The Brazil Securities Commission (CVM), through its Superintendencies of Institutional Investor Supervision and of Securitization and Agribusiness, published Joint Circular Letter CVM/SIN/SSE 1/2025 providing additional technical interpretations of the general provisions of CVM Resolution 175 and Annexes I to V. The circular focuses on how information on remuneration paid to fund service providers should be migrated from each fund manager’s webpage to a centralized, industry-wide consultation via the new ANBIMA Platform, aimed at improving access and comparability across service providers. It also instructs that references previously made to the “Remuneration Summary” should be read as referring to the ANBIMA Platform, which becomes the means for meeting the transparency guideline, and notes that certain obligations are waived following adoption of the platform.
Brazil Securities Commission (CVM) 2025-12-01
Brazil Securities Commission issues joint circular clarifying migration of fund service provider remuneration disclosures to the ANBIMA Platform
The Brazil Securities Commission (CVM) issued Joint Circular Letter CVM/SIN/SSE 1/2025, clarifying provisions of CVM Resolution 175. The circular mandates the migration of remuneration information for fund service providers to the ANBIMA Platform, enhancing transparency and comparability, and replaces the "Remuneration Summary" with this platform as the transparency standard. Certain obligations are waived with the platform's adoption.