CVM Resolution 175

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL (CVM) Rua Sete de Setembro, 111/2-5th and 23-34th Floors, Center, Rio de Janeiro/RJ – CEP: 20050-901 – Brazil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brazil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4th Floor, Brasília/DF – CEP: 70712-900 – Brazil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br

CVM RESOLUTION NO. 175, OF DECEMBER 23, 2022, WITH THE CHANGES INTRODUCED BY CVM RESOLUTIONS NO. 181/23, 184/23, 187/23, 200/24, 206/24, 209/24, 214/24 AND 240/26.

Provides for the constitution, functioning and disclosure of information of investment funds, as well as for the provision of services for funds, and revokes the norms it specifies.

SUMMARY

CHAPTER I – SCOPE AND PURPOSE .....................................................................................12
CHAPTER II – DEFINITIONS .....................................................................................................12
CHAPTER III – CHARACTERISTICS, CONSTITUTION AND COMMUNICATION.....................................16
Section I – General Characteristics........................................................................................ 16
Section II – Constitution and Registration.................................................................................... 17
Section III – Communication .................................................................................................. 19

CHAPTER IV – SHARES ............................................................................................................20
Section I – General Provisions............................................................................................ 20
Section II – Issuance............................................................................................................ 22
Section III – Distribution .................................................................................................... 23
Subsection I – General Provisions ...................................................................................... 23
Subsection II – Open Regime ........................................................................................... 23
Subsection III – Closed Regime........................................................................................ 24
Subsection IV – Subscription and Payment ...................................................................... 24
Subsection V – Investment on Account and Order............................................................... 26
Subsection VI – Political Participation of Investor on Account and Order............................ 29
Subsection VII – Share Portability............................................................................. 30
Section IV – Redemption and Amortization................................................................................... 30
Section V – Trading with Use of Inside Information ........................................................... 33

CHAPTER V – DOCUMENTS AND INFORMATION .....................................................................35
Section I – General Provisions............................................................................................ 35
Section II – Bylaws .................................................................................................... 36
Section III – Disclosure Material .................................................................................. 41

CHAPTER VI – DISCLOSURE OF INFORMATION ....................................................................43
Section I – General Provisions............................................................................................ 43
Section II – Relevant Facts.............................................................................................. 44
Section III – Financial Statements and Audit Reports ............................................................. 45

CHAPTER VII – UNIT HOLDERS’ ASSEMBLY.............................................................................46
Section I – Competence...................................................................................................... 46
Section II – Convocation and Installation.................................................................................. 47
Section III – Deliberations................................................................................................... 50

CHAPTER VIII – PROVISION OF SERVICES.............................................................................52
Section I – General Provisions............................................................................................ 52
Section II – Essential Services.......................................................................................... 53
Subsection I – Administrator’s Functions .......................................................................... 53
Subsection II – Manager’s Functions...................................................................................... 53
Subsection III – Asset Trading............................................................................... 54
Subsection III-A – Orders in Organized Markets....................................................... 55
Subsection IV – Portfolio Composition and Concentration Limits................................ 55
Subsection V – Liquidity Management...................................................................................... 56
Subsection VI – Voting Right ......................................................................................... 57
Subsection VII – Hiring of Credit Risk Rating Agency............... 58
Subsection VIII – Establishment of Advisory Councils and Committees................................ 58
Section III – Remuneration .................................................................................................. 59
Section IV – Prohibitions ........................................................................................................ 60
Section V – Obligations....................................................................................................... 61
Section VI – Conduct Rules........................................................................................ 62
Section VII – Replacement of Essential Service Provider............................................ 63

CHAPTER IX – PORTFOLIO .......................................................................................................64

CHAPTER X – RESTRICTED AND PENSION CLASSES .........................................................65
Section I – Restricted Classes................................................................................................ 65
Section II – Exclusive Classes........................................................................................... 67
Section III – Pension Classes .................................................................................. 67

CHAPTER XI – CHARGES......................................................................................................67

