Brazil – CVM Registering Investment Fund

Brazil – CVM Registering Investment Fund

On 2 October 2019, BRZ CVM repealed specific rules re investment funds.

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


  • 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.


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