CVM Resolution No. 47 of August 31, 2021, with amendments introduced by Resolutions CVM No. 60/21, 159/22, 207/24, and 236/25

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. 47, OF AUGUST 31, 2021
WITH AMENDMENTS INTRODUCED BY
CVM RESOLUTIONS NO. 60/21, 159/22, 207/24 AND 236/25.

Provides for coercive fines imposed by the CVM, and revokes CVM Instruction No. 608, of June 25, 2019.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION OF BRAZIL – CVM makes public that the Collegiate Board, in a meeting held on August 11, 2021, based on the provisions of arts. 8, I, 9, caput, I and II, and § 1, and 11, § 11, of Law No. 6.385, of December 7, 1976, as well as arts. 5 to 9 of Decree No. 10.139, of November 28, 2019, APPROVED the following Resolution:

CHAPTER I – SCOPE AND PURPOSE

Art. 1 This Resolution regulates the imposition of coercive fines by the CVM on persons who fail to provide the periodic or occasional information required by normative acts, or who fail to comply with specific orders issued by the CVM.

CHAPTER II – TYPES OF COERCIVE FINES

Art. 2 For the purposes of this Resolution, the coercive fines imposed by the CVM are of two natures:
I – ordinary fine, understood as the fine applied due to the delay in providing periodic or occasional information provided for in specific regulation; and II – extraordinary fine, understood as the fine applied due to the non-compliance with a specific order issued by the CVM in the cases and legal forms.

Sole Paragraph. For the purposes of this Resolution, consider:
I – periodic information, the information due by the market participant on a certain date or upon the verification of a routine event of certain occurrence; and II – occasional information, the information due by the market participant upon the verification of an extraordinary event or of uncertain occurrence.

CVM RESOLUTION NO. 47, OF AUGUST 31, 2021

CHAPTER III – RULES APPLICABLE TO THE ORDINARY FINE

Section I – Calendar for Submission of Periodic Information

Art. 3 The superintendencies responsible for monitoring the submission of periodic information must publish, by December 15 of each year, on the CVM’s page on the worldwide computer network, a list of the periodic information that must be disclosed by participants in the following fiscal year, indicating the respective submission deadlines and normative bases, and alerting that the non-disclosure of the information within the indicated deadlines subjects the participant to the application of the daily fine provided for in Annex A of this Resolution.

Art. 3 The persons responsible for monitoring the submission of periodic information must publish, by December 15 of each year, on the CVM’s page on the worldwide computer network, a list of the periodic information that must be disclosed by participants in the following fiscal year, indicating the respective submission deadlines and normative bases, and alerting that the non-disclosure of the information within the indicated deadlines subjects the participant to the application of the daily fine provided for in Annex A of this Resolution.

Caput with wording given by CVM Resolution No. 159, of July 8, 2022.

§ 1 A copy of the calendar for submission of periodic information must be sent monthly to the electronic address recorded in the participant’s registration with the CVM by the last business day of the month prior to the month in which the information is to be provided.

§ 2 The monthly sending provided for in § 1 may be interrupted after 60 (sixty) days counted from the last periodic information due by each type of participant in the fiscal year.

§ 3 If a new obligation to disclose periodic information is created after the deadline provided for in the caput, the submission calendar must be updated on the CVM’s page on the worldwide computer network and communication regarding this update must be sent to the electronic address recorded in the participant’s registration with the CVM.

§ 4 The disclosures made by the CVM under the terms of this article:
I – have an informative character and seek only to alert about the calendar for submission of periodic information, not exempting the participant from paying attention to the disclosure deadlines established in the regulation; and

CVM RESOLUTION NO. 47, OF AUGUST 31, 2021

II – must discriminate the information due by the types of participants according to the nature of their respective registrations, considering, in the case of investment funds, the different due dates of obligations associated with each type of fund.

Section II – Prior Communication to the Application of an Ordinary Fine for Occasional Information

Art. 4 Upon verification of non-compliance with the obligation to provide occasional information, the superintendency responsible for monitoring the information must send specific communication, addressed to the person recorded in the participant’s registration with the CVM, alerting that the non-presentation of the information until the end of the deadline indicated in the communication subjects the application of the daily fine provided for in Annex A of this Resolution.

