CVM Circular Letter CVM/SIN No. 3/2015

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL
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CIRCULAR LETTER/CVM/SIN/No. 3/2015
Rio de Janeiro, June 10, 2015

To/To the Responsible Directors
Investment Fund Administrating Institutions

Subject: CVM Instruction No. 555/14 – XML Standards for Periodic Information of Investment Funds

Dear Sirs/Madams,

CVM Instruction No. 555/14 also contains innovations regarding the content of periodic information of investment funds that must be sent to this Commission through the CVMWeb System, namely:

Daily Report – Pursuant to Article 56, I, (b), if expressly provided for in its Bylaws, the administrator of an open-end fund that does not offer daily liquidity to its unitholders may calculate and disclose the fund's share value and net asset value with a frequency compatible with its liquidity.

In this way, the XML standard for the Daily Report document was modified, in order to allow the administrator who makes use of this prerogative to eventually inform the next date on which the information will be made available, in place of the quantitative data ordinarily required.

CDCA – As provided in Article 99, §1, I, in cases where the fund manager holds, directly or indirectly, influence over the investment decisions of the funds or other investment vehicles invested abroad, the administrator must detail the assets comprising the portfolios of the funds invested in the monthly composition and diversification of portfolio statement (“CDCA”), with the same frequency and together with the disclosure of positions held by the respective portfolios in financial assets traded in Brazil.

In this way, the XML standard for the CDCA form was modified, so that, once the above conditions are observed, the information on investments in collective investment vehicles abroad will contain a 2nd level, on which the final assets invested will be reported.

Fund Profile (Lâmina) – Annex 42 of the Instruction contains the model of the (new) Essential Information Profile, which contains small and objective changes compared to the original model.

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

Supplementary Information Form – The document provided for in Article 41 is an innovation, which necessitated the development of an XML standard.

In this regard, it is also worth mentioning an occasional information, namely the standardized form with the basic information of the fund, a document provided for in Article 59, V, of the Instruction, which must be (i) submitted upon registration of the investment fund, in a manner analogous to the current modus operandi; and (ii) updated whenever there is a change in the bylaws, on the date of the start of validity of the changes. To enable compliance with the regulation, we are now making available a new XML standard for this document as well, which contains some new information, useful for the supervision routine.

With the publication of this Circular Letter – and its annexes containing the XML standards – this technical area hopes to be contributing to the development of technological solutions that allow the industry to fully and systematically meet the regulatory platform for investment funds.

For additional clarification regarding the XML standards, please contact the systems manager Edyr Luiz da Rocha, at phone (21) 3554-6944.

Sincerely,

Francisco José Bastos Santos
Superintendent of Institutional Investor Relations