CVM Resolution No. 181 of March 28, 2023

THE PRESIDENT OF THE COMMISSION OF SECURITIES AND COMMODITIES – CVM makes public that the Board, in a meeting held on this date, 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. 48. ...........................................................
§ 1º ..................................................................
VI – duration term, which may be indefinite; and
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§ 2º ..................................................................
XVII – the events that obligate the administrator to verify if the class’s net equity is negative; XVIII – the procedures applicable to the liquidation of the class, which may include scenarios of early liquidation; and XIX – administration and management fees, which must be expressed in:
a) a fixed annual percentage of net equity (base 252 days); or

COMMISSION OF SECURITIES AND COMMODITIES
Rua Sete de Setembro, 111/2-5º and 23-34º Floors, Center, Rio de Janeiro/RJ – ZIP: 20050-901 – Brazil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º and 4º Floors, Bela Vista, São Paulo/ SP – ZIP: 01333-010 – Brazil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4º Floor, Brasília/DF – ZIP: 70712-900 – Brazil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br CVM RESOLUTION NO. 181, OF MARCH 28, 2023 b) a nominal value in national currency, which may vary according to ranges of net equity values.
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§ 4º If the quota class contains sub-classes with different administration and management fees, these fees must be regulated in the descriptive appendix of the sub-classes.”(NR)

“Art. 73. Essential service providers, the custodian, the quota holder or group of quota holders holding at least 5% (five percent) of the total issued quotas may convene, at any time, a quota holders’ meeting to deliberate on an agenda of interest to the fund, the class, or the quota holders’ community.
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”(NR)

“Art. 117. .........................................................
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XVIII – maximum distribution rate;
XIX – expenses related to market-making services; XX – expenses resulting from loans contracted in the name of the quota class, provided they comply with the scenarios provided for in this Resolution; and XXI – hiring of the credit rating agency.
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”(NR)

“Art. 134. Investment funds that are operating on the date the regulation enters into force must fully adapt to the provisions of this Resolution by December 31, 2024, except for credit rights investment funds - FIDC, which must adapt by April 1, 2024.
..........................................................................
”(NR)

“Art. 140. This Resolution enters into force on October 2, 2023.
§ 1º Art. 48, § 2, item XI of this Resolution, regarding the establishment of the maximum distribution rate in the regulations, as well as the other commands related to said rate, enter into force on April 1, 2024.

COMMISSION OF SECURITIES AND COMMODITIES
Rua Sete de Setembro, 111/2-5º and 23-34º Floors, Center, Rio de Janeiro/RJ – ZIP: 20050-901 – Brazil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º and 4º Floors, Bela Vista, São Paulo/ SP – ZIP: 01333-010 – Brazil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4º Floor, Brasília/DF – ZIP: 70712-900 – Brazil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br CVM RESOLUTION NO. 181, OF MARCH 28, 2023
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§ 4º Art. 99 of this Resolution, regarding the existence of a remuneration agreement based on administration, performance, or management fees, enters into force on April 1, 2024.

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

“Art. 12. If the liability of quota holders is not limited to the value subscribed by them and the investment policy admits the possibility of exposure to capital risk, the quota holder must attest that they are aware of the risks derived from their unlimited liability in the adherence term.”(NR)

“Art. 15. ...........................................................
Sole paragraph. If the fund contains different classes of quotas, the matters provided for in the items of the main text must be regulated in the annex of the class to which they refer.”(NR)

“Art. 24. The administrator must send to the CVM, through an electronic system available on the worldwide computer network, or an electronic system provided by an entity that has formalized an agreement or similar instrument with the CVM for this purpose, the following documents of the quota class:
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§ 2º The information provided for in item I and item II, letter “d” of the main text must be provided for each sub-class separately.
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”(NR)

“Art. 25. ...........................................................
I – verify, after the operations are carried out by the manager, the compatibility of the prices charged with market prices, as well as inform the manager and the CVM about material indications of incompatibility; II – verify, after the operations are carried out by the manager, with a periodicity compatible with the investment policy of the class, the observance of the asset portfolio regarding composition, concentration, and, if applicable, exposure to capital risk limits, informing the manager and the CVM about any non-compliance, by the end of the day following the verification date; and III – hire the custodian.”(NR)