Art. 4 Upon verification of non-compliance with the obligation to provide occasional information, the person responsible for monitoring the information must send specific communication, addressed to the person recorded in the participant’s registration with the CVM, alerting that the non-presentation of the information until the end of the deadline indicated in the communication subjects the application of the daily fine provided for in Annex A of this Resolution.

Caput with wording given by CVM Resolution No. 159, of July 8, 2022.

Sole Paragraph. The communication referred to in the caput:
I – must be issued within 5 (five) business days after the superintendency becomes aware of the occurrence of non-compliance with the obligation to provide occasional information; and I – must be issued within 5 (five) business days after the occurrence of non-compliance with the obligation to provide occasional information becomes known; and

Item I with wording given by CVM Resolution No. 159, of July 8, 2022.
II – must indicate the norms that support both the obligation to present the information and the imposition of the daily fine and its respective value.

Section III – Non-Application of the Ordinary Fine

Art. 5 The ordinary coercive fine should not be applied if the responsible superintendency deems it convenient to adopt another administrative procedure related to the non-compliance with the deadlines for submission of periodic and occasional information.

Art. 5 The ordinary coercive fine should not be applied if the person responsible for monitoring the information deems it convenient to adopt another administrative procedure related to the non-compliance with the deadlines for submission of periodic and occasional information.

Art. 5 with wording given by CVM Resolution No. 159, of July 8, 2022.

Art. 6 The application of the ordinary fine is prohibited:
I – if the information is delivered late, but before the communication referred to in Art. 4; I – if the occasional information is delivered late, but before the communication referred to in Art. 4;

Item I with wording given by CVM Resolution No. 159, of July 8, 2022.
II – to a market participant whose registration is suspended or cancelled at the time of the application of the fine.

CHAPTER IV – RULES APPLICABLE TO THE EXTRAORDINARY FINE

Section I – Prior Communication to the Application of an Extraordinary Fine

Art. 7 The responsible superintendency, the General Superintendency, or the member of the Collegiate Board acting as Rapporteur, when determining the abstention or practice of an act, must notify the recipient of the order that its non-compliance until the end of the deadline indicated in the communication subjects the application of the extraordinary fine.

Art. 7 The person responsible for applying the fine within each superintendency, the General Superintendency, or the member of the Collegiate Board acting as Rapporteur, when determining the abstention or practice of an act, must notify the recipient of the order that its non-compliance until the end of the deadline indicated in the communication subjects the application of the extraordinary fine.

Caput with wording given by CVM Resolution No. 159, of July 8, 2022.

Sole Paragraph. The notification referred to in the caput must indicate the norms that support both the determination and the imposition of the daily fine and its respective value.

Section II – Value of the Extraordinary Fine

Art. 8. Except as provided in Arts. 9 and 10, the extraordinary fine may be fixed at a daily value of up to R$ 10,000.00 (ten thousand reais).

CVM RESOLUTION NO. 47, OF AUGUST 31, 2021

Art. 9 In Deliberations approved by the Collegiate Board with the aim of preventing or correcting abnormal market situations, the daily value of the extraordinary fine may not exceed the limits established in Annex B and, when it is possible to determine, must be fixed considering:
I – the economic capacity of the person involved in the irregular conduct; II – the degree of harm or potential harm caused to the capital market and to investors; III – the values involved in the irregular conduct; IV – the advantage sought by the person involved in the irregular conduct; V – the duration of the irregular conduct; VI – the collaboration of the person involved in the irregular conduct in providing information requested by the CVM; and VII – the fact that the person involved has already been subject to a CVM determination to abstain from acting irregularly in the market.

Sole Paragraph. If the prohibition involves more than one conduct, the coercive fine must be fixed considering the conduct subject to the highest value defined in Annex B.

Art. 10. The responsible superintendency may apply an extraordinary fine of up to R$ 25,000.00 (twenty-five thousand reais) to the person who, previously notified, fails to appear to provide information on the indicated date.

Art. 10. The person who, previously notified, fails to appear to provide information on the indicated date is subject to the application of an extraordinary fine of up to R$ 25,000.00 (twenty-five thousand reais).

