Regulatory Alerts2007-03-30
Added · Updated
CVM Instruction 450 (Revoked)
CVM Instruction 450 amends Articles 1, 2, 4, 10, 13, 15, and 16 of Instruction 409/04 to redefine investment funds, financial assets, and quota valuation methods, while updating Chapter III regarding quota subscription and distribution procedures. It modifies Articles 41 and 44 to regulate prospectus content, risk administration policies, and the use of risk rating agencies, and rewrites Chapter VI to establish general administration rules, remuneration, prohibitions, and specific conduct norms for administrators and managers. The instruction also updates Articles 68, 71, 72, and 76 concerning the disclosure of omitted operations, relevant facts, and performance reporting requirements for investment funds.
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