CVM Resolution No. 178 of February 14, 2023

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

CVM RESOLUTION NO. 178, OF FEBRUARY 14, 2023

Regulates the activity of investment advisor and revokes CVM Resolution No. 16, of February 9, 2021.

THE PRESIDENT OF THE SECURITY AND EXCHANGE COMMISSION OF BRAZIL – CVM makes it public that the Collegiate Board, in a meeting held on February 8, 2023, in view of the provisions of Art. 8, item I, and Art. 16, items I and III, of Law No. 6.385, of December 7, 1976, APPROVED the following Resolution:

CHAPTER I – SCOPE AND PURPOSE

Art. 1. This Resolution regulates the activity of investment advisor.

Art. 2. For the purposes of this Resolution, the following are considered:
I – investment advisor: natural or legal person registered in the manner of this Resolution to perform, under the responsibility and as an agent of an intermediary integrated into the securities distribution system, the activities provided for in Art. 3; II – non-exclusive investment advisor: investment advisor who acts as an agent of more than one intermediary; and III – responsible director: director or natural person partner or administrator of a legal person investment advisor, registered in accordance with Art. 11, and with the duties and responsibilities provided for in Art. 26.

Sole Paragraph. The terms “clients”, “intermediary” and “orders” are used in this Resolution with the meaning attributed to them in the regulation on intermediation of operations with securities in regulated securities markets.

Art. 3. The activity of the investment advisor covers:
I – prospecting and client acquisition;
II – receipt and registration of orders and transmission of these orders to the appropriate trading or registration systems, in accordance with current regulation; and III – provision of information about the products offered and about the services provided by the intermediaries on whose behalf they act.

§ 1. In prospecting and client acquisition, the investment advisor must identify all intermediaries on whose behalf they act.

§ 2. The practice of the acts referred to in items II and III of the caput must be accompanied by the specification of the intermediary on whose behalf the investment advisor is acting.

§ 3. The provision of information referred to in item III of the caput includes support activities, orientation and investment recommendations inherent to the commercial relationship with clients, and the investment advisor must ensure that the recommendations they make are compatible with the specific policies, rules and procedures of the intermediaries regarding the duty to verify the adequacy of the investment to the client's profile.

CHAPTER II – LINK WITH INTERMEDIARIES

Art. 4. The exercise of the activity of investment advisor presupposes the maintenance of a written contract with one or more intermediaries for the provision of services related in Art. 3.

Sole Paragraph. Observed the provisions of the caput, the investment advisor may remain accredited, in accordance with Arts. 15 and 16, during periods when they do not maintain a contract for the provision of services related in Art. 3.

Art. 5. The natural person investment advisor must:
I – maintain the contract for the provision of services related in Art. 3 directly with one or more intermediaries; or II – be a partner, employee or contractor of a legal person investment advisor who maintains a contract for the provision of services related in Art. 3 with one or more intermediaries.

Art. 6. The legal person investment advisor must:
I – maintain the contract for the provision of services related in Art. 3 with one or more intermediaries; and II – have in its corporate object the provision of services related in Art. 3 and be regularly constituted and registered in the National Registry of Legal Entities – CNPJ.

Sole Paragraph. The obligations and responsibilities established in this Resolution apply to the legal person investment advisor, remaining the obligations and responsibilities of the natural person investment advisors who act under it as partners, employees or contractors.

Art. 7. It is permitted for the investment advisor to exercise complementary activities related to the financial, capital, insurance and pension and capitalization markets, provided that applicable legislation and regulation are observed and that they are not conflicting with the activities provided for in Art. 3.

§ 1. Examples of conflicting activities referred to in the caput are:
I – the administration of a portfolio of securities; II – securities consulting; and III – securities analysis.

§ 2. To exercise the activities of portfolio administration, consulting or securities analysis, the investment advisor who is registered by the CVM for the exercise of those activities in accordance with current regulation must previously request the cancellation of their accreditation as an investment advisor with the accrediting entity.