“Art. 44. ............................................................
............................................................................
§ 7º ....................................................................
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II – regarding the counterparty of the class, in operations without guarantee of settlement by a financial market infrastructure operator authorized by the CVM or by the Central Bank of Brazil to carry out the clearing and settlement of the operations.
§ 8º ....................................................................
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II – purchase, by the class, with commitment to resell, provided they contain a guarantee of settlement by a financial market infrastructure operator authorized by the CVM or by the Central Bank of Brazil to carry out the clearing and settlement of the operations; and
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”(NR)

“Art. 45. ............................................................
I – .......................................................................
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b) quotas of real estate investment funds - FII; c) quotas of credit rights investment funds - 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; and d) receivable certificates, with a limit of 5% (five percent) for investment in receivable certificates whose collateral is composed of non-standardized credit rights, as defined in Art. 2, item XIII, of Normative Annex II;
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III – ....................................................................

COMMISSION OF SECURITIES AND COMMODITIES
Rua Sete de Setembro, 111/2-5º and 23-34º Floors, Center, Rio de Janeiro/RJ – ZIP: 20050-901 – Brazil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º and 4º Floors, Bela Vista, São Paulo/ SP – ZIP: 01333-010 – Brazil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4º Floor, Brasília/DF – ZIP: 70712-900 – Brazil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br CVM RESOLUTION NO. 181, OF MARCH 28, 2023
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b) CBIO and carbon credits; and
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”(NR)

“Art. 58. ............................................................
Sole paragraph. Investments made by the “Multimarket” class in the assets referred to in Art. 56, § 1, item I, are not subject to the concentration limits by issuer set forth in Art. 44 of this Normative Annex I, provided this is expressly stated in the regulations and the adherence term contains a warning that the portfolio may be exposed to concentration risk in assets of few issuers.”(NR)

“Art. 73. ............................................................
..........................................................................
§ 5º Quota classes that carry out operations involving purchased and sold positions of assets and derivatives of the equity market, whose expected result is predominantly derived from the difference between the positions (strategy commonly known as long and short), are exempt from observing the limit provided for in item III of the main text, with respect to these operations.”(NR)

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

“Art. 30. ............................................................
............................................................................
II – custody, reaching the services provided for in Section IV of this Chapter VIII;
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§ 5º If the investment policy admits the acquisition of credit rights originated or assigned by the administrator, manager, specialized consultancy, and their related parties, the custodian hired under item II cannot be a related party to the manager or the specialized consultancy.

§ 6º The requirement provided for in § 5º is not applicable to the class exclusively intended for professional investors.”(NR)

“Art. 32. ............................................................
............................................................................
§ 1º Without prejudice to the possibility of hiring other types of service providers for the function, the hiring of the specialized consultancy may encompass its acting as a collection agent. § 2º The assignor of the credit rights may be hired by the manager, in the name of the fund, exclusively as a collection agent for overdue and unpaid credits. § 3º In the class intended exclusively for professional investors and whose quotas are not admitted to trading, the originator and the assignor of the credit rights may be hired by the manager to carry out the custody of documents related to the credit rights, provided that:
I – the class is dedicated to the acquisition of delinquent, massified credits of reduced average value and assigned to the class at a percentage lower than the face value; II – the collection of credits is predominantly carried out, extrajudicially; III – there is prior approval by the unanimity of the quota holders, assembled in a general meeting, or a statement of awareness by the quota holder through an adherence term; IV – all credit assignment contracts to the class contain clauses providing for repurchase or indemnification by the assignors, at minimum by the acquisition value paid by the class, corrected, when applicable, in the event that the assignor fails to present the documents proving the existence of the credit, or if there are obstacles in the documentation to the effective collection of the credit; V – the regulations do not provide for the exemption of collateral verification, as provided for in Art. 36, § 3º, of this Normative Annex II; and VI – the quarterly statements provided for in item V of the main text of Art. 27 of this Normative Annex II disclose the class’s exposure to each assignor and the amount of credits repurchased or indemnified as established in item IV of this § 3º.