Art. 10 with wording given by CVM Resolution No. 159, of July 8, 2022.

§ 1 The value of the fine may be increased to up to R$ 50,000.00 (fifty thousand) in cases where the person, duly notified:
I – fails to appear on the previously agreed date, at their request, to provide information; or II – reiterates the failure to appear on a new date scheduled by the CVM to provide information.

CVM RESOLUTION NO. 47, OF AUGUST 31, 2021

§ 2 The fines referred to in the caput and § 1 apply on the date when the failure to appear to provide information is verified.

CHAPTER V – RULES APPLICABLE TO ORDINARY AND EXTRAORDINARY FINES

Section I – Possibility of Assessment of Administrative Responsibilities

Art. 11. The application of a coercive fine does not preclude the eventual assessment of responsibility under the terms of Art. 11 of Law No. 6.385, of 1976.

Section II – Communications

Art. 12. Except when expressly indicated otherwise, the communications provided for in this Resolution may be carried out:
I – electronically;
II – by mail, with receipt acknowledgment; or
III – in case of urgency, by a CVM server, who will certify the delivery of the communication.

§ 1 The communications referred to in the caput are also valid when carried out by any other means that ensures the interested party’s awareness.

§ 2 The CVM may make public the sending of the communications provided for in this Resolution in order to alert investors and market agents regarding the existence of any irregular practice or activity.

Art. 13. The notification of the application of a coercive fine is considered carried out on the date:
I – of the awareness by the person subject to the fine or by their attorney constituted in the process in which the fine was applied; II – of the delivery at the recipient’s physical address by mail; or III – of access to an electronic communication system, when made available by the CVM.

§ 1 If the application of the hypotheses of the caput is unsuccessful, the notification may be carried out by publishing a notice on the CVM’s page on the worldwide computer network.

§ 2 The notification of the application of a coercive fine must inform that, from the decision to apply the fine, an appeal may be filed to the Collegiate Board in the form of Arts. 16 and 17.

CVM RESOLUTION NO. 47, OF AUGUST 31, 2021

§ 2 The notification of the application of a coercive fine must inform that, from the decision to apply the fine, an appeal may be filed in the form of Arts. 16 and 17.

§ 2 with wording given by CVM Resolution No. 159, of July 8, 2022.

Section III – Incidence of the Coercive Fine

Art. 14. The coercive fine applies from the next business day:
I – to the due date for the submission of periodic information; or II – to the end of the deadline indicated in the communications referred to in Arts. 4 and 7.

Art. 15. Without prejudice to the provisions of Art. 10, § 2, the coercive fine applies until the date when the obligation is fulfilled or for a maximum period of 60 (sixty) days.

Section IV – Appeal Against the Decision to Apply the Fine

Art. 16. An appeal may be filed to the Collegiate Board against decisions of the responsible superintendency, the General Superintendency, or a member of the Collegiate Board acting as Rapporteur regarding the application of a coercive fine, within a period of 10 (ten) days counted from the date of notification, observed the provisions of the sole paragraph of Art. 22.

Art. 16. An appeal may be filed to the superintendant of the area against decisions to apply a coercive fine, in the second and last instance and without suspensive effect, within a period of 10 (ten) days counted from the date of notification, observed the provisions of the sole paragraph of Art. 22.

Sole Paragraph. In cases where the coercive fine is applied by the General Superintendency or by a member of the Collegiate Board acting as Rapporteur, an appeal may be filed to the Collegiate Board.

Art. 16 with wording given by CVM Resolution No. 159, of July 8, 2022.

Art. 17. The appeal must be presented in a written and reasoned petition, immediately accompanied by the documents on which the appellant’s argumentation is based, and must be addressed to the authority indicated in Art. 16 who issued the challenged decision.

Art. 17 with wording given by CVM Resolution No. 159, of July 8, 2022.

CVM RESOLUTION NO. 47, OF AUGUST 31, 2021

Art. 18. Before its appreciation by the Collegiate Board, the arguments of the appeal must be examined, in the form of the CVM’s internal regulations, by the head of the organizational component or by the manager of the unit where the server who applied the coercive fine is assigned.