§ 3. Without prejudice to the responsibility of the investment advisor themselves, it is incumbent upon the intermediary to verify possible conflicts related to the activities performed by the investment advisor, as mentioned in § 1.

CHAPTER III – TRANSITION BETWEEN INTERMEDIARIES OR NEW HIRINGS

Art. 8. The investment advisor who begins to act on behalf of a new intermediary and, within the initial 30 (thirty) days of the validity of the contract with the new intermediary, comes to offer products and services of the new intermediary to investors with whom they already have a prior commercial relationship, must, observing applicable legislation, notify such investors that the offer of products and services takes place within the scope of the new relationship between the investment advisor and the new intermediary.

Sole Paragraph. The provisions of this article apply only to cases where:
I – the previous contract between the investment advisor and the intermediary remains in force, with the investment advisor performing the activities provided for in Art. 3 on a non-exclusive basis; or II – the previous contract between the investment advisor and the intermediary was terminated less than 30 (thirty) days before the start of the validity of the new contract.

Art. 9. The information transmitted to investors, in accordance with Art. 8, must be accompanied by a specific warning about potential conflicts of interest to which the investment advisor may be subject due to the celebration of the new contract, including those resulting from differences in remuneration of the investment advisor for the offer of products and services and financial incentives associated with prospecting and acquisition, for the new intermediary, of investors with prior commercial relationship with the original intermediary.

Art. 10. The investment advisor and the new intermediary who hires them are responsible for compliance with the obligation provided for in Art. 9 and for maintaining, in accordance with Art. 41, the documents that prove compliance with the provisions of this Chapter.

CHAPTER IV – REGISTRATION AND ACCREDITATION

Section I – General Rules

Art. 11. The investment advisor must be registered in accordance with this Resolution.

Art. 12. The registration for the exercise of the activity of investment advisor will be granted automatically by the CVM to the natural person and the legal person accredited in accordance with this Resolution.

Sole Paragraph. The registration of the investment advisor is proven by the inscription of their name in the list of investment advisors contained on the CVM's website.

Art. 13. The accreditation of investment advisors is mandatory.

Art. 14. The accreditation of investment advisors is done by accrediting entities authorized by the CVM, in accordance with Arts. 15 and 16 of this Resolution.

Art. 15. Accreditation must be granted by the accrediting entity to the natural person investment advisor who meets the following minimum requirements:
I – have completed high school in the country or equivalent abroad; II – have been approved in technical and ethical qualification exams defined by the CVM; III – not be disqualified or suspended from holding positions in financial institutions and other entities authorized to operate by the CVM, by the Central Bank of Brazil, by the Superintendence of Private Insurance – SUSEP or by the National Superintendence of Complementary Pension – PREVIC; IV – not have been convicted of bankruptcy crime, malfeasance, bribery, extortion, embezzlement, money “laundering” or concealment of assets, rights and values, against the popular economy, the economic order, consumer relations, public faith or public property, the national financial system, or a criminal penalty that prohibits, even temporarily, access to public positions, by a final decision, except in the case of rehabilitation; and V – not be prevented from administering their assets or disposing of them due to a judicial decision.

Sole Paragraph. It is incumbent upon the CVM to previously approve the program of exams to be used for certification, as well as its periodicity, and any other criteria or procedures for the accreditation of investment advisors.

Art. 16. The accrediting entity must grant accreditation to the legal person investment advisor that:
I – is regularly constituted and registered in the CNPJ; II – has its headquarters in the country; III – has in its corporate object the exercise of the activity of investment advisor; and IV – indicates a responsible director, in accordance with Arts. 2, III, and 26 of this Resolution.

§ 1. In the denomination of the legal person referred to in the caput, as well as in the trade names possibly used, the expression “investment advisor” or the acronym “AI” must appear, being prohibited the use of acronyms and words or expressions that may induce the investor to error regarding the object of the company.

