The Brazil Securities Commission (CVM), through its Securitization and Agribusiness Superintendence, issued Circular Letter CVM/SSE 7/2025 announcing the unification of registration systems for fiduciary administrators of Real Estate Investment Funds (FII) and Credit Rights Investment Funds (FIDC) with the existing registry for professional securities portfolio managers, to be implemented from 1 October 2025. The integration will end the current manual maintenance of the FII and FIDC administrator registers and is intended to eliminate discrepancies between databases. From 1 October 2025, institutions registered as fiduciary administrators will be recorded under a single registration, with no separate registrations for FII or FIDC, while noting that administrators of FIDC, FII and FIAGRO must be authorised as financial institutions under the rules governing those fund categories. CVM also noted that the responsible director and associated responsibilities (including internal controls, risk management and fund unit distribution) will remain the same across the categories of funds administered by the institution.

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