Circular Letter CVM/SIN No. 9/2021

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL
Seven of September Street, 111/2-5th and 23-34th Floors - Center - Rio de Janeiro - RJ - CEP: 20050-901 - Brazil Tel.: (21) 3554-8686 - www.cvm.gov.br

CIRCULAR LETTER/CVM/SIN/No. 9/2021

Rio de Janeiro, December 7, 2021

To investment fund administrators of participation funds ("FIP") regulated by CVM Instruction 578

Subject: Complement and update of the guidelines from Circular Letter CVM/SIN/No. 2/2017

Dear Sirs,

As is known, Circular Letter CVM/SIN/No. 2, of June 5, 2017, aimed to "announce the launch of the new Structured Funds Management System (SGF)" for structured funds, particularly FIPs; and to provide general usage guidelines for the system to the administrators of these funds.

Considering the supervisory experience of this technical area in the submission of FIP regulations to the CVM, and also, the silence of the aforementioned Circular Letter on this specific matter, we hereby clarify that subsequent versions of the regulations of these funds (that is, those subsequent to the original, which is submitted upon fund registration) must also be sent through the SGF system, and not through the CVMWeb system.

This measure is justified by the CVM's institutional decision to gradually discontinue the CVMWeb system, which has been having its functionalities replaced over time by other systems, such as the SGF itself.

We reiterate that all other guidelines contained in Circular Letter CVM/SIN/No. 2/2017 remain valid.

Sincerely,

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