Circular Letter CVM/SIN 08/2022 regarding Investment Fund Administrators

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. 8/2022/CVM/SIN Rio de Janeiro, November 9, 2022.
To
Subject: Investment Fund Administrators

Dear Sirs,

1. The publication of this Circular Letter aims to clarify this technical area's interpretation regarding the application of Article 47, Item I, of CVM Instruction 555, which establishes the possibility for the regulation to be amended without a general meeting, whenever such amendment results exclusively from "the need to comply with legal or regulatory norms, express requirements of the CVM, of an entity administering organized markets where the fund's quotas are admitted to trading, or of a self-regulatory entity, in accordance with applicable legislation and a convention with the CVM."

2. As is known, due to the publication of External Communication B3 109-2021-VNC, dated October 28, 2021, with news regarding the new regular operating calendar of B3's environments on municipal and state holidays in São Paulo, which innovated regarding the operation of its trading and settlement environments on state/municipal holidays in São Paulo, the need arose to amend fund regulations that have activity restrictions foreseen for these dates.

3. In this context, the SIN clarifies its interpretation that it is appropriate to use the prerogative provided for in Item I of Article 47 of ICVM 555, in order to adjust, by an act of the administrator alone, that is, without holding a general meeting of unitholders, the definition existing in the regulations of investment funds as a holiday on such dates, so as to also consider as business days the dates for opening trading on the stock markets in which the fund operates.

4. As a basis for this interpretation, we understand that External Communication B3 109-2021-VNC, dated October 28, 2021, which regulated the previous B3 Circular Letter 150/2020-PRE, dated November 17, 2020, which provided its basis, brought to light a new regulatory norm regarding the operation of the trading and settlement environment entrusted to it to self-regulate in accordance with applicable legislation, attracting the application of the aforementioned provision.

Sincerely,

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