§ 2. The same natural person investment advisor may not:
I – act simultaneously as a natural person investment advisor and as a partner, employee or contractor of an intermediary or of a legal person investment advisor; and II – act simultaneously as an investment advisor as a partner, employee or contractor of more than one legal person investment advisor.

Section II – Rejection of Accreditation Request

Art. 17. The decision to reject an accreditation request must be communicated to the applicant, clarifying the reasons why the accrediting entity believes that the requirements of Arts. 15 and 16 were not met.

§ 1. From the decision to reject the accreditation request, an appeal to the CVM is possible, within a period of up to 10 (ten) business days, counted from its notification to the applicant.

§ 2. The appeal referred to in § 1 must be analyzed by the Superintendence of Market Relations and Intermediaries – SMI within a period of up to 20 (twenty) business days, counted from its receipt.

Section III – Suspension of Accreditation

Art. 18. The accrediting entity must suspend accreditation, upon request of the investment advisor, provided that the applicant proves not to be active, in the manner provided in the regulation mentioned in item I of Art. 39.

§ 1. The suspension of accreditation must be communicated to the CVM by the accrediting entity and implies the automatic suspension of the registration of the investment advisor.

§ 2. The suspension will be valid for a maximum period of up to 36 (thirty-six) months from its approval, and may be reversed at any time upon request of the investment advisor.

§ 3. Suspension can only be granted if at least 36 (thirty-six) months have elapsed from the date of granting the accreditation of the investment advisor or from the end of their last suspension request.

Section IV – Cancellation of Accreditation

Art. 19. The accrediting entity must cancel the accreditation of the investment advisor in the cases of:
I – request formulated by the investment advisor themselves; II – identification of flaws or failures in the accreditation process; III – loss of any of the conditions necessary for accreditation; IV – non-compliance with the conditions established in the continuing education program provided for in item II of Art. 39; V – application, by the CVM, of the penalties provided for in items III to VIII of Art. 11 of Law No. 6.385, of 1976; and VI – suspension of accreditation for a period exceeding 36 (thirty-six) months.

Subsection I – Cancellation of Accreditation upon Request

Art. 20. The cancellation of accreditation upon request depends on proof, by the investment advisor, that they are not active, in the manner provided in the regulation referred to in item I of Art. 39.

Sole Paragraph. The cancellation of accreditation upon request must be communicated by the accrediting entity to the CVM for the purpose of automatic cancellation of the registration of the investment advisor.

Subsection II – Cancellation of Accreditation by the Accrediting Entity

Art. 21. If the situations described in items II, III and VI of Art. 19 are found, the accrediting entity must request prior manifestation from the investment advisor, within a period of 10 (ten) business days, before deciding on cancellation.

Art. 22. The decision to cancel accreditation by the accrediting entity must be communicated immediately to the investment advisor, and the accrediting entity must clarify the reasons that underpinned their decision.

§ 1. The investment advisor with accreditation cancelled in accordance with the caput may, within a period of 10 (ten) business days, present a request for reconsideration to the accrediting entity.

§ 2. If there is no reconsideration of the decision, the accrediting entity must send the petition to the SMI, as an appeal with suspensive effect, so that, within a period of 20 (twenty) business days, the cancellation is confirmed or not.

CHAPTER V – CODE OF CONDUCT

Section I – General Rules

Art. 23. The investment advisor must act with probity, good faith and professional ethics, employing in the exercise of the activity all the care and diligence expected of a professional in their position, with respect to clients and to the intermediaries for whom they have been hired.

§ 1. The investment advisor must:
I – observe the provisions of this Resolution, other applicable norms and the policies, rules and procedures established by the intermediaries for whom they have been hired, observed the provisions of §§ 3 to 5; II – ensure the confidentiality of confidential information to which they have access in the exercise of the function, especially between intermediaries, in the case of non-exclusivity; and III – whenever requested by clients, describe how they are remunerated for products and services offered, including values or percentages actually practiced.

§ 2. The description referred to in item III of § 1 must cover all forms and arrangements of remuneration, including any advances made by the intermediary, that have been or may be, directly or indirectly, received by the investment advisor.

