CVM Resolution 187

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL (CVM) Rua Sete de Setembro, 111/2-5th and 23-34th Floors, Center, Rio de Janeiro/RJ – ZIP: 20050-901 – Brazil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors, Bela Vista, São Paulo/SP – ZIP: 01333-010 – Brazil - Tel.: (11) 2146-2000

Amends CVM Resolution No. 175, of December 23, 2022.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION OF BRAZIL – CVM makes public that the Board, in a meeting held on September 26, 2023, based on the provisions of Articles 2, item V, 8, item I, 19, and 23, § 2, of Law No. 6,385, of December 7, 1976, Law No. 8,167, of January 16, 1991, Law No. 8,313, of December 23, 1991, Law No. 8,668, of June 25, 1993, Law No. 9,491, of September 9, 1997, Law No. 9,635, of May 15, 1998, Provisional Measure No. 2,228-1, of September 6, 2001, Articles 1,368-C to 1,368-F of Law No. 10,406, of January 10, 2002, Law No. 10,735, of September 11, 2003, Law No. 10,973, of December 2, 2004, Law No. 11,196, of November 21, 2005, Law No. 11,478, of May 29, 2007, Law No. 12,431, of June 24, 2011, CMN Resolution No. 1,787, of February 1, 1991, CMN Resolution No. 2,424, of October 1, 1997, and CMN Resolution No. 2,907, of November 29, 2001, APPROVED the following Resolution:

Art. 1 The General Part of CVM Resolution No. 175, of December 23, 2022, shall enter into force with the following wording:

“Art. 16. ...........................................................
..........................................................................
VI – transfer of administration or portability of pension plans; ..........................................................................” (NR)

“Art. 71. Annually, the special unitholder assembly must deliberate on the financial statements of the share class, as well as the general unitholder assembly must deliberate on the financial statements of the fund, within a period of up to 60 (sixty) days after the submission of the financial statements to the CVM, containing a report from the independent auditor. § 1 The unitholder assembly may only be held at least 15 (fifteen) days after the financial statements relating to the closed fiscal year, containing a report from the independent auditor, are available to the unitholders. .........................................................................” (NR)

“Art. 73. .........................................................
§ 1 The request for convening by the manager, the custodian, or unitholders must be addressed to the administrator, who must, within a maximum period of 30 (thirty) days counted from receipt, convene the unitholder assembly. .........................................................................” (NR)

Art. 2 Normative Annex I of CVM Resolution No. 175, of 2022, shall enter into force with the following wording:

“Art. 22. ..........................................................
..........................................................................
§ 4 ..................................................................
I – 30 (thirty) days, non-extendable, in the classes classified as “Fixed Income” that are “Short Term”, “Referenced” or “Simple”; and .........................................................................” (NR)

“Art. 44. ..........................................................
..........................................................................
§ 3 The prohibition referred to in § 2 is not applicable in the following cases:
I – when the investment policy consists of investing, at least, 95% (ninety-five percent) of net assets in shares or depositary receipts of shares of the manager itself or companies of its economic group, or II – shares that integrate a general index representative of the most tradable shares in the Brazilian market. .........................................................................” (NR)

“Art. 45. ..........................................................
I – .....................................................................
..........................................................................

c) quotas of investment funds in credit rights – FIDC, with a limit of 5% (five percent) for investment in FIDC quotas whose investment policies admit the acquisition of non-standardized credit rights, as defined in Art. 2, item XIII, of Normative Annex II; d) receivables certificates, with a limit of 5% (five percent) for investment in receivables certificates whose collateral is composed of non-standardized credit rights, as defined in Art. 2, item XIII, of Normative Annex II; and e) securities representing debt issued by a non-registered issuer with the CVM;
.........................................................................
III - ...................................................................
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e) other financial assets not provided for in items I, II, and IV of this article; and .........................................................................” (NR)

“Art. 75. ..........................................................
.........................................................................
§ 2 There is no limit per financial asset modality for investments in quotas of other FIFs that are equally intended for qualified investors.”(NR)

Art. 3 Normative Annex II of CVM Resolution No. 175, of 2022, shall enter into force with the following wording:

“Art. 8 Senior quotas must be issued in a single sub-class.
§ 1 Senior and mezzanine subordinate quotas of a closed class may be issued in series with different reference indices and differentiated amortization periods, remaining unchanged the other rights and obligations. § 2 Subordination between different sub-classes of subordinate quotas is prohibited, without prejudice to the possibility for the Bylaws to establish other differentiations between economic and political rights for said sub-classes, in accordance with Art. 3 of this Normative Annex II. § 3 The Bylaws must establish the manner in which the obligations of subordinate quotas will be fulfilled by the different sub-classes of subordinate quotas, if any.” (NR)