§ 1 The examination referred to in the caput must occur within a period of 10 (ten) business days counted from the receipt of the appeal, with the manager of the unit having the power to reform or maintain the appealed decision, in a reasoned dispatch, and to forward the process to the Collegiate Board for decision, if the appeal has not been fully granted.

§ 2 It is incumbent upon the member of the Collegiate Board acting as Rapporteur to carry out the examination referred to in this article, in cases of fine applied by him.

Art. 18. Before its appreciation by the appellate instance, the arguments of the appeal must be examined by the person who issued the challenged decision.

Sole Paragraph. The examination referred to in the caput must occur within a period of 10 (ten) business days counted from the receipt of the appeal, with the person who issued the challenged decision having the power to reform or maintain the appealed decision, in a reasoned dispatch, and to forward the process to the appellate instance for decision, if the appeal has not been fully granted.

Art. 18 with wording given by CVM Resolution No. 159, of July 8, 2022.

Art. 19. The appellant will be considered notified of the result of the Collegiate Board’s decision on the date:

Art. 19. The appellant will be considered notified of the result of the appeal decision on the date:

Caput with wording given by CVM Resolution No. 159, of July 8, 2022.

I – of the delivery at the recipient’s physical address by mail; or II – of access to an electronic communication system, when made available by the CVM.

Art. 20. At the request of the appellant, it is incumbent upon the Collegiate Board to appreciate, within the scope of a request for reconsideration, the allegation of the existence of omission, obscurity, contradiction, or material or factual error in the decision.

Art. 20. At the request of the appellant, it is incumbent upon the person who decided on the appeal to appreciate, within the scope of a request for reconsideration, the allegation of the existence of omission, obscurity, contradiction, or material or factual error in the decision.

Caput with wording given by CVM Resolution No. 159, of July 8, 2022.

CVM RESOLUTION NO. 47, OF AUGUST 31, 2021

§ 1 The request for reconsideration must be presented within a period of 5 (five) business days counted from the communication referred to in Art. 19 and must be addressed to the superintendency that analyzed the appeal or to the member of the Collegiate Board who drafted the leading vote, if any.

§ 1 The request for reconsideration must be presented within a period of 5 (five) business days counted from the communication referred to in Art. 19 and must be addressed to the person who applied the fine.

§ 1 with wording given by CVM Resolution No. 159, of July 8, 2022.

§ 2 The request for reconsideration will not be known if:
I – it is untimely; or
II – it is formulated by a person who is not the appellant.

§ 3 The provisions of Art. 19 of this Resolution apply to the notification of the decision on the request for reconsideration.

Section V – Incidence of Default Interest and Registration in Cadin

Art. 21. The due dates for the fines referred to in this Resolution correspond to the 30th (thirtieth) day after the date of filing the applicable appeal or, in the event of no appeal being filed, to the 30th (thirtieth) day after the end of the deadline to appeal.

Art. 22. Credits arising from unpaid coercive fines at maturity must be:
I – increased by default interest, equivalent to the Reference Rate of the Special Settlement and Custody System (Selic) for federal securities, accumulated monthly, until the last day of the month prior to the month of payment, and by 1% (one percent) in the month of payment, in accordance with the provisions of Art. 30 of Law No. 10.522, of July 19, 2002; and II – registered in the Informative Register of Unpaid Credits of the Federal Public Sector (Cadin) and in the CVM’s Active Debt, and subject to judicial or extrajudicial execution.

Sole Paragraph. Registration in Cadin will not be carried out while the appeals referred to in Arts. 16 and 20 are pending decision.

CHAPTER VI – FINAL PROVISIONS

Art. 23. References in this Resolution to superintendencies, including the General Superintendency, encompass the holders of effective higher-level positions that comprise them, who may apply coercive fines, in accordance with the CVM’s internal regulations.

Art. 24. CVM Instruction No. 608, of June 25, 2019, is hereby revoked.

Art. 25. This Resolution enters into force on October 1, 2021.

Sole Paragraph. This Resolution applies to the provision of periodic or occasional information whose submission due date occurred during the validity of CVM Instruction No. 608, of 2019.

