Regulatory Alerts2012-05-08
Added · Updated
CVM Instruction 522 of May 8, 2012
CVM Instruction 522 amends CVM Instruction 409 to establish new rules for fund administration, disclosure, and risk management. It introduces a new section on information disclosure requiring truthful, clear, and simultaneous communication to all unitholders, and mandates a standardized 'Essential Information Sheet' (lâmina) for open funds not restricted to qualified investors. The instruction imposes liquidity risk management obligations, including stress testing and compatibility checks between asset liquidity and redemption terms, while updating requirements for performance reports, voting policies, and fee structures.
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