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

---

[RegAlert note: the English text above is a translation of the first 24,000 characters of a 922,295-character original (3% of the document). The remainder was not translated. The complete original-language text is stored with this document.]