CVM Resolution No. 39 of July 13, 2021

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. 39, OF JULY 13, 2021

Provisionally and experimentally regulates the registration of the Agricultural Productive Chain Investment Fund.

THE ACTING PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION OF BRAZIL – CVM makes public that the Collegiate Board, in a meeting held on July 1, 2021, based on art. 2, § 3, of Law No. 6,385, of December 7, 1976, arts. 20-A and 20-B of Law No. 8,668, of June 25, 1993, art. 1368-C, § 2, of Law No. 10,406, of January 10, 2002, and art. 17 of CVM/PTE Ordinance No. 190, of November 6, 2019, and considering that:

a) Law No. 14,130, of March 29, 2021, amended Law No. 8,668, of June 25, 1993, instituting the Agricultural Productive Chain Investment Fund – FIAGRO, a condominium of a special nature intended for investment in the assets provided for in art. 20-A of the aforementioned law;

b) in accordance with art. 20-A of Law No. 8,668, of 1993, FIAGROs may invest in a wide variety of assets, such as credit rights, real estate, securities, shares or partnership interests of companies, always within the context of activities included in the agricultural industrial productive chain;

c) the regulation of investment funds constituted in the form of a condominium of a special nature is the responsibility of this Autarchy, in accordance with art. 1368-C of Law No. 10,406, of January 10, 2002;

d) the issuance of a specific norm to regulate the constitution and operation of the FIAGRO to the full extent provided by law will require prior studies and the holding of a public hearing, which is not estimated to occur before 2022, given that the regulatory agenda of this Autarchy for the fiscal year 2021 does not include the matter;

e) there are different categories of funds, already regulated by this Autarchy, that allow investment in credit rights, real estate, securities and the acquisition of participation in companies;

f) a transitional regime prepared based on art. 20-B, sole paragraph, of Law No. 8,668, of 1993, adopted on an experimental basis, enables the immediate registration of FIAGROs with legal certainty and predictability, even though the operation of the fund may have to deal with the limitations inherent in the adoption of rules from other categories of funds; and

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. 39, OF JULY 13, 2021
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g) the experience with FIAGROs that are registered will certainly increase the knowledge of the regulator and market participants about these funds, so that it will be useful when drafting the specific norm;

APPROVED the following Resolution:

Art. 1. The registration of FIAGRO with this Autarchy is authorized, on an experimental basis, under the terms and conditions set forth in this Resolution.

Art. 2. The operation of the FIAGRO depends on prior registration with the CVM, the request for which must be made by its administrator in only one of the following fund categories:

I – investment fund in credit rights, the expression “FIAGRO-Credit Rights” must appear in its name;

II – real estate investment fund, the expression “FIAGRO-Real Estate” must appear in its name; or

III – investment fund in participations, the expression “FIAGRO-Participations” must appear in its name.

§ 1. The investment policy set forth in the FIAGRO regulations must be fully compliant with the rules for asset portfolio composition and diversification applicable to the category in which the fund is registered, observing, furthermore, the rules related to asset portfolio composition set forth in art. 20-A of Law No. 8,668, of 1993.

§ 2. The registration of FIAGRO-Credit Rights in the category of non-standardized credit rights investment funds will not be admitted.

§ 3. In addition to the assets eligible for the portfolios of real estate investment funds, as provided for in specific regulations, the FIAGRO-Real Estate may invest in Agricultural Receivables Certificates – CRA and Agricultural Credit Letters - LCA.

Art. 3. The specific norms of the categories referred to in items I to III of the caput of art. 2, as applicable, as well as the general rules that provide for the constitution, operation, and disclosure of information of investment funds, and for the provision of services to funds, apply to FIAGROs.

Art. 4. The registration of an FIAGRO that proposes to operate in a manner different from that provided for in art. 2 of this Resolution will not be admitted.

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

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Sole Paragraph. The registration and supervision of FIAGROs constituted in accordance with this Resolution are the competence of:

I – the Securitization Supervision Superintendency – SSE, in the case of FIAGRO-Credit Rights and FIAGRO-Real Estate; and

II – the Institutional Investors Supervision Superintendency – SIN, in the case of FIAGRO-Participations.

Art. 5. This Resolution enters into force on August 1, 2021.

Signed electronically by
FLÁVIA MARTINS SANT’ANNA PERLINGEIRO
Acting President