CVM Introduces The Stock Investment Fund – Access Market

On June 25, 2014, the Brazilian Securities and Exchange Commission ("CVM") enacted CVM Ruling No. 549, effective June 24, 2014 ("CVM Ruling 549/14"), which partially amends CVM Rulings No. 409, as of August 18, 2004, and No. 391, as of July 16, 2004, and creates the Stock Investment Fund – Access Market (Fundo de Investimento em Ações – Mercado de Acesso) ("FMA").

The creation of the FMA is the result of CVM's efforts to improve the Brazilian regulatory environment for smaller companies, enabling them to access the capital markets and finance themselves by means of public offerings of shares. In this sense, FMA has features aimed at allowing investors to participate in the transition process from the pre to post initial public offering phases.