§ 3. In the case of provision of services referred to in Art. 3 without an exclusive relationship, it is incumbent upon the non-exclusive investment advisor to previously identify cases in which the policies, rules, procedures and internal controls of the intermediaries are conflicting with each other, and to inform in writing the existence of the conflict to the intermediaries involved, and obtain their agreement regarding the policies, rules, procedures and internal controls to be observed by the investment advisor.

§ 4. The provisions of § 3 apply both to the celebration of contracts of the investment advisor with new intermediaries and to the updating of the policies, rules, procedures and internal controls of the intermediaries with whom the non-exclusive investment advisor already maintains a contract, being prohibited the start or continuation of the provision of services until the consent referred to in § 3 is obtained.

§ 5. The provisions of §§ 3 and 4 do not apply to eventual conflicts between policies, rules and procedures adopted by different intermediaries regarding the duty to verify the adequacy of the investment to the client's profile, in which case the provisions of Art. 3, § 3 must be observed.

§ 6. The non-compliance by the investment advisor with the provisions of this article does not remove the responsibility of the intermediary for the acts practiced by the investment advisor in the capacity of their agent, in accordance with Art. 27.

§ 7. For the purposes of this article, the policies, rules, procedures and internal controls of the intermediaries are considered conflicting with each other when the fulfillment of an obligation required by one intermediary necessarily implies non-compliance with an obligation required by another intermediary.

Art. 24. The materials used by the investment advisor in the exercise of the activities provided for in this Resolution must:
I – be in consonance with the provisions of Art. 23 of this Resolution; II – make express reference to all intermediaries, as contracting parties, identifying the investment advisor as hired, and present the respective contact data of the ombudsman of the institutions; III – in the case of affiliation with more than one intermediary, refrain from making references to the products, communication channels and other information of the intermediaries for whom they have been hired in a way that may cause doubts about which intermediary the information refers to; and IV – in the case of legal person investment advisors, inform the website where the list of natural person investment advisors authorized to act as partners, employees or contractors can be consulted.

§ 1. The adoption of logos or distinctive signs of the investment advisor themselves or of the legal person of which they are a partner, without the identification of the intermediary on whose behalf they are acting, with at least equal prominence, is prohibited.

§ 2. The provisions of this article also apply to:
I – study guides and any other material used in courses and lectures given by the investment advisor or promoted by the legal person of which they are a partner; and II – websites.

Section II – Prohibitions

Art. 25. It is prohibited for the investment advisor:
I – receive from clients or on behalf of clients, or deliver to them cash, securities or other assets, except for the receipt of remuneration for complementary and non-conflicting services, in accordance with Art. 7; II – be a proxy or representative of clients before intermediaries, for any purpose; III – contract with clients or perform, even free of charge, services of portfolio administration, consulting or securities analysis; IV – act as an agent of an intermediary with whom they do not have a contract for the provision of services provided for in Art. 3;

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

CVM RESOLUTION NO. 178 OF FEBRUARY 14, 2023.

V – delegate to third parties, totally or partially, including to other investment advisors registered under the terms of art. 11, the execution of services that constitute the object of the contract celebrated with the intermediary by whom they were hired; VI – use passwords or electronic signatures exclusively for the client's use for the transmission of orders through an electronic system; and VII – prepare and send to clients statements containing information about the operations carried out or open positions.

Sole Paragraph. The hiring of an individual investment advisor by a corporate investment advisor does not constitute, for the purposes of item V of the caput, delegation of the execution of services to third parties.

Section III – Responsible Director
Art. 26. The responsible director of a corporate investment advisor must:
I – provide all information required by capital market legislation and regulation; II – respond to information requests made by the CVM and the accrediting entity; III – verify the compatibility between the policies, rules, procedures and internal controls of the different intermediaries, in accordance with §§ 3rd to 5th of art. 23; and IV – act in an auxiliary, coordinated and subsidiary manner to the intermediary regarding the supervision referred to in art. 28, II, especially with regard to:
a) compliance with this Resolution and the applicable policies, rules, procedures and internal controls by individual investment advisors who act as partners, employees or contractors; b) prevention of the exercise of activities provided for in art. 3rd by persons not registered under the terms of this Resolution; and c) preservation of the confidentiality of client data and information between the intermediaries contracting the investment advisor.