“Art. 17. ..........................................................
.........................................................................
II – by deliberation of the unitholder assembly referred to in Art. 126, of the General Part of the Resolution; III – by the exercise of dissenting rights, in accordance with Art. 55, sole paragraph, of this Normative Annex II, or IV – in the event of early liquidation of the class, provided it is intended exclusively for qualified investors and the possibility is provided for in the Bylaws.” (NR)

“Art. 28. ..........................................................
§ 1 If the matter under deliberation results or may result in a reduction of the subordination index of a certain sub-class of quotas, only holders of senior quotas, as well as holders of mezzanine quotas that do not subordinate to the sub-class under deliberation, may vote. § 2 In addition to the cases provided for in § 1 of Art. 78 of the General Part of the Resolution, the Bylaws may allow the vote of service providers of the share class of which they are holders of subordinate quotas.” (NR)

“Art. 36. ..........................................................
...........................................................................
§ 4 The manager may hire third parties to verify the collateral referred to in this article, including the registrar, the custodian, or specialized consultancy, and the rules and procedures applicable to the verification must be included in the service provision contract. .........................................................................” (NR)

Art. 4 Normative Annex III of CVM Resolution No. 175, of 2022, with wording given by CVM Resolution No. 184, of May 31, 2023, shall enter into force with the following wording:

““Art. 11. ..........................................................
...........................................................................
IV – number of quotas to be issued for the constitution of the initial capital and its division into sub-classes, if applicable; .........................................................................” (NR)

“Art. 33. Remuneration for services provided by the administrator may include a variable portion calculated based on the performance of the share class or a relevant indicator for the real estate market, which can be reasonably compared with the class. .........................................................................” (NR)

Art. 5 Normative Annex IV of CVM Resolution No. 175, of 2022, with wording given by CVM Resolution No. 184, of 2023, shall enter into force with the following wording:

““Art. 28. ..........................................................
...........................................................................
IV – insurance premiums;
V – inherent to the holding of committee or council meetings, within limits established in the Bylaws; and VI – hiring of third parties to provide legal, tax, accounting, and specialized consultancy services, within limits established by the Bylaws.” (NR)

Art. 6 Normative Annex XI of CVM Resolution No. 175, of 2022, with wording given by CVM Resolution No. 184, of 2023, shall enter into force, increased by the following article:

“Art. 7-A. In addition to the charges set forth in Art. 117 of the General Part of the Resolution, the Bylaws may provide as a charge a structuring and maintenance fee for pension and life insurance plans.” (NR)

Art. 7 Item 3 of Supplement B of CVM Resolution No. 175, of 2022, shall enter into force with the following wording:

“3. INVESTMENT POLICY:

b. The investment policy admits:
Apply in assets abroad up to the limit of [% of Net Assets] or [no] Apply in private credit up to the limit of [% of Net Assets] or [no] Apply in a single fund or class up to the limit of [% of Net Assets] or [no] Uses derivatives only for portfolio protection? [Yes/No] Margin limit up to (i) [% of Net Assets in margin] or [no limit] (i) In the calculation of the margin limit, the value of margins required in guaranteed operations must be added to the “potential margin” of derivative operations without guarantee. The calculation of “potential margin” of derivative operations without guarantee must be based on the administrator’s margin calculation model and cannot be offset with the margins of guaranteed operations.
c. [For share classes: The methodology used for the calculation of the margin limit, set forth in item 3.b, is the maximum percentage of net assets that can be deposited as margin guarantee to ensure the settlement of contracted operations, plus the potential margin for the settlement of derivatives traded in the over-the-counter market.] OR [For investment classes in quotas: The methodology used for the calculation of the margin limit, set forth in item 3.b, is the maximum percentage that can be deposited by the share class as margin guarantee to ensure the settlement of contracted operations, plus the potential margin for the settlement of derivatives traded in the over-the-counter market. This investment class in quotas does not deposit margin guarantee with depository centers, but may invest in investment funds that may be exposed to risks arising from applications in assets that incur margin guarantee deposits. The information presented is derived from the invested funds managed by affiliated institutions.]
.........................................................................” (NR)

Art. 8 Item I of the sole paragraph of Art. 15 of Normative Annex II of CVM Resolution No. 175, of December 23, 2022, is hereby repealed.

Art. 9 This Resolution enters into force on October 2, 2023.

Signed electronically by
JOÃO PEDRO BARROSO DO NASCIMENTO
President