Regulatory Alerts2008-02-20
Added · Updated
CVM Instruction 465 (Revoked)
CVM Instruction 465 amends Articles 2, 85, 97, 110-B, and 115-A of CVM Instruction 409 to permit investment funds to hold foreign financial assets under specific concentration limits: unlimited for "External Debt" funds, up to 20% for "Multimarket" funds, and up to 10% for others. It establishes that funds with a minimum investor contribution of R$ 1,000,000 may be exempt from issuer concentration limits and allowed unlimited foreign investment if designated as "Investment Abroad." Additionally, it updates the COFI accounting plan to require variable income assets to be valued at the last closing quote of the market with the greatest liquidity, provided the asset was traded at least once in the last 90 days. Funds were required to adapt to the new Article 2 provisions within 90 days of publication, with the accounting change effective May 2, 2008.
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