ARTICLE · 22 JULY 2013

CVM Amends Rules Governing Organization, Administration, And Operation Of FIP′s

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados

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Rule No. 535 of the Brazilian Securities and Exchange Commission recently entered into force, thereby amending CVM Rule 391 of July 16, 2003, which governs the organization, administration, and operation of equity investment funds in Brazil.

BrazilFinance and Banking

Mattos Filho Veiga Filho Marrey Jr Moherdaui & Quiroga Advogados

On July 1, 2013, Rule No. 535 ("CVM Rule 535") of the Brazilian Securities and Exchange Commission ("CVM") entered into force, thereby amending CVM Rule 391 of July 16, 2003 ("CVM Rule 391"), which governs the organization, administration, and operation of equity investment funds ("FIP′s") in Brazil.

The main changes introduced by CVM Rule 535 are: (i) the possibility of a FIP providing guaranties, aval guarantees of debt securities, acceptance, or co-obligations upon approval of the FIP′s equity interest holders ("Quotaholders") at a duly convened Quotaholders′ meeting; and (ii) modification of the deadlines for approvals by Quotaholders at Quotaholders meetings and for delivery of the FIP′s financial statements to Quotaholders and to the CVM.

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