Regulatory Alerts2007-06-22
Added · Updated
CVM Instruction 456 of June 22, 2007, as amended by CVM Instruction 555/14
CVM Instruction 456 amends Articles 2, 16, 40, 57, 65, 72, 84, 86, 87, and 103 of CVM Instruction 409/2004, establishing rules for foreign assets, physical settlement, investment policy disclosures, joint liability for service providers, material fact disclosure, audit exemptions for new funds, and consolidation limits for fund-of-funds. It adds Articles 115-A and 119-A to Instruction 409/2004, permitting fund-of-funds to exclude certain underlying fund applications from consolidation limits if at least 50% of net assets are invested in regulated third-party managed funds, and clarifies the general applicability of the instruction. It also amends Article 3 of CVM Instruction 332/2000 and extends the compliance deadline for CVM Instruction 450/2007 to August 31, 2007.