CVM Resolution No. 22 of February 25, 2021

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL
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. 22, OF FEBRUARY 25, 2021

Provides for the administration and operations of Savings and Investment Plans - PAIT, establishes the net equity of the administering institution, and revokes CVM Instruction No. 61, of February 17, 1987, and CVM Instruction No. 87, of November 3, 1988.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION OF BRAZIL - CVM makes it known that the Collegiate Board, in a meeting held on February 24, 2021, in view of the provisions of Articles 8, I and III, and 23 of Law No. 6.385, of December 7, 1976, paragraph 3 of Article 2 of Decree-Law No. 2.292, of November 21, 1986, and Articles 5, 6, 22, 25, and 42 of Decree No. 93.989, of January 30, 1987,

APPROVED the following Resolution:

CHAPTER I – SCOPE AND PURPOSE

Art. 1. This Resolution provides for the administration and operations of Savings and Investment Plans - PAIT and establishes the net equity of the administering institution.

CHAPTER II - ADMINISTRATION

Art. 2. The administration of PAIT, in any of its modalities, is exclusive to investment banks, brokerage firms, and distribution companies that are authorized by the Securities and Exchange Commission of Brazil - CVM to professionally exercise the activity of administering portfolios of securities.

Art. 3. The net equity of the administering institution may not be less than:
I – R$ 3,000,000.00 (three million Reais), when it concerns an Individual PAIT Plan; II - R$ 6,000,000.00 (six million Reais), when it concerns a PAIT Investment Fund and a Corporate PAIT Fund.

Art. 4. The regulation of the activity of professional portfolio administration of securities is applicable to institutions contracted in the manner of § 1 of Article 5 of Decree No. 93.989, of 1987, to provide fiduciary administration and portfolio management services for the securities and financial assets of PAIT.

Art. 5. The administering institution must send to the CVM, within a maximum period of 10 (ten) business days after the end of the month to which they refer, without prejudice to others that may be required, the following documents relating to PAIT; I - monthly:
a) for PAIT Investment Funds - balance sheet, statement of composition and diversification of investments, and statement of sources and uses of resources; and b) for Individual PAIT Portfolios - the name of the investor and the total value invested; II - semi-annually, for Individual PAIT Portfolios - statement of composition and diversification of investments and statement of sources and uses of resources.

Art. 6. The redemption of assets that make up the PAIT patrimony shall be carried out by the administering institution, in accordance with art. 11 of Decree-Law No. 2.292, of 1986, within a maximum period of 10 (ten) business days, counted from the day following the receipt of the request by the administering institution.

CHAPTER III – PORTFOLIO

Art. 7. In PAIT, the minimum limit of investments in federal public bonds, established by the National Monetary Council, must be observed, and the remaining resources must be invested in securities and financial assets, respecting a minimum of 15% (fifteen percent) in shares of open companies and convertible debentures.

§ 1. The total of investments in securities or financial assets issued or guaranteed by the same company, or by a group of companies under common control, direct or indirect, may not exceed 10% (ten percent) of the assets of the Investment Fund, or of the Individual PAIT Portfolio.

§ 2. The observance of the limits set forth in the preceding paragraph must be assessed on the date of acquisition of the shares.

§ 3. If, subsequently, any excess occurs, the administering institution must eliminate it, alienating the shares for this purpose.

§ 4. The administering institution may request authorization from the CVM to keep the shares in the portfolio, in the case provided for in the preceding paragraph, in the following cases:
I - if the verified excesses do not result, directly or indirectly, from acts attributable to the administering institution; and

II - if the excesses result from appreciation or depreciation of financial assets.

§ 5. If the authorization is not granted by the CVM, the verified excesses must be eliminated within a period of 6 (six) months, which may be extended by the Commission, at the request of the interested party and provided there is just cause.

Art. 8. PAIT may only carry out operations with securities in the spot and futures markets of stock indices, observing the following conditions:
I - the value of investments of the Plans, in any of their modalities, in the futures market of stock indices, may not exceed 15% (fifteen percent) of the value of the share portfolio; and II - investments of the Individual PAIT Plan, under the modality of securities and financial assets portfolio, in the futures market of stock indices, may only be carried out with prior and express authorization of the portfolio holder.

Art. 9. Partial or total transfer of the assets that make up the PAIT patrimony is permitted:
I - from one to another administering institution, under the following conditions:
a) in the case of transfer between administering institutions of Individual Portfolios, the originating institution transfers the PAIT patrimony assets, upon request of the portfolio holder, to the new administering institution, within a maximum period of 10 (ten) business days, counted from the day following the receipt of the request by the administering institution; and b) in the case of transfer between PAIT Funds, the unit holder must indicate the number of units to be transferred to the administering institution, which must transfer the equivalent resources, within a maximum period of 10 (ten) business days, counted, from the day following the receipt of the request by the administering institution, in favor of the administering institution of the receiving Fund; II - from one to another modality of investment, in the following manner:
a) in the case of transfer from Individual Portfolio to PAIT Investment Funds, the portfolio holder must indicate the receiving PAIT Fund of his patrimony to the originating administering institution, which transfers the resources arising from the total or partial liquidation of the portfolio, within, at most, 10 (ten) business days, counted from the day following the receipt of the request by the administering institution; and b) In the case of transfer from PAIT Investment Fund to Individual Portfolio, the unit holder must indicate the institution that should administer the portfolio to the Fund administrator, who transfers to the indicated institution, the resources arising from the redemption of units, within a maximum period of 10 (ten) business days, counted from the day following the receipt of the request by the administering institution.

Art. 10. Investments made through PAIT Investment Funds must be accounted for in compliance with the accounting standards applicable to equity investment funds.

CHAPTER IV – FINAL PROVISIONS

Art. 11. It constitutes a serious offense for the purposes of § 3 of Article 11, of Law No. 6.385, of December 7, 1976, the non-observance of the provisions of Articles 4 and 8, I, of this Instruction.

Art. 12. From the entry into force of this Resolution, CVM Instruction No. 61, of February 17, 1987, and CVM Instruction No. 87, of November 3, 1988, are revoked.

Art. 13. This Resolution enters into force on April 1, 2021.

Signed electronically by
MARCELO BARBOSA
President