Circular Letter CVM/SIN/SNC 01/2015 — CVM — BR

COMMISSION OF SECURITIES AND EXCHANGE COMMISSION Seven of September Street, 111/2 Circular Letter No. 1/2015/CVM/ To Investment Fund Administrating Institutions Subject: To make public the decision of the Collegiate Body regarding the distribution of results of Real Estate Investment Funds

Dear Sir/Madam,

This Circular Letter aims to make public the decision of the Collegiate Body of this Commission regarding a request from ANBIMA that contested certain guidelines contained in Circular Letter No. 1/2014, which aims to guide administrators of Real Estate Investment Funds ("FEIs") on the method for calculating "profits earned, determined according to the cash basis," as per Article 10, sole paragraph, of Law 8.668/93, for the purpose of calculating the value of earnings to be distributed.
In this sense, we communicate that the Collegiate Body unanimously decided, in a meeting held on March 17, 2015, to ratify the understanding of the Superintendence of Institutional Investor Relations – SIN, the Superintendence of Accounting Standards and Audit – SNC, and the Specialized Federal Prosecutor’s Office – CVM, embodied in MEMO/CVM/SIN/SNC/Nº 1/2015, that:

(i) the most adequate method for calculating profits earned, determined according to the cash basis, as provided for in Article 10, sole paragraph, of Law 8.668/93, is described in Circular Letter No. 1/2014;

(ii) the distribution of 95% of these profits, at least semi-annually, is mandatory and automatic in accordance with the same Article 10, sole paragraph, of Law 8.668/93;

(iii) there is the possibility for unitholders to deliberate in a general assembly, by approval of the majority of units present, the non-receipt of the total or part of the earnings automatically declared in accordance with Article 10, sole paragraph, of Law 8.668/93 and calculated based on the aforementioned Circular Letter;

(iv) in the general assembly of unitholders referred to in item (ii), administrators must detail the reasons why it is necessary to retain the profits to be distributed and the percentage of these profits to be retained relative to the base calculated in item (i) above;

(v) if distribution has occurred during the semester, the administrator must specify, in the assembly, the percentage distributed relative to the calculation base determined in accordance with the Circular Letter, as well as the remaining portion not yet distributed; and

(vi) the administrator must add to the FEI Monthly Report annex containing the information detailed in item V, (d), of MEMO/CVM/SIN/SNC/Nº 1/2015, which aims to provide adequate publicity to the distribution of earnings within the fund.

Additionally, we communicate that the Collegiate Body, following the understanding of these technical areas, unanimously decided to authorize that ordinary general assemblies for the approval of financial statements corresponding to the fiscal year ending on 12/31/2014, and consequent allocation of the results of that fiscal year, may be held, exceptionally, until 06/30/2015.

Sincerely,

(Signed Original)
Francisco José Bastos Santos
Superintendent of Institutional Investor Relations

(Signed Original)
José Carlos Bezerra
Superintendent of Accounting Standards and Audit

Attachments:
I – Extract of the Meeting Minutes of the Collegiate Body of March 17, 2015.
II – MEMO/CVM/SIN/SNC/Nº 1/2015
III – Circular Letter/CVM/SIN/SNC/Nº 1/2014

COMMISSION OF SECURITIES AND EXCHANGE COMMISSION Seven of September Street, 111/2-5º and 23-34º Floors – Center – Rio de Janeiro - RJ – ZIP: 20050 Tel.: (21) 3554-8686 - www.cvm.gov.br CVM/SIN/SNC Rio de Janeiro, Real Estate Investment Fund Administrating Institutions To make public the decision of the Collegiate Body of 17/3/2015 regarding the distribution of results of Real Estate Investment Funds.

Dear Sir/Madam,

This Circular Letter aims to make public the decision of the Collegiate Body of this Commission regarding a request from ANBIMA that contested certain guidelines contained in Circular Letter/CVM/SIN/SNC/Nº 1/2014, which aims to guide administrators of Real Estate Investment Funds ("FEIs") on the method for calculating "profits earned, determined according to the cash basis," as per Article 10, sole paragraph, of Law 8.668/93, for the purpose of calculating the value of earnings to be distributed.

In this sense, we communicate that the Collegiate Body unanimously decided, in a meeting held on March 17, 2015, to ratify the understanding of the Superintendence of Institutional Investor Relations – SIN, the Superintendence of Accounting Standards and Audit – SNC, and the Specialized Federal Prosecutor’s Office – CVM, embodied in MEMO/CVM/SIN/SNC/Nº 1/2015, that:

(ii) the distribution of 95% of these profits, at least semi-annually, is mandatory and automatic in accordance with the same Article 10, sole paragraph, of Law 8.668/93;

Additionally, we communicate that the Collegiate Body, following the understanding of these technical areas, unanimously decided to authorize that ordinary general assemblies for the approval of financial statements corresponding to the fiscal year ending on 12/31/2014, and consequent allocation of the results of that fiscal year, may be held, exceptionally, until 06/30/2015.

Sincerely,

(Signed Original)
Francisco José Bastos Santos
Superintendent of Institutional Investor Relations

(Signed Original)
José Carlos Bezerra
Superintendent of Accounting Standards and Audit

Meeting of the Collegiate Body of March 17, 2015.
MEMO/CVM/SIN/SNC/Nº 1/2015
Circular Letter/CVM/SIN/SNC/Nº 1/2014

COMMISSION OF SECURITIES AND EXCHANGE COMMISSION ZIP: 20050-901 – Brazil Rio de Janeiro, March 18, 2015.