§ 1st The appointment or replacement of the responsible director must be reported to the accrediting entity and to the intermediaries by whom they were hired, within a period of 7 (seven) business days, counted from the appointment or replacement.

CVM RESOLUTION NO. 178 OF FEBRUARY 14, 2023.

§ 2nd The responsible director must act with probity, good faith and professional ethics, employing, in the exercise of their functions, all care and diligence expected of a professional in their position.

CHAPTER VI – OBLIGATIONS AND RESPONSIBILITIES OF INTERMEDIARIES
Section I – General Rules
Art. 27. The intermediary is liable, towards clients and towards any third parties, for acts practiced by an investment advisor hired by it, within the limits of the investment advisor's performance as an agent of the respective intermediary.

Art. 28. The intermediary must:
I – extend to the hired investment advisors the application of the policies, rules, procedures and internal controls adopted by it, observing the provisions of art. 23, §§ 3rd to 5th; II – supervise the activities of all hired investment advisors, including by verifying that their internal structure, systems and processes are compatible and sufficient for compliance with the provisions of this Resolution and the rules and procedures established under item I; III – communicate to the CVM conduct of hired investment advisors that may indicate a violation of this Resolution or other norms issued by the CVM, maintaining records of the evidence found; IV – communicate to the competent self-regulatory entities conduct of hired investment advisors that may indicate a violation of norms or regulations under their supervision, maintaining records of the evidence found, in accordance with art. 41; V – disclose the set of rules resulting from item I, as well as their updates, on its website; and VI – appoint a director in charge of implementing and complying with items I to V, and identify them and provide their contact data on its website.

Sole Paragraph. The rules, procedures and controls resulting from item I of the caput must provide for the forms of identification and management of conflict of interest situations.

CVM RESOLUTION NO. 178 OF FEBRUARY 14, 2023.

Art. 29. It is incumbent upon the intermediary to verify the regularity of the registration of the investment advisors hired by it and to formalize, through a written contract, its relationship with such investment advisors.

§ 1st The intermediary must maintain all records, documents and communications, internal and external, including electronic, related to the hiring and provision of services by each investment advisor hired by it.

§ 2nd The provisions of art. 41 apply to the maintenance of the documents referred to in this article.

Art. 30. The intermediary that hires an investment advisor must keep updated, on its own page and on the accrediting entity's page on the World Wide Web, the list of investment advisors hired by it.

§ 1st The list referred to in the caput must be updated within a period of 5 (five) business days, counted from the corresponding hiring, contract alteration or termination.

§ 2nd In the case of hiring a corporate entity, all individual investment advisors who work in it, whether as partners, employees or contractors, must be registered in the list referred to in the caput.

Art. 31. It is incumbent upon intermediaries to pay periodic consideration resulting from the accreditation of the investment advisor, and the transfer of this burden to the investment advisor hired by it is prohibited.

Section II – Supervision of the Investment Advisor
Art. 32. The intermediary's duty of supervision does not cover operations directed by a non-exclusive investment advisor to other intermediaries.

Art. 33. The intermediary's supervision regarding the internal structure, systems and processes of the investment advisor must be exercised throughout the entire validity period of the contract, regardless:
I – of whether the investment advisor is exclusive or not, observing the provisions of art. 36; and II – of the actual occurrence of client solicitation, receipt and transmission of orders, recommendations of products or services or any other events related to the performance of the investment advisor in the functions for which they were hired.

Art. 34. Examples of indications of non-compliance with the intermediary's duty of supervision are:

CVM RESOLUTION NO. 178 OF FEBRUARY 14, 2023.

