Circular Letter CVM/SRE 03/2018

SECURITY AND EXCHANGE COMMISSION OF BRAZIL
Rua Sete de Setembro, 111/2-5th and 23-34th Floors – Center – Rio de Janeiro - RJ – CEP: 20050-901 – Brazil Tel.: (21) 3554-8686 - www.cvm.gov.br 1 CIRCULAR LETTER NO. 03/2018/CVM/SRE Rio de Janeiro, November 09, 2018.
To Fiduciary Agents
SUBJECT: Guidelines on the new Registration System for Fiduciary Agents

Dear Sirs,

1. We refer to CIRCULAR LETTER NO. 02/2018/CVM/SRE, through which the extension of the deadline for compliance with the provision set forth in Article 20 of CVM Instruction No. 583/16 (“ICVM 583/16”) was communicated, which deals with the submission of registration information by Fiduciary Agents who provide such service within the securities market.

2. We inform you that the new module for presenting and updating the registration information of these participants has been implemented, via the CVM website.

3. The “Fiduciary Agent Registration System - SCAF” is hosted in the restricted access environment of CVMWeb, is located in the left-hand main menu, and can be accessed by those responsible for entities that meet the criteria for exercising the activity, as per Article 4 of ICVM 583/16. Indeed, financial institutions previously authorized by the Central Bank of Brazil may be appointed as Fiduciary Agents, provided they maintain an active registration with the CVM as Providers of Portfolio Administration Services or Custodians.

4. Based on the decision of the CVM Collegiate Board of March 01, 2018, which exceptionally extended the deadline contained in Article 20 of ICVM 583/16 regarding the submission of registration information by Fiduciary Agents, we inform that legal entities that exercised the function on the date of entry into force of CVM Instruction No. 583/16 (March 21, 2017) have a deadline of up to 15 business days counted from the present date, November 09, 2018, to submit updated registration information through the Fiduciary Agent Registration System – SCAF 1.

5. Regarding natural persons, we remind you that it is no longer possible to exercise such activity as provided by ICVM 583/16 (§ 1 of Article 20); thus, exclusively those who exercised the function of Fiduciary Agent on March 21, 2017, must submit registration information in “pdf” file format, in the layout presented in “Annex 27” of ICVM 583/16, so that they may be inserted into the registration database. The submission must be made through the CVM website, by accessing the “Citizen Service System - SAC” icon in the central area of the homepage, option “Digital Document Protocol”. You will be directed to the CVMWeb environment and, if you do not have prior registration in such system, registration must be carried out in the name of the Fiduciary Agent. Once registered, select “New Inquiry / Complaint / Document Protocol” in the left-hand menu and in the form, in the “Service Type” field, identify “Document Protocol”. Then, in the “Document Recipient Area” field, select “SRE - Superintendence of Securities Registration” and in the “write your message to us” area, indicate that this is a Fiduciary Agent – Natural Person registration form, also informing the security (including series) regarding which the activity is/was carried out. We remind you that this procedure should only be performed by natural person Fiduciary Agents who exercised the activity within the securities market on March 21, 2017, the date of entry into force of ICVM 583/16.

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares – Centro – Rio de Janeiro - RJ – CEP: 20050-901 – Brasil Tel.: (21) 3554-8686 - www.cvm.gov.br 2

5. Regarding this, we alert that the information that existed in the previously used registration system has been migrated to the new system, which is why it is important that all those responsible for institutions providing Fiduciary Agent services access CVMWeb, option “Fiduciary Agent Registration System – SCAF” to verify the information that was transferred.

6. For the purpose of accessing CVMWeb, we remind you that in the case of participants registered as Providers of Portfolio Administration Services, the responsible person is the “Responsible Director”, while in the case of Distributors, it is the “Responsible Director for ICVM 542”.

7. In the “Registration Inquiry” or “Registration Update” options, the search is performed based on the CNPJ (Corporate Taxpayer Registry Number) or the name of the institution. The inclusion of a Fiduciary Agent in the “Registration” menu begins by filling in the institution’s CNPJ.

8. Finally, we remind you that Fiduciary Agents are also subject to the provisions of CVM Instruction No. 510/11, which deals with the registration of participants in the securities market, so that, annually from the availability of the Fiduciary Agent Registration System – SCAF now informed, they must observe the provisions contained in Article 1 of that Instruction, both regarding the deadline for future registration updates, as well as regarding the submission of the Electronic Conformity Declaration (“DEC”), through the CVMWeb environment in the menu “Participant Registration Update”, and then “Electronic Conformity Declaration”.

Sincerely,

(signed original)
Dov Rawet
Superintendent of Securities Registration