The Securities and Exchange Commission (CVM) issued this Friday (23) new rules for the investment fund industry in the country, after a public consultation on the subject since 2020.
The autarchy consolidated the rules for investment funds in a single resolution, with the repeal of 38 rules. The text establishes specific points for the so-called Financial Investment Funds (FIFs), such as shares, foreign exchange, multimarket and fixed income, and Credit Rights Investment Funds (FDIC).
The bulk of the resolution takes effect on April 3 next year, but some rules have different deadlines, only taking effect in 2024.
Among the new general rules, that is, which are valid for the entire fund industry, are the possibilities of limiting the liability of each shareholder to the value of the subscribed shares, and that the funds have classes of shares with segregated assets for each class — in practice, the creation of subclasses of quotaholders.
The CVM also restricted the use of terms related to sustainable finance, such as “green”, “environmental”, “social”, in the name of the funds. Now, the funds’ regulations will have to detail the expected benefits in this sense with the investments, as well as the methodologies that justify the denomination, among other rules.
Regarding FIFs only, the new rules include the possibility of investments in so-called “environmental assets” and digital assets, the expansion of concentration limits by type of financial asset and the establishment of capital risk exposure limits.
The new specific rules for FIDCs include the need for credit rights to be submitted for registration and the possibility, under certain conditions, of carrying out operations called “originate-to-distribute”.
The new rules for funds in the country, according to the CVM, aim at “greater efficiency in the functioning of the fund market, as well as reducing compliance costs for its participants, without disregarding investor protection,” the agency said in a statement.
The CVM said that new attachments referring to other types of funds may be included in the text in the future.
Source: CNN Brasil
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