The Brazil Securities Commission’s Superintendence of Securities Registration (SRE) published Circular Letter CVM/SRE 1/2025 to guide the market on the automatic registration requirements for public offerings of Agroindustrial Production Chain Investment Funds (FIAGRO) and Other Securitisation Securities (OTS), in line with Law 14.430 and CVM Resolutions 60 and 160. It also sets out how the expanded cooperation agreement with the Brazilian Financial and Capital Markets Association (ANBIMA) affects automatic registration filings. For FIAGRO, the circular reflects changes arising from CVM Resolution 214, which created a FIAGRO-specific annex to CVM Resolution 175 and revoked CVM Resolution 39, including new filing requirements for FIAGRO offerings not subdivided by FIAGRO type and guidance on filings made before the circular and FIAGRO not yet adapted to Resolution 214. It also clarifies which filing fields apply only to FIAGRO concentrated in credit rights. For securitisation issuers, it instructs that offerings of debentures or any other securities issued by securitisation companies must be treated as OTS offerings using OTS-specific automatic registration request types, while past offerings filed under “Debentures” or other security-specific request types do not need to be adjusted. Reflecting ANBIMA’s expanded role, it notes the availability of new automatic registration request types for Credit Rights Investment Fund (FIDC) offerings to general or qualified investors, identified by the “AR” (self-regulator) tag in their names.

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