CHAPTER XII – INCORPORATION, MERGER, SPIN-OFF AND TRANSFORMATION...................................70

CHAPTER XIII – NEGATIVE NET EQUITY WITH LIMITED LIABILITY
..............................................................................................................................................71

CHAPTER XIV – LIQUIDATION AND CLOSURE ..................................................................74
Section I – Liquidation......................................................................................................... 74
Section II – Closure................................................................................................... 76

CHAPTER XV – ARCHIVE MAINTENANCE .......................................................................76

CHAPTER XVI – PENALTIES AND COERCIVE FINE........................................................77

CHAPTER XVII – FINAL AND TRANSITORY PROVISIONS .........................................................78

NORMATIVE ANNEX I – FINANCIAL INVESTMENT FUNDS........................................................85
CHAPTER I – SCOPE AND PURPOSE ...................................................................................85
CHAPTER II – DEFINITIONS ...................................................................................................85
CHAPTER III – CHARACTERISTICS AND CONSTITUTION .............................................................88
CHAPTER IV – SHARES ..........................................................................................................89
Section I – General Provisions............................................................................................ 89
Section II – Distribution and Subscription ................................................................................ 90
CHAPTER V – DOCUMENTS AND INFORMATION ...................................................................91
Section I – General Provisions............................................................................................ 91
Section II – Basic Information Sheet...................................................................... 91
Section III – Bylaws................................................................................................... 92
Section IV – Disclosure Material .................................................................................. 93
CHAPTER VI – DISCLOSURE OF INFORMATION..................................................................94
CHAPTER VII – PROVISION OF SERVICES............................................................................98
Section I – Obligations of Administrator, Manager and Custodian........................................ 98
Section II – Performance Fee ....................................................................................... 99
Section III – Prohibitions....................................................................................................... 102
CHAPTER VIII – PORTFOLIO.................................................................................................103
Section I – General Provisions.......................................................................................... 103
Section II – Financial Assets in Brazil.......................................................................... 103
Section III – Financial Assets Abroad..................................................................... 104
Section IV – Limits by Issuer..................................................................................... 109
Section V – Limits by Financial Asset Modality......................................................... 113
Section VI – Duties Regarding Concentration Limits............................................. 116
Section VII – Typification .................................................................................................. 118
Subsection I – Fixed Income Funds ............................................................................... 118
Subsection II – Equity Funds...................................................................................... 122
Subsection III – Currency Funds..................................................................................... 125
Subsection IV – Multi-Strategy Funds............................................................................. 125
Subsection V – Incentivized Infrastructure Funds.................................................... 126
Subsection VI – Fund Destined to Guarantee Real Estate Leases ............................. 127
Subsection VII – Concentration in Private Credit......................................................... 129
Section VIII – Investment in Shares of Other Financial Investment Funds .... 130
Section IX – Exposure to Capital Risk....................................................................... 130
CHAPTER IX – RESTRICTED CLASSES ....................................................................................131
CHAPTER X – CHARGES ..................................................................................................132
CHAPTER XI – LIQUIDATION...............................................................................................133
CHAPTER XII – PENALTIES AND COERCIVE FINE ....................................................133