Signed electronically by
MARCELO BARBOSA
President

Title of Annex A with wording given by CVM Resolution No. 207, of August 13, 2024.
Art. 1 The ordinary coercive fine shall be applied with the following daily value:
Participant Daily value due to non-delivery of information Investment fund administrator for credit rights – FIDC and investment fund administrator for investment fund shares in credit rights funds – FICFIDC I – R$ 1,000.00 (one thousand reais) for audited financial statements; and II – R$ 500.00 (five hundred reais) for the remaining documents. Investment fund administrator for national cinematographic industry financing – FUNCINE I – R$ 1,000.00 (one thousand reais) for audited accounting statements; and II – R$ 500.00 (five hundred reais) for the remaining documents. Investment fund administrator for credit rights within the Program for Incentive to Implementation of Projects of Social Interest – FIDC-PIPS I – R$ 1,000.00 (one thousand reais) for audited financial statements; and II – R$ 500.00 (five hundred reais) for the remaining documents. Individual Programmed Retirement Fund Administrator – FAPI I – R$ 1,000.00 (one thousand reais) for audited financial statements; and II – R$ 500.00 (five hundred reais) for the remaining documents.

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4º Andar, Brasília/DF – CEP: 70712-900 – Brasil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br RESOLUÇÃO CVM Nº 47, DE 31 DE AGOSTO DE 2021 Public-Private Partnerships Guarantee Fund Administrator – FGP I – R$ 1,000.00 (one thousand reais) for audited financial statements; and II – R$ 500.00 (five hundred reais) for the remaining documents. Investment fund administrator for the Service Time Guarantee Fund – FI-FGTS I – R$ 1,000.00 (one thousand reais) for audited accounting statements; and II – R$ 500.00 (five hundred reais) for the remaining documents. Real estate investment fund administrator – FII I – R$ 1,000.00 (one thousand reais) for audited financial statements; and II – R$ 500.00 (five hundred reais) for the remaining documents. Investment fund administrators required to send information to the Credit Information System – SCR of the Central Bank of Brazil - BCB R$ 500.00 (five hundred reais) Investment fund administrators, regarding the regulation on the constitution, administration, operation and disclosure of information of investment funds I – R$ 1,000.00 (one thousand reais) for audited accounting statements; and II – R$ 500.00 (five hundred reais) for the remaining documents. Securities portfolio administrator, regarding the regulation on the professional exercise of securities portfolio administration (1) I – R$ 500.00 (five hundred reais) for portfolio administrators registered in the category “fiduciary administrator”; II – R$ 200.00 (two hundred reais) for other legal entities; and

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4º Andar, Brasília/DF – CEP: 70712-900 – Brasil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br RESOLUÇÃO CVM Nº 47, DE 31 DE AGOSTO DE 2021 III – R$ 100.00 (one hundred reais) for natural persons. Investment Fund in Participations Administrator – FIP I – R$ 1,000.00 (one thousand reais) for audited accounting statements; and II – R$ 500.00 (five hundred reais) for the remaining documents. Mutual Privatization Funds Administrator – FGTS I – R$ 1,000.00 (one thousand reais) for audited financial statements; and II – R$ 500.00 (five hundred reais) for the remaining documents. Investment Club Administrator – FGTS R$ 500.00 (five hundred reais) Investment Fund Administrator in Market Index – Index Funds I – R$ 1,000.00 (one thousand reais) for audited accounting statements; and II – R$ 500.00 (five hundred reais) for the remaining documents. Credit risk rating agency R$ 500.00 (five hundred reais) Independent auditor I – R$ 100.00 (one hundred reais) for the information and documents required in item “a” of Article 17 of the regulation on the registration and exercise of the activity of independent audit; and II – R$ 200.00 (two hundred reais) for the information and documents required in Article 16, items “b” and “c” of Article 17 and §§ 1 and 2 of Article 28 of the regulation on the registration and exercise of the activity of independent audit.

