimal places. Additionally, adjustments were made to the “Help” tab to make the instructions for completing the document clearer.

4. The Quarterly Report for Q1/2020, which must be submitted within 45 (forty-five) days after the end of the quarter, i.e., by 5/15/2020, must observe the new model.

5. We clarify that this technical area frequently observes errors of various kinds in the completion of the FII Quarterly Report. We emphasize that the correct completion of all fields of the FII Quarterly Report falls within the duty of diligence required of fund administrators in general, as established in Article 92 of CVM Instruction No. 555. Thus, the CVM requests special attention from FII administrators to always ensure the correct completion of all fields of the Quarterly Report.

6. In the event of any IT errors when submitting the new FII Quarterly Report or doubts regarding the operation and use of the Fundos.Net system, the FII administrator must contact the Issuers Superintendence of B3 through the following channels: by phone (11) 2565-5064 or email emissores.fundos@b3.com.br.

7. For additional clarifications regarding the content of this Circular Letter or regarding the periodic documents and eventual matters discussed therein, we request contacting the Listed Funds and Participations Division - DLIP, through the electronic address dlip@cvm.gov.br.

Sincerely,

DANIEL WALTER MAEDA BERNARDO
Superintendent of Institutional Investor Relations