Circular Letter CVM/SIN/SSE 01/22

01/08/2022 10:59 SEI/CVM - 1557227 - Circular Letter https://sei.cvm.gov.br/sei/controlador.php?acao=documento_imprimir_web&acao_origem=arvore_visualizar&id_documento=1641499&infra_siste… 1/2 SECURITY AND EXCHANGE 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 Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors, Bela Vista, São Paulo/ SP – ZIP: 01333-010 – Brazil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4th Floor, Brasília/DF – ZIP: 70712-900 – Brazil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br Circular Letter No. 1/2022-CVM/SIN/SSE São Paulo, August 1, 2022. To Securitization Companies and to Administrators and Managers of Investment Funds, Real Estate Investment Funds – FII and Agribusiness Chain Investment Funds - FIAGRO Subject: Open capital securitization companies governed by CVM Resolution No. 60/21 and the investment limit per issuer referred to in CVM Instruction No. 555/14. Dear Sir/Madam,

1. Considering the recent cadastral migration of securitization companies from the regime of CVM Resolution No. 80 (“Res. 80”) to that of CVM Resolution No. 60 (“Res. 60”), we clarify the following.
2. Until the entry into force of Res. 60, open companies in the securitization activity sectors were classified as open companies, category A or B, in accordance with Res. 80. From then on, securitization companies continue to be classified as open companies issuing securities, in accordance with art. 4 of Law 6.404/76, but are classified as securitizers, category S1 or S2.
3. The change of regime from Res. 80 to Res. 60 has provided for differentiated regulation for securitization companies, seeking to reconcile their duties as an open company with those of a fiduciary administrator of securitization issuances.
4. In these terms, we emphasize that securitization companies maintain the treatment of an open company, including for the purpose of calculating the resource allocation limits referred to in the regulations of their investors.
5. The same understanding applies to the special purpose entity (“SPE”) that is a wholly owned subsidiary of a securitization company registered in category S2. Although exempt from registration under Res. 60, these SPEs continue to be considered as open companies issuing securities, since they are also subject to the obligations provided for in Res. 60 for the controlling company registered in category S2.
6. Finally, as an example, we cite the investments of Investment Funds, FII or FIAGRO in issuances of securitization companies registered as S1 or S2 or of their SPEs. Art. 102 of CVM Instruction No. 555/14, applicable to FII and FIAGRO by virtue of art. 45, § 5º, of CVM Instruction 472/08, establishes a limit of application of 10% of their net assets in the same issuer open company, which is not altered with the migration of securitization companies and their SPEs to the regime of Res. 60.
7. For additional clarifications regarding the content of this Circular Letter, we request contacting SSE (sse@cvm.gov.br) with reference to FII, FIAGRO and securitization companies or SIN (sin@cvm.gov.br), with reference to Investment Funds.
   Sincerely,
   Bruno de Freitas Gomes
   Superintendent of Securitization Supervision - SSE Daniel Walter Maeda Bernardo Superintendent of Institutional Investor Supervision - SIN

01/08/2022 10:59 SEI/CVM - 1557227 - Circular Letter https://sei.cvm.gov.br/sei/controlador.php?acao=documento_imprimir_web&acao_origem=arvore_visualizar&id_documento=1641499&infra_siste… 2/2 Document electronically signed by Daniel Walter Maeda Bernardo, Superintendent, on 01/08/2022, at 10:56, based on art. 6 of Decree No. 8.539, of October 8, 2015. Document electronically signed by Bruno de Freitas Gomes Condeixa Rodrigues, Superintendent, on 01/08/2022, at 10:59, based on art. 6 of Decree No. 8.539, of October 8, 2015. The authenticity of the document can be checked on the site https://sei.cvm.gov.br/conferir_autenticidade, informing the code verifier 1557227 and the CRC code 97209479. The authenticity of this document can be verified by accessing https://sei.cvm.gov.br/conferir_autenticidade, and typing the "Código Verificador" 1557227 and the "Código CRC" 97209479. Reference: Process No. 19957.009383/2021-43 SEI Document No. 1557227