CVM Instruction No. 597 of April 26, 2018

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL
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CVM INSTRUCTION NO. 597, OF APRIL 26, 2018

Amends CVM Instruction No. 558, of March 26, 2015.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION OF BRAZIL - CVM makes public that the Collegiate Body, in a meeting held on April 18, 2018, based on arts. 8, item I, 15, item III and § 1, and 23 of Law No. 6.385, of December 7, 1976,

APPROVED the following Instruction:

Art. 1 Arts. 3 and 4 of CVM Instruction No. 558, of March 26, 2015, shall enter into force with the following wording:

“Art. 3 ......
......
§ 5 The portfolio administrator who is a natural person and the responsible directors referred to in § 4 of art. 4 may not obtain or maintain registration as an autonomous investment agent.” (NR)

“Art. 4 ......
......
§ 4 The responsible directors for the administration of securities portfolios, for the implementation and compliance with rules, policies, procedures and internal controls and of this Instruction, for risk management and for the distribution of investment fund shares may exercise the same functions in controlling, controlled, affiliated or commonly controlled companies.” (NR)

Art. 2 Article 7-A is added to CVM Instruction No. 558, of 2015, with the following wording:

“Art. 7-A The CVM may enter into a technical cooperation agreement to support the examination of registration requests referred to in art. 6 with entities that, in the judgment of the Autarchy, prove to have adequate material conditions and facilities for the execution of the object, as well as prior experience and recognized technical and operational capacity in carrying out this same activity or an activity of a similar nature.

§ 1 The agreements referred to in the caput must establish rules that deal, at a minimum, with:

I – the deadlines and procedures that must be observed by the entity participating in the agreement in conducting the preliminary analyses of the registration requests referred to in art. 6°;

II – the possibility for the applicant of the registration request to send the information and documents provided for in art. 6 directly to the entity participating in the agreement;

III – the minimum content of the technical report to be sent to the CVM indicating the results of the preliminary analysis carried out by the entity participating in the agreement regarding compliance with the provisions of art. 6;

IV – the obligations of the entity participating in the agreement, including with respect to:

a) the criteria to be applied in the preliminary analysis of compliance with the provisions of art. 6 by the applicant; and

b) the production of periodic reports on the preliminary analysis activity.

V – the supervision, by the CVM, of the performance of the entity and its agents in compliance with the provisions of the agreement; and

VI – the consequences of non-compliance with the agreement by the entity.

§ 2 In conducting the preliminary analysis of the registration request, the entity participating in the agreement may request the applicant of the registration request for additional information or documents that prove necessary to verify compliance with the provisions of art. 6.

§ 3 The deadlines and procedures provided for in §§ 1 to 10 of art. 7 of this Instruction apply to the preliminary analysis of the registration request.

§ 4 The opinion issued by the entity participating in the agreement in the technical report regarding compliance with art. 6 does not replace or bind the decision of the SIN regarding the approval or denial of the registration request.” (NR)

Art. 3 This Instruction enters into force on the date of its publication.

Signed original by
Marcelo Barbosa
President