The Brazil Securities Commission (CVM) has opened a public consultation on a draft rule proposing substantial changes to the disclosure regime for Financial Investment Funds (FIF) governed by Annex I of CVM Resolution 175. The proposal is framed as part of the post-Resolution 175 reform and aims to rebalance investor protection and supervisory needs while reducing compliance costs. Under the draft, FIF would continue to provide the Daily Report, Monthly Trial Balance and audited financial statements. The proposal would also loosen the circumstances in which assets may be omitted from the CDA, remove the Key Information Sheet, Performance Statement and Standardized Form, and streamline the “Profile” dataset from 24 to six fields while shifting its frequency from monthly to semiannual. Comments and suggestions can be submitted until 6 March 2026, following the procedures set out in Consultation Notice SDM 07/25.
Brazil Securities Commission (CVM) 2025-11-11
Brazil Securities Commission launches consultation on simplifying Financial Investment Funds disclosure regime with comments due 6 March 2026
The Brazil Securities Commission (CVM) is consulting on a draft rule to amend the disclosure regime for Financial Investment Funds under Annex I of CVM Resolution 175. The proposal seeks to balance investor protection and supervisory needs with reduced compliance costs, including changes to reporting requirements and data submission frequency.