Circular Letter CVM/SIN 12/2019

SECURITIES COMMISSION OF BRAZIL
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Circular Letter No. 12/2019/CVM/SIN
Rio de Janeiro, October 25, 2019

To investment fund administrators
Subject: Registration and updating of investment fund regulations at CVM

Dear Sirs,

We refer to the issuance of CVM Instruction No. 615, which amends and revokes normative provisions regarding the registration at the Titles and Documents Registry Office of the regulations of various types of Investment Funds, and to the content of Circular Letter No. 11/2019/CVM/SIN.

We inform you, regarding this matter, that the CVM systems responsible for the registration and updating of investment fund records have already been adapted to no longer require the data of the notarial registration as a condition for the registration or updating of regulations in this Agency.

On the other hand, the interpretation of the provision in Article 1,368-C, § 3º, of Law No. 13.874, is that acts supporting and providing the basis for the different versions of the regulations are also exempt from notarial registration. This applies to the acts of constitution of the funds, for the first version of the document; as well as the minutes of general shareholder meetings that deliberate on the content of their subsequent versions.

However, in order for both the acts of constitution of the funds and the minutes of public shareholder meetings, which are opposable to third parties, to remain valid, it is necessary that such documents be archived at this CVM, in the same manner as performed for the regulations, also through their delivery, in the admitted formats, via the electronic system made available by CVM for this purpose (CVMWeb).

Sincerely,

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