The CVM released on Wednesday, May 31, CVM Resolution 184/23, which implemented specific changes to CVM Resolution 175/22 (Regulatory Framework for Funds) and introduced nine new normative schedules referring to several categories of investment funds.
In addition to the general rule and the rules for FIFs (Normative Schedule I) and Credit Rights Investment Funds (FIDC) (Normative Schedule II), exhibits dealing with the following categories of investment funds have been included:
- Normative Schedule III: Real Estate Investment Funds (FII)
- Normative Schedule IV: Equity Investment Funds (FIP)
- Normative Schedule V: Market Index Investment Funds (ETF)
- Normative Schedule VII: Privatization Mutual Funds (FMP-FGTS)
- Normative Schedule VIII: National Film Industry Investment Funds (Funcine)
- Normative Schedule IX: Incentivized Equity Mutual Funds (FMAI)
- Normative Schedule X: Cultural and Artistic Investment Funds (Ficart)
- Normative Schedule XI: Welfare Funds
- Normative Schedule XII: Investment Funds in Credit Rights of Social Interest Projects (FIDC-PIPS)
Normative Schedule VI will be promulgated later and is reserved for the rule of the Fund for Investment in Agribusiness Production Chains (Fiagro).
It is worth noting that pension funds do not constitute a specific category of investment fund like the others, but their content has been addressed in a separate schedule to better systematize the rules.
CVM Resolution 184/23 brings in other adjustments to CVM Resolution 175/22, such as the obligation to disclose to shareholders the voting policy at meetings of securities holders. In addition, there was a textual refinement, replacing the term "socio-environmental" by "social, environmental, or governance". A section dedicated to individual planned retirement funds has also been added in the Financial Investment Funds (FIF) rule.
There was no need for a Regulatory Impact Analysis or public hearings on the new resolution, as the changes to the regulations were not substantial. The texts reflect the general rules contained in CVM Resolution 175 and were revised under Decree 10,139/19, which provides for revision and consolidation of all rules issued by the agency.
However, during the process of reviewing and consolidating the new regulatory schedules, opportunities for improvement were identified in the FII, FIP, and ETF rules. For this reason, the CVM reported that, as a next step, it intends to modernize the rules applicable to such funds, taking into account the suggestions received from market participants. The regulatory update of these funds should be part of the CVM's agenda for 2024.
The entry into force of the new regulatory framework for investment funds is scheduled for October 2, 2023. The adaptation of the entire investment fund industry in operation must take place by December 31, 2024, except for FIDCs in operation, which need to adapt by April 1, 2024.
Find out more in our e-book on the topic:
The details of CVM's new regulations on Investment Funds
See other CVM guidelines on the subject in the articles:
Regulatory framework for investment funds: nnew guidelines from the CVM