I – the repeated occurrence of failures by the investment advisor; and II – the repeated acceptance by the intermediary of orders in disagreement with the policies, rules, procedures and internal controls applicable to the investment advisor.

Art. 35. The mechanisms of the supervision exercised by the intermediary over the investment advisor must be included in the intermediary's rules, policies and controls and include, at minimum:
I – the monitoring of clients' operations, including through periodic contacts; II – the monitoring of operations owned by the investment advisors themselves, to whom the same rules and procedures applicable to related persons must apply, in accordance with current regulation; and III – the verification of system data that allows identifying the origin of orders issued electronically, indications of irregular use of access forms and irregular management of clients' portfolios.

Art. 36. The supervision exercised by the intermediary does not authorize it to access client data of other intermediaries subject to confidentiality and personal data protection, in accordance with specific legislation, and the non-exclusive investment advisor must expressly indicate to the intermediary when it ceases to provide data on such grounds.

Sole Paragraph. The restriction applicable to the intermediary regarding access to data and information does not remove the liability referred to in art. 27.

Section III – Awareness Term
Art. 37. When registering clients presented by investment advisors, the intermediary must request that clients sign an awareness term, with minimum content provided in Annex A of this Resolution, regarding the mode of operation of investment advisors, their limits, prohibitions and potential conflicts of interest.

§ 1st The awareness term must be drafted in a way that allows adequate reading, including on mobile electronic devices, programs and applications in general, and may have its format adapted for this purpose, as long as there is no prejudice to its minimum content.

§ 2nd The intermediary is prohibited from executing orders directed by the investment advisor, on behalf of a client presented by them, without the prior signature of the awareness term, in accordance with the caput.

CVM RESOLUTION NO. 178 OF FEBRUARY 14, 2023.

CHAPTER VII – ACCREDITING ENTITIES
Art. 38. The CVM may authorize the accreditation of investment advisors by accrediting entities that prove to have adequate structure and technical capacity to fulfill the obligations provided for in this Resolution.

Art. 39. Accrediting entities must:
I – draft a regulation containing the procedures to be observed in the request for granting, suspension or cancellation of accreditation of investment advisors; II – institute a continuing education program, with the objective that investment advisors accredited by them update and improve their technical capacity periodically; III – keep in archive, in accordance with art. 41, all documents and records, including electronic, that prove compliance with the requirements contained in this Resolution; IV – keep updated the registry of all investment advisors accredited by them; V – disclose on its website:
a) list of individual investment advisors accredited by them; and b) list of corporate investment advisors accredited by them, identifying each of the individual investment advisors authorized by them to act, as partners, employees or contractors; and VI – indicate to the CVM a responsible director for compliance with the obligations provided for in this art. 39 and in art. 40.

§ 1st The information referred to in item V of the caput must be accompanied by data that allows associating the investment advisors with their respective contracting intermediaries for the provision of services related in art. 3rd, indicating even if the provision of services is on an exclusive basis.

§ 2nd It is incumbent upon the CVM to approve in advance:
I – the regulation mentioned in item I of the caput; and II – the continuing education program.

§ 3rd The appointment or replacement of the responsible director must be reported, in writing, to the CVM within a period of 7 (seven) business days, counted from the appointment or replacement.

CVM RESOLUTION NO. 178 OF FEBRUARY 14, 2023.

Art. 40. Accrediting entities, through their responsible director, must send to the CVM:
I – within a period of 5 (five) business days, the registration data of investment advisors who:
a) obtained their accreditation; b) had their accreditation suspended or cancelled at their request, in accordance with arts. 18 or 20; and c) had their accreditation cancelled in the cases of items II and III of art. 19, without the filing of a request for reconsideration by the investment advisor; II – immediately after their knowledge, information about indications of the occurrence of serious violations of the norms of this Resolution, in accordance with art. 42; III – by January 31st of each year, an accountability report of the activities carried out by the accrediting entity to fulfill the obligations established in this Resolution, indicating the main responsible persons for each of them; and IV – whenever requested, any documents and information related to their activities.

