CVM Deliberation No. 906 of March 11, 2026

CVM DELIBERATION NO. 906, OF MARCH 11, 2026

Dispenses with regulatory requirements for the establishment, operation, and disclosure of information by investment funds constituted within the scope of the External Private Capital Mobilization and Exchange Rate Protection Program – Eco Invest Brasil Program, established by Law No. 14,995, of October 10, 2024.

The INTERIM PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION – CVM makes public that the Collegiate Board, in a meeting held on February 27, 2026, based on the provisions of Articles 2, item V, 8, item I, 19, and 23, § 2, of Law No. 6,385, of December 7, 1976, Articles 1,368-C to 1,368-F of Law No. 10,406, of January 10, 2002, and Article 3-A, § 4, of CMN Resolution No. 5,130, of April 25, 2024, as well as considering that:

a) "Eco Invest Brasil" is the External Private Capital Mobilization and Exchange Rate Protection Program, established under the terms of Chapter VI of Law No. 14,995, of October 10, 2024;

b) for the purposes of this Deliberation, "Eco Invest Funds" are the investment funds regulated by this Securities and Exchange Commission ("CVM") that participate in structured operations within the scope of Eco Invest Brasil and apply resources exclusively in these operations;

c) Portaria (Ordinance) of the National Treasury Secretariat No. 2,302, of October 10, 2025, made public the Eco Invest Brasil Auction No. 3/2025 - Attracting private investment in equity ("Eco Invest Auction 3"), providing for the use of investment funds as vehicles for financial institutions in structuring operations within the scope of Eco Invest Brasil;

d) one of the objectives of Eco Invest Auction 3 is to stimulate investment in equity participations in companies dedicated to the energy transition, with the consequent structuring of investment funds with investment policies dedicated to Eco Invest Brasil, expanding the liquidity and diversity of instruments available to finance Brazil's transition to a low-carbon economy;

e) there is alignment between the objective of Eco Invest Brasil to finance the ecological transition of the country's economy and the mission of the CVM to develop the Brazilian capital market, which includes the existence of investment funds dedicated to sustainable finance;

f) the regulatory flexibilities necessary to enable Eco Invest Funds are justified due to the specificities of the investment funds associated with the initiative, which constitutes a legally established public policy;

g) there is public interest in the structuring of Blended Finance operations in the country, such as the operations to which the resources of Eco Invest Auction 3 are destined; and

h) Eco Invest Funds will be exclusively destined for professional investors, with no scenario foreseen that would prejudice investor protection or the integrity of the securities market;

HAS DELIBERATED:

I – to authorize that Eco Invest Funds be constituted by classes of different categories of investment funds;

II – to authorize the share classes of Eco Invest Funds, provided that the matter is regulated in their bylaws, to:

a) contract, directly or indirectly, loans and financing from financial institutions that are borrowers of resources within the scope of Eco Invest Auction 3;

b) have as charges the expenses resulting from the loans and financing referred to in item "a";

c) if the share class has as its object investment in equity participations, including when constituted as a real estate investment class or in agroindustrial productive chains, maintain up to the entirety of the net equity applied in liquid financial assets, as defined in Article 2, item II, of Normative Annex II of CVM Resolution 175, observing a period of up to sixty months to effect the allocation of resources in the object of investment of the class, counted from the start of operation of the share class;

d) issue subordinated and mezzanine subordinated share classes, as defined, respectively, in items IX and X of Article 2 of Normative Annex II of CVM Resolution 175, regardless of the category of the issuing class; and

e) apply resources in other classes of the same Eco Invest Fund, with dispensation from observing Article 110 of the general part of CVM Resolution 175;

III – to dispense the classes of Eco Invest Funds that are constituted in the form of equity investment classes from the prohibition provided in Article 9, § 3, of Normative Annex IV of CVM Resolution 175;

IV – to require the administrators of Eco Invest Funds to disclose annually, on an electronic page freely accessible to the general public, within thirty days after the closing of the fund's fiscal year, information regarding the allocation of resources of the operation, by share class and sub-class, if applicable, according to a model to be made available by the competent Superintendence on the electronic page of this CVM; and

V – that this Deliberation enters into force on the date of its publication.

Signed electronically by
JOÃO CARLOS DE ANDRADE UZÊDA ACCIOLY
Interim President