• BRZ CVM issued instruction 615 repealing specific rules for investment funds.

Overview

• Amends, repeals provisions dealing with registration at securities registry, other regulations governing investment funds, detailed in instruction itself (12 items).
• Circular 11/2019/CVM/SIN disseminating information re instruction issued also.
• As per law 13.874/19 that amended art 1.368-C, paragraph 3, of law 10.406/02.
• Latter states registration of investment fund with BRZ CVM becomes sufficient to guarantee their publicity and provides possibility of effects re 3rd parties.
• Amends reflect legal change, restricted to withdrawal of notary registration obligation.
• Important to highlight that BRZ CVM systems responsible for registration, updates of investment funds are already being adapted to meet changes of instruction 615.
• During adjustment period, fund managers must include waived by law 13.874 in their respective notary registration information fields.

Effectiveness

• Instruction 615 effective from publication date i.e. 2 October 2019.