CVM Circular Letter 02/22

SECURITIES 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 CIRCULAR LETTER/CVM/SIN NO. 2/2022 Rio de Janeiro, April 7, 2022

To Administrators of Investment Funds regulated by CVM Instructions 279, 359, and 423

Subject: Entry into force of the new version of the Investment Fund Management System ("SGF")

Dear Sirs,

1. The purpose of this Circular Letter is to announce the launch of the SGF for investment funds regulated by CVM Instructions No. 279 (Mutual Funds for Privatization - "FMP-FGTS"), No. 359 (Market Index Investment Funds - "ETF"), and No. 423 (Individual Programmed Retirement Funds - "FAPI"), which is already in production.

2. From this date, administrators, through their CVMWeb login and password, will have access to the aforementioned system and must register these new types of investment funds according to the step-by-step guide in the User Manual, whose new version will be made available on the SGF's home screen.

3. For this exclusive purpose, the use of the CVMWeb system will also be discontinued for registration purposes, as has occurred for the types of funds already migrated to the new system, such as structured funds (FII, FIDC, and FIP) and investment funds regulated by CVM Instruction No. 555.

4. Maintained as a management instrument to the same extent as the previous CVMWeb, the SGF continues to allow monitoring and altering information for each fund throughout all phases of its existence, starting with the fund's registration (which will be granted automatically after sending the mandatory documents), the possibility of updating registration information, registering quota subscriptions, changing the end date of the fiscal year, replacing the administering institution or other participants, and, finally, closing the funds.

5. The SGF also allows for the consultation of registration protocols, changes made, or even consolidated queries of all available information. It is important to note that the system is intended for the management of funds' registration information, and therefore, the submission of periodic information (Daily Report, Monthly Profile, CDA, balance sheets, and audited Financial Statements) already in effect through the CVMWEB Document Submission System undergoes no changes.

6. We also clarify that the submission of the initial regulation upon the fund's registration, as well as its subsequent versions, must be carried out exclusively through the SGF.

7. We further inform that in the specific case of FMP-FGTS, the registration of this type of fund will occur through access to the tab, on the fund registration screen, named "FI – Investment Funds 555 and FMP-FGTS", and the indication, on the registration tab "Characterization", of the Class/Type "FMP-FGTS" for the fund.

8. We reiterate that the clarifications provided through Circular Letter No. 6/2021/CVM/SIN remain applicable for FMP-FGTS, ETF, and FAPI, particularly regarding (i) the specific procedures for the registration change of the fund's service providers; (ii) the transformation operations and the development stage of the SGF functionality to handle the case; and (iii) the use of the SGF even for funds registered during the validity of CVMWeb.

9. Finally, we clarify that any pending requests for the registration of any FMP-FGTS, ETF, or FAPI still under analysis in this superintendency must include the entry of a registration operation for that fund in the SGF system. This entry will be a condition for the conclusion of the analysis and the approval of the fund's registration request submitted.

10. Specifically for ETFs and FMP-FGTS, as CVM Instructions No. 359 and 279 do not yet provide for the possibility of automatic grant of operational registration, we inform that the administering institution, after registering the fund in the SGF, must wait for specific and formal manifestation from this superintendency to consider its registration request approved, in accordance with Article 8 of CVM Instruction No. 359 and Article 3 of CVM Instruction No. 27, respectively.

11. For additional clarifications, please contact the Fund Monitoring Management - GIFI, via the email address gifi@cvm.gov.br.

Sincerely,

Digitally signed by
OVIDIO ROVELLA
Superintendent of Institutional Investor Supervision - Acting