NORMATIVE ANNEX II – INVESTMENT FUNDS IN CREDIT RIGHTS......................................134
CHAPTER I – SCOPE AND PURPOSE .................................................................................134
CHAPTER II – DEFINITIONS .................................................................................................134
CHAPTER III – CHARACTERISTICS AND CONSTITUTION ...........................................................138
CHAPTER IV – SHARES ........................................................................................................139
Section I – Issuance ........................................................................................................... 139
Section II – Distribution.................................................................................................... 139
Section III – Subscription and Payment .......................................................................... 141
Section IV – Redemption and Amortization................................................................................. 141
CHAPTER V – DOCUMENTS AND INFORMATION .................................................................142
Section I – Basic Information Sheet...................................................................... 142
Section II – Bylaws .................................................................................................. 143
Section III – Disclosure Material ................................................................................ 144
CHAPTER VI – INFORMATION ...........................................................................................145
CHAPTER VII – UNIT HOLDERS’ ASSEMBLIES.......................................................................148
CHAPTER VIII – PROVISION OF SERVICES.........................................................................149
Section I – Administration ................................................................................................. 149
Section II – Management .................................................................................................... 152
Section III – Collateral Verification ................................................................................... 155
Section IV – Custody........................................................................................................ 156
Section V – Prohibitions........................................................................................................ 157
CHAPTER IX – PORTFOLIO ...................................................................................................158
Section I – Classification and Concentration...................................................................... 158
Section II – Investment in Shares................................................................................... 160
CHAPTER X – RESTRICTED CLASSES .....................................................................................161
CHAPTER XI – CHARGES .................................................................................................162
CHAPTER XII – LIQUIDATION..............................................................................................162
CHAPTER XIII – PENALTIES...........................................................................................163
CHAPTER XIV – FINAL AND TRANSITORY PROVISIONS ......................................................163

NORMATIVE ANNEX III – REAL ESTATE INVESTMENT FUNDS ...................................................164
CHAPTER I – SCOPE AND PURPOSE .................................................................................164
CHAPTER II – CHARACTERISTICS AND CONSTITUTION ............................................................164
Section I – General Characteristics...................................................................................... 164
Section II – Constitution ................................................................................................... 164
CHAPTER III – SHARES ........................................................................................................165
Section I – Voluntary Public Offer to Acquire Shares........................................... 165
Section II – Distribution.................................................................................................... 165
Section III – Payment and Subscription .......................................................................... 165
CHAPTER IV – BYLAWS..........................................................................................166
CHAPTER V – UNIT HOLDERS’ ASSEMBLY...........................................................................168
Section I – Competence.................................................................................................... 168
Section II – Convocation and Installation................................................................................ 169
Section III – Deliberations................................................................................................. 170
Section IV – Representative of Unit Holders........................................................................... 172
CHAPTER VI – PROVISION OF SERVICES...........................................................................175
Section I – General Provisions.......................................................................................... 175
Section II – Administration................................................................................................ 176
Section III – Prohibitions....................................................................................................... 179
Section IV – Remuneration................................................................................................ 180
Section V – Replacement of Administrator...................................................................... 182
CHAPTER VII – DISCLOSURE OF INFORMATION...............................................................182
Section I – Periodic Information................................................................................... 182
Section II – Eventual Information................................................................................... 183
Section III – Misuse of Inside Information.................................................... 185
CHAPTER VIII – ASSET PORTFOLIO ...............................................................................185
CHAPTER IX – CHARGES .................................................................................................187
CHAPTER X – TRANSFORMATION, INCORPORATION, MERGER AND SPIN-OFF.................................187
CHAPTER XI – RESTRICTED CLASSES ....................................................................................188
CHAPTER XII – PENALTIES............................................................................................189

NORMATIVE ANNEX IV – PARTICIPATION INVESTMENT FUNDS ........................................190
CHAPTER I – SCOPE AND PURPOSE .................................................................................190
CHAPTER II – CHARACTERISTICS AND CONSTITUTION ............................................................190
CHAPTER III – BYLAWS..........................................................................................193
CHAPTER IV – PORTFOLIO ...................................................................................................195
CHAPTER V – CLASSIFICATION ...........................................................................................198
Section I – General Provisions.......................................................................................... 198
Section II – Seed Capital ............................................................................................. 198
Section III – Emerging Companies................................................................................... 199
Section IV – Infrastructure and Research, Development and Innovation (R&D&I) Intensive Economic Production............................................................................. 200
Section V – Multi-strategy ............................................................................................... 201
CHAPTER VI – SHARES ........................................................................................................202
CHAPTER VII – UNIT HOLDERS’ ASSEMBLY.........................................................................203
Section I – Competence.................................................................................................... 203
Section II – D

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