ARTICLE · 20 JANUARY 2015

Brazilian Restricted Investment Funds

Walter Stuber Consultoria Jurídica

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On December 17, 2014, the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) issued CVM Instruction No. 555 (CVM Instr. 555/2014) that governs the incorporation, management, operation and disclosure of information of investment funds ..

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On December 17, 2014, the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) issued CVM Instruction No. 555 (CVM Instr. 555/2014) that governs the incorporation, management, operation and disclosure of information of investment funds (fundos de investimento), including restricted funds (those funds exclusively dedicated to qualified¹ or professional investors² and pension funds), and revokes CVM Instruction No. 409, of August 18, 2004 (CVM Instr. 409/2004), that formerly regulated investment funds.

The definitions of qualified and professional investors are contained in CVM Instruction No. 554 of December 17, 2014 (CVM Instr. 554/2014), which will come into full force and effect on July 1^st, 2015.

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