CHAPTER VIII – MAINTENANCE OF ARCHIVES
Art. 41. Investment advisors, intermediaries and accrediting entities must maintain, for a minimum period of 5 (five) years, or for a longer period by express determination of the CVM, all documents and information required by this Resolution.

§ 1st Digitized images are admitted in substitution for original documents, provided that the process is carried out in accordance with federal legislation on the preparation and archiving of public and private documents in electromagnetic media, and with federal regulation that establishes the technique and requirements for the digitization of these documents.

§ 2nd The source document may be discarded after its digitization, except if it presents material damage that prejudices its legibility.

CHAPTER IX – PENALTIES
Art. 42. It constitutes a serious offense, for the purposes of the provisions of § 3rd of art. 11 of Law No. 6.385, of 1976:

CVM RESOLUTION NO. 178 OF FEBRUARY 14, 2023.

I – the exercise of the activity of investment advisor in disagreement with the provisions of arts. 4th, 5th, 6th, 8th, 9th, 23rd and 24th of this Resolution; II – the obtaining of accreditation of an investment advisor based on false declarations or documents; III – the non-observance of the prohibitions established in art. 25 and the obligations contained in art. 26 of this Resolution; and IV – the non-observance of arts. 37, § 2nd, and 39 of this Resolution.

CHAPTER X – FINAL PROVISIONS
Art. 43. CVM Resolution No. 16, of February 9, 2021, is hereby revoked.

Art. 44. This Resolution enters into force on June 1, 2023.

§ 1st Intermediaries have until January 2, 2024 or until the next client registration update, whichever occurs first, to comply with the provisions of art. 37, § 2nd, with respect to clients with whom they have a relationship on the date provided for in the caput.

§ 2nd It is optional for a corporate investment advisor already constituted on the date provided for in the caput and whose name contains the expression "autonomous investment agent" to adapt its name in the manner provided for in art. 16, § 1st, only on the occasion of the next alteration it comes to make in its articles of association or equivalent document.

Signed electronically by
JOÃO PEDRO NASCIMENTO
President

CVM RESOLUTION NO. 178 OF FEBRUARY 14, 2023.

ANNEX A TO CVM RESOLUTION NO. 178, OF FEBRUARY 14, 2023
Awareness Term on the Operation of the Investment Advisor, as provided for in art. 37 of CVM Resolution No. 178

By signing this term, I am confirming that I am aware that: 1

The investment advisor was hired by an intermediary to act as its agent and, in this capacity, may offer me products and services provided by the intermediary, in accordance with CVM Resolution No. 178, of 2023.
I can select investments or the investment advisor can offer them to me, but the final decision regarding the investment will be mine.
The interests of the investment advisor may conflict with my interests, especially due to the way it is remunerated as a result of my investment decisions.
In particular, I am aware that: [reproduce all applicable]

4.1. The investment advisor receives part of the fees charged by intermediaries.

4.2. The remuneration received by the investment advisor is independent of the profitability I may achieve with the products and services offered by it.

4.3. The investment advisor may be linked to multiple intermediaries and receive distinct remuneration from each of them for similar products, which may lead it to have a financial incentive to direct my investments to specific intermediaries without this being in my benefit.

Whenever I request, the investment advisor is obliged to describe how it is remunerated for the products and services offered to me, including values or percentages actually practiced.
The investment advisor is prohibited from:

6.1. Receiving directly financial values or assets that belong to me.

6.2. Using my passwords or exclusive electronic signatures for the transmission of orders on my behalf.

1 In the version to be provided to the investor, references to "investment advisor" and "intermediary" may be replaced by the respective names or trade names of these agents.

CVM RESOLUTION NO. 178 OF FEBRUARY 14, 2023.

6.3. Manage my resources, act as my consultant or perform analysis of securities.

The intermediary that hired the investment advisor is liable for acts practiced by it, in the capacity of agent.

CVM Resolution No. 178 of February 14, 2023

Lineage: In force

Timeline