03/12/2024 – 13:50
In response to requests from the financial market, the Board of the Securities and Exchange Commission (CVM) approved a resolution (CVM 200) that postpones the deadlines set out in the new regulatory framework for investment funds (CVM Resolution 175). The resolution was taken at a meeting on March 6, informed the CVM.
Among the reasons presented by agents in the investment fund industry for the postponement are “operational challenges” related to the tax reform that affects investment funds and the complexity of the new fund regulations.
“When evaluating requests received, the CVM understood that it was convenient and opportune to grant additional time so that the industry can adequately adapt to the new regulatory framework for investment funds, CVM Resolution 175”, informed the authority in a note.
New deadlines
The date for adapting the stock of funds in operation jumps from December 31, 2024 to June 30, 2025. The adaptation of the stock of credit rights investment funds (FIDC) in operation changed from April 1, 2024 to the 29th November 2024.
According to the CVM, the entry into force of paragraph 1 of article 140 changed from April 1, 2024 to November 1, 2024. And paragraphs 2 and 4 of the same article, which would also come into force at the beginning of April, now , will come into force on October 1, 2024.
The CVM informed that the new dates were “established definitively and will not be subject to further extension”. In addition to the additional deadline for market agents, the CVM Board advised that the superintendencies that deal with the supervision of investment funds monitor their efforts to adapt to the rule, observing the new deadlines set.
Normative Annex III of CVM Resolution 175
The CVM also decided to promptly amend Normative Annex III of CVM Resolution 175, in accordance with Law 8,668, which now allows the Real Estate Investment Fund (FII) and the Agroindustrial Chain Investment Fund (Fiagro) to use assets as collateral for operations. of their portfolios, as well as constituting real liens on properties in the portfolio.
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