§ 4º In the case of an exclusive class, compliance with the provisions of items III and IV of § 3º of this article is waived. (NR)”

“Art. 37. ...........................................................
Sole paragraph. If the credit right is registered in an organized over-the-counter market authorized by the CVM or deposited in a central depository authorized by the CVM or by the Central Bank of Brazil, the registration referred to in the main text is waived.”(NR)

“Art. 45. ...........................................................
..........................................................................
§ 3º ..................................................................
I – .....................................................................
..........................................................................
c) be an entity whose accounting statements related to the social year immediately preceding the date of acquisition of the credit right are prepared in accordance with the provisions of Law No. 6,404, of 1976, and the regulation issued by the CVM, and audited by an independent auditor registered with the CVM; or
..........................................................................
”(NR)

Art. 4 Item X of Supplement G of CVM Resolution No. 175, of 2022, shall enter into force with the following wording:

X - Other Information

Number of Quota Holders
Senior Sub-class
Series 1
Series 2
Series 3
...
Subordinated Sub-class Mezzanine (mezzanine quotas are subordinate to seniors) Mezzanine 1

Series 1
Series 2
Series 3
...
Mezzanine 2
Series 1
Series 2
Series 3
...
Mezzanine 3
Series 1
Series 2
Series 3
...
Subordinated Sub-class
1.1) Number of Quota Holders – Senior Sub-class Natural person Non-financial legal entity Commercial bank Broker or distributor Other financial legal entities Non-resident investors Open complementary pension entity Closed complementary pension entity Own pension regime for public servants Insurance or reinsurance company Capitalization and leasing society Investment funds in quotas of credit rights investment funds Real estate investment funds

Other investment funds
Investment clubs
Others
1.2) Number of Quota Holders – Subordinated Sub-class (mezzanine and junior) Natural person Non-financial legal entity Commercial bank Broker or distributor Other financial legal entities Non-resident investors Open complementary pension entity Closed complementary pension entity Own pension regime for public servants Insurance or reinsurance company Capitalization and leasing society Investment funds in quotas of credit rights investment funds Real estate investment funds Other investment funds Investment clubs Others
2) Description of Series/Sub-class (separate by Sub-class and series)
Senior Sub-class
Series 1
Number of Quotas
Quota Value (R$)
Series 2
Number of Quotas
Quota Value (R$)
....

Subordinated Sub-class Mezzanine
Mezzanine 1
Series 1
Number of Quotas
Quota Value (R$)
Series 2
Number of Quotas
Quota Value (R$)
....
Mezzanine 2
Series 1
Number of Quotas
Quota Value (R$)
Series 2
Number of Quotas
Quota Value (R$)
...
Subordinated Sub-class
Number of Quotas
Quota Value (R$)
3) Return Calculated in the Month
Senior Sub-class
Series 1
Series 2
Series 3
...
Subordinated Sub-class Mezzanine
Mezzanine 1
Series 1
Series 2

Series 3
...
Mezzanine 2
Series 1
Series 2
Series 3
...
Mezzanine 3
Series 1
Series 2
Series 3
...
Subordinated Sub-class Junior
4) Fundraising, Redemptions, and Amortizations
4.1) Fundraising in the Month (total value raised, in R$, and number of quotas issued) 4.1.1) Senior Sub-class Series 1 Total Value Raised Number of Quotas Issued Series 2 Total Value Raised Number of Quotas Issued ... 4.1.2) Subordinated Sub-class Mezzanine Mezzanine 1 Series 1 Total Value Raised Number of Quotas Issued Series 2

Total Value Raised
Number of Quotas Issued
...
Mezzanine 2
Series 1
Total Value Raised
Number of Quotas Issued
Series 2
Total Value Raised
Number of Quotas Issued
...
4.1.3) Subordinated Sub-class
Total Value Raised
Number of Quotas Issued
4.2) Redemptions in the Month (Open FIDC - number of quotas redeemed and total value of redemption, in R$) 4.2.1) Senior Sub-class Series 1 Total Value of Redemptions Number of Quotas Redeemed Series 2 Total Value of Redemptions Number of Quotas Redeemed ... 4.2.2) Subordinated Sub-class Mezzanine Mezzanine 1 Series 1 Total Value of Redemptions Number of Quotas Redeemed Series 2

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 – Corporate Financial Center Building, S.404/4th Floor, Brasília/DF – CEP: 70712-900 – Brazil - Tel.: (61) 3327-2030/2031 www.cvm.gov.br