Regulatory Alerts2004-08-18
Added · Updated
CVM Instruction 409 (Repealed) - Investment Funds
CVM Instruction 409 establishes the general norms governing the constitution, administration, operation, and information disclosure of investment funds and funds of funds in Brazil. It defines investment funds as asset pools managed under condominium structures, specifying eligible financial assets, registration requirements with the CVM, and the classification of fund shares. The regulation mandates the publication of prospectuses and fund sheets, outlines the rights and obligations of quota holders, and sets rules for the issuance, redemption, and transfer of shares, including specific provisions for closed-end funds and share repurchase programs.
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