CVM Resolution No. 165 of August 18, 2022

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL
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 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4th Floor, Brasília/DF – ZIP: 70712-900 – Brazil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br CVM RESOLUTION NO. 165, OF AUGUST 18, 2022 Equates the Receivable Certificates referred to in Law No. 14,430, of August 3, 2022, with real estate and agribusiness receivable certificates for the purposes of applying CVM Instruction No. 476, of January 16, 2009.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION OF BRAZIL – CVM makes it public that the Collegiate Board, in a meeting held on August 16, 2022, based on the provisions of art. 2, § 3, of Law No. 6,385, of December 7, 1976, and art. 19 of Law No. 14,430, of August 3, 2022, and considering that:
a) Law No. 14,430, of August 3, 2022, created the legal framework for securitization and instituted the Receivable Certificates; b) the same Law No. 14,430, of 2022, amended Laws No. 9,514, of November 20, 1997, and No. 11,076, of December 30, 2004, in order to consolidate the general rules applicable to securitizing companies and their issuances, including real estate receivable certificates ("CRI") and agribusiness receivable certificates ("CRA"); c) art. 1, § 1, item V, of CVM Instruction No. 476, of January 16, 2009, states that the Instruction applies exclusively to public offerings of CRI and CRA issued by securitizing companies registered with the CVM as open companies; d) the CVM does not expect a significant volume of public offerings of Receivable Certificates registered under the aegis of CVM Instruction No. 400, of December 29, 2003, given the possible target audience of professional investors; e) only with the entry into force of CVM Resolution No. 160, of July 13, 2022, will it be possible to offer Receivable Certificates with the automatic registration procedure; f) the equivalent legal nature between the Receivable Certificates created by Law No. 14,430, of 2022, and the CRI and CRA; g) the provisions of CVM Resolution No. 60, of December 21, 2021, for public offerings of securitization operations, which includes the Receivable Certificates; and h) the potential benefit for different sectors of economic activity, not only real estate and agribusiness, with the immediate possibility of allowing public offerings with restricted efforts of Receivable Certificates, in accordance with CVM Instruction No. 476, of 2009;

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL
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 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4th Floor, Brasília/DF – ZIP: 70712-900 – Brazil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br CVM RESOLUTION NO. 165, OF AUGUST 18, 2022 APPROVED the following Resolution:

Art. 1 The Receivable Certificates referred to in Law No. 14,430, of 2022, are equated with the CRI and CRA for the purposes of applying CVM Instruction No. 476, of 2009, until the entry into force of CVM Resolution No. 160, of 2022.

Art. 2 This Resolution enters into force on September 1, 2022.

Signed electronically by
João Pedro Nascimento
President