Participant included by CVM Resolution No. 60, of December 23, 2021.
I – R$ 600.00 (six hundred reais) for the reference form and financial statements accompanied by the required documents; and II – R$ 300.00 (three hundred reais) for the remaining documents.
Participant included by CVM Resolution No. 60, of December 23, 2021.
Securities issuer
I – Issuers registered in category A:
a) R$ 1,000.00 (one thousand reais) for the reference form, the quarterly information form - ITR, the standardized financial statements form - DFP and the financial statements accompanied by the documents required in specific regulation; and b) R$ 500.00 (five hundred reais) for the remaining documents. II – Issuers registered in category A in judicial or extrajudicial recovery: (2) a) R$ 500.00 (five hundred reais) for the reference form, the quarterly information form - ITR, the standardized financial statements form - DFP and the financial statements accompanied by the documents required in specific regulation; and b) R$ 250.00 (two hundred and fifty reais) for the remaining documents. III – Issuers registered in category B:
a) R$ 600.00 (six hundred reais) for the reference form, the quarterly information form - ITR, the standardized financial statements form - DFP and the financial statements accompanied by the documents required in specific regulation; and b) R$ 300.00 (three hundred reais) for the remaining documents. IV – Issuers registered in category B in judicial or extrajudicial recovery: (2) a) R$ 300.00 (three hundred reais) for the reference form, the quarterly information form - ITR, the standardized financial statements form - DFP and the financial statements accompanied by the documents required in specific regulation; and b) R$ 150.00 (one hundred and fifty reais) for the remaining documents.

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4º Andar, Brasília/DF – CEP: 70712-900 – Brasil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br RESOLUÇÃO CVM Nº 47, DE 31 DE AGOSTO DE 2021 Issuing company of investment certificates that characterize quotas representing rights to commercialization of works and specific projects in the Brazilian independent cinematographic audiovisual area, as well as those for exhibition, distribution and technical infrastructure R$ 500.00 (five hundred reais) Municipality issuing certificates of additional construction potential – CEPAC R$ 500.00 (five hundred reais) Participants indicated in Annex 1 of the regulation on the registration of participants in the securities market, regarding the annual confirmation that the information contained in their registration form remains valid I – R$ 200.00 (two hundred reais) for the legal entity participant; and II – R$ 100.00 (one hundred reais) for the natural person participant. Representative of non-resident investor R$ 500.00 (five hundred reais) Society benefiting from resources originating from tax incentives R$ 100.00 (one hundred reais) Securities consultant I – R$ 200.00 (two hundred reais) for legal entity consultancy; and II – R$ 100.00 (one hundred reais) for natural person. Electronic investment platform administrator for participative investment R$ 500.00 (five hundred reais) (1) In accordance with Article 142 of CVM Instruction No. 555, of December 17, 2014, no coercive fine is applied regarding the daily report. (2) In accordance with Article 58 of CVM Instruction No. 480, of December 7, 2009, no fine is applied to an issuer in bankruptcy or liquidation.

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4º Andar, Brasília/DF – CEP: 70712-900 – Brasil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br RESOLUÇÃO CVM Nº 47, DE 31 DE AGOSTO DE 2021 Participant Daily value due to non-delivery of information Securities portfolio administrator, regarding the regulation on the professional exercise of securities portfolio administration I – R$ 500.00 (five hundred reais) for portfolio administrators registered in the category “fiduciary administrator”; II – R$ 200.00 (two hundred reais) for other legal entities; and III – R$ 100.00 (one hundred reais) for natural persons. Individual Programmed Retirement Fund Administrator – FAPI I – R$ 1,000.00 (one thousand reais) for audited financial statements; and II – R$ 500.00 (five hundred reais) for the remaining documents. Public-Private Partnerships Guarantee Fund Administrator – FGP I – R$ 1,000.00 (one thousand reais) for audited financial statements; and II – R$ 500.00 (five hundred reais) for the remaining documents. Investment fund administrator for the Service Time Guarantee Fund – FI-FGTS I – R$ 1,000.00 (one thousand reais) for audited accounting statements; and II – R$ 500.00 (five hundred reais) for the remaining documents. Investment fund administrators required to send information to the Credit Information System – SCR of the Central Bank of Brazil - BCB R$ 500.00 (five hundred reais)

