On October 31, 2008, the Brazilian
Securities Exchange Commission ("CVM") issued Rule No.
472 ("ICVM 472") which introduced significant changes in
the regulation of Real Estate Investment Funds ("FII",
similar to the US REIT – Real Estate Investment Trust) by
updating and modernizing the rules applicable to the FII, in line
with CVM Rule No. 409, dated August 18, 2004 ("ICVM
409"), and CVM Rule No. 400, dated December 29, 2003
("ICVM 400"). ICVM 472 revoked CVM Rule No. 205, dated
January 14, 1994 ("ICVM 205"), the former CVM rule
applicable to the FII.
The main innovations and changes may
be summarized as follows:
More expeditious filing with the CVM
CVM's authorization for the
FII's organization and commencement of its operation and the
filing with the CVM of the subsequent issues of the initial public
offering of shares will now be granted automatically within five
(5) business days as of the date of the filing of the respective
requests for the