COMISSÃO DE VALORES MOBILIÁRIOS
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4º Andar, Brasília/DF – CEP: 70712-900 – Brasil -Tel.: (61) 3327-2030/2031 www.cvm.gov.br RESOLUÇÃO CVM Nº 47, DE 31 DE AGOSTO DE 2021 Electronic investment platform administrator for participative investment R$ 500.00 (five hundred reais) Fiduciary administrator of investment fund I – R$ 1,000.00 (one thousand reais) for audited financial statements; and II – R$ 500.00 (five hundred reais) for the remaining documents. Credit risk rating agency R$ 500.00 (five hundred reais) Independent auditor I – R$ 100.00 (one hundred reais) for the information and documents required in item “a” of Article 17 of the regulation on the registration and exercise of the activity of independent audit; and II – R$ 200.00 (two hundred reais) for the information and documents required in Article 16, items “b” and “c” of Article 17 and §§ 1 and 2 of Article 28 of the regulation on the registration and exercise of the activity of independent audit. Securitizing Companies (Categories S1 and S2) I – R$ 600.00 (six hundred reais) for the reference form and financial statements accompanied by the required documents; and II – R$ 300.00 (three hundred reais) for the remaining documents. Securities consultant I – R$ 200.00 (two hundred reais) for legal entity consultancy; and

Item “a” with wording given by CVM Resolution No. 236, of December 9, 2025.
b) R$ 500.00 (five hundred reais) for the remaining documents.

Item “a” with wording given by CVM Resolution No. 236, of December 9, 2025.
b) R$ 250.00 (two hundred and fifty reais) for the remaining documents.
III – Issuers registered in category B:
a) R$ 600.00 (six hundred reais) for the reference form, the quarterly information form - ITR, the standardized financial statements form - DFP and the financial statements accompanied by the documents required in specific regulation; and a) R$ 600.00 (six hundred reais) for the reference form, the FÁCIL form, the quarterly information form - ITR, the semi-annual information form – ISEM, the standardized financial statements form - DFP and the financial statements accompanied by the documents required in specific regulation; and
Item “a” with wording given by CVM Resolution No. 236, of December 9, 2025.
b) R$ 300.00 (three hundred reais) for the remaining documents.
IV – Issuers registered in category B in judicial or extrajudicial recovery: (2) a) R$ 300.00 (three hundred reais) for the reference form, the quarterly information form - ITR, the standardized financial statements form - DFP and the financial statements accompanied by the documents required in specific regulation; and a) R$ 300.00 (three hundred reais) for the reference form, the FÁCIL form, the quarterly information form - ITR, the semi-annual information form - ISEM, the

Item “a” with wording given by CVM Resolution No. 236, of December 9, 2025.
b) R$ 150.00 (one hundred and fifty reais) for the remaining documents.
Issuing company of investment certificates that characterize quotas representing rights to commercialization of works and specific projects in the Brazilian independent cinematographic audiovisual area, as well as those for exhibition, distribution and technical infrastructure R$ 500.00 (five hundred reais) Investment fund asset portfolio manager (1) I – R$ 1,000.00 (one thousand reais) for audited financial statements; and II – R$ 500.00 (five hundred reais) for the remaining documents. Municipality issuing certificates of additional construction potential – CEPAC R$ 500.00 (five hundred reais) Participants indicated in Annex 1 of the regulation on the registration of participants in the securities market, regarding the annual confirmation that the information contained in their registration form remains valid I – R$ 200.00 (two hundred reais) for the legal entity participant; and II – R$ 100.00 (one hundred reais) for the natural person participant. Representative of non-resident investor R$ 500.00 (five hundred reais)

Annex A with wording given by CVM Resolution No. 207, of August 13, 2024.

Prohibition of irregular exercise of portfolio administration
Prohibition of irregular placement of securities
a) R$ 100,000.00 (one hundred thousand reais); or b) 0.001 (one thousandth) of the total individual or consolidated revenue of the economic group, obtained in the fiscal year prior to the application of the fine, in cases where it is possible to determine.
Prohibition of the irregular exercise of other activities subject to prior CVM authorization
Prohibition of the practice of other acts specified
a) R$ 50,000.00 (fifty thousand reais); or b) 0.0005 (five tenths of a thousandth) of the total individual or consolidated revenue of the economic group, obtained in the fiscal year prior to the application of the fine, in cases where it is possible to determine. ---

CVM Resolution No. 47 of August 31, 2021, with amendments introduced by Resolutions CVM No. 60/21, 159/22, 207/24, and 236/25

Lineage: Amended

Timeline